In 2024, the real estate sector in Cyprus hit a new milestone, with the total value of property transactions climbing to €5.71 billion — the highest ever recorded. According to PwC Cyprus, this marks a slight 1% uptick compared to the previous year.
While the market’s value edged upward, the number of transactions actually dipped. PwC reported 23,900 deals for the year, reflecting a 3% drop from 2023. Still, analysts pointed out that the market remained impressively steady in the face of broader global economic uncertainty.
Nicosia on the Rise, Coastal Areas See a Dip
Transaction activity varied by region. Nicosia stood out as the only district to see growth in the number of sales, posting a 4% increase. On the flip side, coastal cities, including Limassol and Paphos, experienced modest declines in transaction volumes.
Limassol Leads in Transaction Value
When it comes to total value, Limassol retained its title as the island’s real estate heavyweight, accounting for 44% of all property value sold in 2024. Nicosia and Paphos followed in second and third place, respectively.
PwC Cyprus described the market’s overall performance as “remarkably stable,” especially given the ongoing economic pressures worldwide.
Source: Cyprus-Mail