The Cypriot real estate sector remained steady in 2024, maintaining figures close to those of the previous year despite ongoing economic challenges. According to the Real Estate Agents Registration Council, the industry continued to play a vital role in the country’s economic growth.
A total of 19,155 property transfers took place nationwide, with a combined value of €4.3 billion, while 15,797 sales documents were filed. Compared to 2023, there was a 1.5% rise in sales documents and a 1.8% increase in transfers, although the total value of transfers saw a 2.3% decline.
Several factors contributed to market fluctuations, including high lending interest rates, the rising cost of construction materials due to geopolitical instability, and a decline in purchasing power. Despite these hurdles, property prices remained elevated, affecting overall market activity.
Regional Performance
Despite varying regional trends, the real estate sector remained a key driver of economic activity in Cyprus, adapting to shifting market conditions.
Source: Stockwatch Cyprus