"Sales growth is beginning to slow down""

While the number of real estate sales in August increased compared to August 2022, the year-to-date sales growth of 28% recorded by the end of June fell to 20% by the end of August, indicating a potential slowdown in the market. This slowdown is likely related to rising interest rates and increasing construction costs.

However, despite the obvious slowdown in sales, Cyprus is heading towards the second-highest number of real estate sales record by the end of the year. The latest official data from the Department of Land and Surveys shows that the number of properties sold in August (measured by the number of contracts signed at the Land Registry offices) increased by 16% compared to August 2022. Real estate sales include the sale of residential homes, commercial properties, offices, warehouses, and land plots. The total number of sales in August 2023 reached 1,132 compared to 972 in August 2022.

The total number of real estate sales - comparison of 2022/2023. Real estate sales for the first eight months of 2023 reached 10,183, which is a 20% increase compared to 8,453 recorded during the same period last year, with sales growth in all regions. This is also the highest number of contracts signed since 2008, when the figure reached 11,088. The government's initiative to host international headquarters has increased demand for real estate among foreign businessmen and investors from Russia, Israel, Ukraine, the UK, Lebanon, and Belarus.

The total number of real estate sales transactions - comparison of 2022/2023.