The Cyprus Real Estate Registration Council this week has unveiled a comprehensive analysis of the property sales trends across Cyprus for the first half of the year.
The data, sourced from the Department of Lands and Surveys, provides valuable insights into the dynamics of the Cypriot real estate market.
Focusing on the four main property categories, as it does in its quarterly reports, the council has documented a total of 11,564 property transactions including houses, apartments, plots, and fields across all regions of the island during the first half of 2023.
Leading the sales categories are land transactions, accounting for 42.2 per cent of total sales. Land plots follow at 23.5 per cent, apartments at 18.9 per cent, and houses at 15.3 per cent.
In terms of regional distribution, Limassol holds the highest share of sales with 32.3 per cent, followed by Nicosia at 25.7 per cent.
Larnaca stands in third place with 20.9 per cent, while Paphos and Famagusta contribute 16.8 per cent and 4.1 per cent respectively.
It should be noted that these percentages are reflective of the sales volume and not the property values.
“Statistical analysis is a crucial tool that contributes to a better understanding of the market,” Marinos Kineyirou, the president of the Cyprus Real Estate Registration Council said.
“Over the last year and a half, since the council gained access to comparative sales data from the Department of Lands and Surveys, we have placed significant importance on these insights to better inform licensed real estate agents and the public,” the council president added.
The report also showed that the Larnaca district has demonstrated remarkable performance in the four primary property categories, surpassing Paphos and closely trailing Nicosia.
Particularly noteworthy is Larnaca’s dominance in apartment sales across Cyprus, accounting for 28.7 per cent of total apartment transactions.
Meanwhile, the Limassol district has played a pivotal role in the property market’s trajectory in recent years, according to the council
The district’s size and the presence of numerous foreign companies have sustained high demand levels.
What is more, despite its association with large developments, Limassol maintains substantial land sales.
With 924 transactions in the first half of the year, land sales in Limassol represent 34 per cent of national land transactions.
Nicosia’s property market remains balanced across the four property categories. It closely trails Limassol in apartment sales and holds a significant share in land sales. While Nicosia ranks third in house sales, it surpasses only Famagusta in apartment sales, standing behind Paphos in house transactions.
In terms of the Paphos district, according to the report, a defining characteristic of Paphos’ property market in recent years has been the notable surge in house sales.
The statistics from the first half of 2023 mirror this trend, as one in four house transactions across Cyprus occurred in the Paphos region.
Source: Cyprus Mail