Cyprus Real Estate Market Sustains Growth Despite Challenges in 2024

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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

  • Limassol recorded the highest number of sales documents (5,032), although it ranked second in total transfers (5,054). In terms of value, however, it led the market with €1.5 billion. Sales in Limassol dropped by 1.2%, while transfers declined by 5.8% in volume and 6.3% in value.
  • Nicosia saw the most property transfers (5,395), reflecting the district’s long-term stability. Sales increased by 13.6%, and transfers grew by 5.8% in volume and 1.4% in value, reaching a total of €950 million.
  • Paphos experienced a 7.9% drop in sales, but transfers rose by 12% in volume and 21.7% in value, totaling €983 million.
  • Larnaca had 3,775 transfers worth €637 million, marking a 1.7% decrease in volume and a 13% drop in value, despite a 5.4% rise in sales.
  • Famagusta recorded 775 sales documents, down 4.5% from 2023, while transfers increased by 3.8% in volume but dropped by 19% in value, reaching €214 million.
  • 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

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