Cyprus Real Estate Market Reaches €4.3 Billion in 2024

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In 2024, Cyprus’s real estate sector achieved transactions worth €4.3 billion, with 19,155 property transfers and 15,797 sales contracts recorded across the country, according to the Department of Lands and Surveys. These figures represent a 1.8% increase in property transfers and a 1.5% rise in sales contracts compared to 2023, though the total value of transfers dipped by 2.3%.

Marinos Kineyirou, president of the Real Estate Registration Council, described 2024 as a “challenging year” for the market. Despite a weaker performance in the first half of the year, modest gains in certain regions helped stabilize the annual results. Transfers in Nicosia and Paphos, as well as strong sales contracts in Larnaca, were key drivers of this resilience.

Limassol retained its position as the top performer in terms of sales contracts, registering 5,032 contracts, and led in transfer value with €1.5 billion. However, it fell behind Nicosia in terms of the number of property transfers.

Nicosia showed consistent growth, recording 5,395 property transfers worth €950 million, reflecting a 5.2% increase in volume and a 1.4% rise in value year-on-year.

Paphos experienced notable gains, with 3,727 property transfers valued at €983 million—an impressive 12% rise in volume and a 21.7% increase in value. However, the region saw a 7.9% decline in sales contracts during the same period.

Larnaca emerged as a strong performer for sales contracts but lagged in other areas.

The market faced several challenges in 2024, including diminished purchasing power, elevated interest rates, rising construction material costs linked to regional geopolitical issues, and persistently high property prices.

Looking ahead, Kineyirou anticipated similar difficulties for 2025. However, he suggested that easing bank lending rates could provide much-needed relief to the real estate sector and positively impact the broader economy.

Source: in-cyprus.philenews.com

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