Real estate sales were up 26% in the first quarter.

In the first quarter of this year, annual real estate transactions in Cyprus continued to rise as the number of sales documents submitted increased by 26.6% compared to the same period last year, according to the Real Estate Registration Commission.

The activity in the Cyprus real estate market has increased.

The Commission's latest quarterly report shows that the number of real estate transactions in the first quarter of this year amounted to 6,188 with a total value of €1.7 billion, up from €1.3 billion in the first three months of last year. The increased activity in the Cyprus real estate market is attributed to the relocation of high-tech companies and their employees.

The real estate market in different''Cyprus regions

On a district level, only the capital did not see a significant increase in real estate sales. In Nicosia the number of transactions remained the same at 1,597. However, the value of transactions decreased as properties sold in the first quarter of this year were worth 257.5 million euros, compared to 313 million in the same period last year.

In Limassol, the amount of real estate sales in the first quarter of 2023 exceeded 908 million euros for 2,097 transactions, a significant increase compared to previous years.

The momentum of recent years continues in Paphos, as both the volume and value of transactions in''s first quarter of the year grew rapidly on an annual and quarterly basis. Significant increases in transaction volume and value were also recorded in the Larnaca real estate market. The value of sales in the first quarter of 2023 amounted to just over €200 million, compared to €145 million in the corresponding quarter of 2022.

The increase in the value of real estate properties sold is also noted in Famagusta in the first quarter of the year, reaching 57.3 million euros compared to 54 million euros in the same quarter last year.

The market for private homes and the challenges

According to a report by the Real Estate Registration Commission, the private homes market continues to grow, as evidenced by a record of 931 homes sold in the first''quarter of this year. Experts at the registration commission emphasize the need to be careful not to get mixed up in the problems tearing up the property market in Cyprus, such as inflation, rising lending rates and the increasing cost of building materials, which are having a negative impact on demand.