Property sales in Cyprus have impressively increased by an impressive 12%, showing rapid year-on-year growth. This means that the country is on track to set a historic record of transactions since 2008.
According to official figures from the Land Department, the number of transactions increased by 12% in October 2023, comparing the figures for October 2022. Despite a slight slowdown in recent months, Cyprus is aiming to achieve its highest level of transactions by the end of the year since 2008.
Nevertheless, the impact of the crisis in the Middle East on the market remains uncertain and real estate agents note that it is too early to draw concrete conclusions.
The total number of sales in October includes a variety of property types such as residential homes, retail premises, offices, warehouses and land, reaching 1,306 transactions compared to 1,171 in October 2022.
Although sales in Limassol decreased by 1%, other areas saw an increase. Limassol (383 transactions), Nicosia (292), Paphos (275), Larnaca (264) and Famagusta (92) remain the leaders.
The total number of sales for the first ten months of 2023 amounted to 12,825 units, an impressive increase of 19% compared to 10,781 for the same period last year. This upswing has spanned all regions.
The rapidly growing real estate market in Cyprus saw the highest number of contracts signed since 2008, setting a new record of 12,825 contracts.