Cyprus’ real estate sector stayed resilient through 2024, continuing to fuel the country’s economy even in the face of multiple economic and geopolitical headwinds. According to a press release by the Real Estate Agents Registration Council, property activity held steady compared to 2023, with some regions even seeing notable shifts in performance.
The Big Picture: Slight Upticks, Some Drops
Over the course of 2024, Cyprus recorded 19,155 property transfers worth a total of €4.3 billion, while 15,797 sales documents were filed nationwide. Compared to the previous year, that’s a modest 1.8% rise in transfers and a 1.5% increase in sales documents. However, the overall value of transfers dipped by 2.3%.
These fluctuations are largely attributed to several ongoing challenges, including higher construction costs, elevated lending interest rates, reduced consumer purchasing power, and the impact of regional conflicts.
Region-by-Region Breakdown
Let’s take a quick look at how each district performed:
🔹 לימסול
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Sales documents: 5,032 (📉 down 1.2%)
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Transfers: 5,054 (📉 down 5.8%)
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Transfer value: €1.5 billion (📉 down 6.3%)
Despite a decline in volume and value, Limassol still pulled in the highest total property value in 2024.
🔹 ניקוסיה
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Sales documents: 📈 up 13.6%
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Transfers: 5,395 (📈 up 5.8%)
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Transfer value: €950 million (📈 up 1.4%)
Nicosia stood out for its stable, consistent growth, topping the list for number of property transfers.
🔹 פאפוס
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Sales documents: 📉 down 7.9%
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Transfers: 3,727 (📈 up 12%)
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Transfer value: €983 million (📈 up 21.7%)
Paphos saw a significant jump in both volume and value, despite fewer sales filings overall.
🔹 Larnaka
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Transfers: 3,775
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Transfer value: €637 million
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Sales documents: 📈 up 5.4%
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Transfers (volume): 📉 down 1.7%
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Transfers (value): 📉 down 13%
Larnaka’s numbers reveal a mixed picture—higher sales, but lower overall value and volume of transfers.
🔹 פמגוסטה
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Sales documents: 📉 down 4.5% (775 in total)
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Transfers: 1,204 (📈 up 3.8%)
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Transfer value: €214 million (📉 down 19%)
Famagusta struggled the most this year, with both sales and transfer values taking a notable dip.
Final Thoughts
Even with declining buying power and rising costs, Cyprus’ real estate industry continued to provide economic momentum in 2024. While regional performance varied, the overall market showed resilience in the face of global uncertainty.
Source: stockwatch.com.cy