Slowdown in sales growth

While the number of real estate sales in August increased compared to August 2022, the 28% increase in total sales recorded by the end of June dropped to 20% by the end of August, indicating that the market may be slowing. The slowdown is likely due to rising interest rates and increased construction costs.

However, despite the apparent slowdown in sales, Cyprus is set to achieve the second highest number of property sales ever by the end of the year. The latest official data from the Department of Lands and Surveys shows that the number of real estate sales in August (measured by the number of concluded contracts registered at the offices of the Land Registry) increased by 16% compared to August 2022. Property sales include sales of residential houses, retail premises, offices, warehouses and land (fields and plots).

Total real estate transactions - 2022/2023 comparison

The number of property sales in the first eight months of 2023 totaled 10,183, an increase of 20% from the 8,453 reached in the same period last year, with sales increasing in all neighborhoods. This is also the highest number of registered contracts since 2008, when the number reached 11,088.

The government's international headquartering initiative has increased demand for real estate from foreign businessmen and investors from Russia, Israel, Ukraine, the UK, Lebanon and Belarus.

Total real estate transactions - 2022/2023 comparison