Real estate sales growth continues

The number of property sales in October (measured by the number of contracts concluded at the offices of the Real Estate Registry) rose by 12 percent compared to October 2022, according to official statistics from the Land and Surveys Department. Although sales growth has slowed over the past few months, Cyprus is still determined to reach the highest number of real estate sales recorded since 2008 by the end of the year. However, it is unclear how the crisis in the Middle East may affect the market and real estate agents say it is too early to draw any definite conclusions.

The total number of real estate sales in October

October sales included:

Housing
Shopping premises
Offices
Warehouses
Land (fields and plots)

A total of 1,306 sales were recorded compared to 1,171 in October 2022.

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Although sales in Limassol decreased by 1 percent, they increased in the other four districts. Despite the decline, Limassol recorded the highest number of sales (383), followed by Nicosia (292), Paphos (275), Larnaca (264) and finally Famagusta (92).

Total real estate transactions - 2022/2023 comparison

Total real estate sales for the first ten months of 2023 are 12,825, an increase of 19 percent from the 10,781 achieved in the same period last year, with increased sales in all neighborhoods. It is also the most''the large number of contracts awarded since 2008, when the number stood at 12,245.