Strong demand in the real estate market continues to persist.

Significant performance was recorded in the Cyprusreal estate market between January and September 2023. According to data from the Comparative Sales Department of the State Registration and Cadastre Office, processed and reported quarterly by the Real Estate Registration Board, the real estate market continues to cope with challenges. In particular, during the nine-month period, 8,681 transactions were completed nationwide for a total value of 1.4 billion euros and 9,374 sales documents were concluded for a total value of 3.3 billion euros.

The President of the Real Estate Registration Board, Marinos Chineiro, said, "It is with great satisfaction that we see the Cypriot real estate market achieving remarkable results, despite the''existing negative environment. External demand, combined with domestic demand remaining strong, is creating expectations for another positive year in the real estate sector. "

Limassol has the leading position.

The province of Limassol confirms its position as the leading engine of the Cypriot real estate market, having registered the highest number of sales documents (3,435) and is second only to Nicosia in terms of the number of real estate transactions (2,334).

Nicosia's duplicity

Nicosia province recorded the highest''s number of real estate transactions (2,937) over the nine-month period and trails Limassol in terms of value at €409 million. However, analysis of sales transactions over the nine-month period shows a significant decline for Nicosia, both in transaction volume (1,673) and value (€382 million), placing it in fourth place, behind Limassol, Paphos and Larnaca.

Pafos maintains momentum

The province of Paphos continues to maintain its momentum in the real estate market for over a year now, recording 1,063 transactions worth €165.3 million and 2,027 sales documents worth €632 million in the first nine months of 2023. In terms of the value of real estate transfers, Paphos ranks fourth, but in terms of the value of sales documents it ranks''second place, comfortably ahead of Larnaca and Nicosia.

Larnaca growth

The province of Larnaca has seen significant gains in the real estate market in recent months, reflected in comparable sales for the nine-month period. With 1,850 transactions worth €266 million and 1,892 sales documents worth €383 million, it ranks third for the period under review.

Stability in Famagusta

Despite its small size, the real estate market in the free province of Famagusta shows stability during January to September 2023, with a total of 497 transactions worth €93 million and 347 sales documents worth €82 million.