Larnaca manages apartment sales, it leads the real estate market in the city.

During an uptrend in property sales, the Estate Agents Registration Board has highlighted the impressive activity of the Larnaca area in the first half of 2023.

According to data from the Land Registry Office cited by the Council, Larnaca performed strongly in the first six months in the categories of houses, apartments, plots and fields, ahead of the Paphos area and close behind Nicosia.

It is noted that a notable indicator of the Larnaca market is the dominance of apartment sales. Of particular interest is that of all the apartments sold, 627 are located in Larnaca, representing 28.7% of the total number of apartment sales.

In total, there were 11,564 real estate transactions in the first half of 2023, including houses, apartments, plots and fields in all districts. Among these transactions, fields accounted for the majority with 42.2% of total sales, followed by plots of land with 23.5%, apartments with 18.9%, and houses with 15.3%.

Limassol leads with a 32.3% share of all real estate sales, followed by Nicosia with 25.7%. Larnaca is in third place with 20.9%, followed by Paphos with 16.8% and Famagusta with 4.1%.

It should be noted that these percentages relate to the volume of sales and not the value of the property. The Council notes that the Limassol area has played a catalytic role in the trajectory of the real estate market in recent years.

Despite the city and suburbs being associated with large scale developments, Limassol continues to perform well in field sales. The 924 completed transactions in this category in the first half of the year represent 34% of the total number of field sales across the island.

At the same time, the real estate market in the Nicosia area remains stable in all four property categories. It closely follows Limassol in apartment sales and holds a significant share in field sales. However, the Council points out that Nicosia lags behind in apartment sales, ahead of only Famagusta, and ranks third behind Paphos in house sales.

An increase in house sales has been a feature of the market in Paphos in recent years. This is also reflected in statistics which show that one in four house sales in the first half of 2023 were made in the Paphos area.