The value of sales in the period January – August 2023 is almost €2.8 billion
The real estate market in Cyprus records significant performances amid many challenges mainly related to the increases in lending rates, the continued rise in inflation, the impact of the war in Ukraine and the shock of the coronavirus pandemic. As can be seen from the last analysis“Real Estate Dynamics in Cyprus”., of Delfi Analytics, a member of the Delfi Partners Group, in the period January – August 2023, 11,655 real estate sales were completed with a total value of approximately €2.8 billion. Compared to the corresponding period of the previous year, a significant increase of 31% is recorded in property sales to foreign buyers. Indicative of the dynamic that gives interest from abroad is the fact that 46% of sales documents in the eight months of 2023, come from foreign buyers.
Despite the fact that the volume of real estate sales in the eight months of 2023 is slightly lower (-2.8%) compared to the eight months of the previous year, the total value increased by 7.1% due to increased prices.
A significant increase of 31% is recorded in sales real estate to foreign buyers
Sales in the province of Limassol reached 3,384 increased by 0.6% compared to the same period in 2022. A large decrease of 12.9% is recorded in the volume of sales in the province of Nicosia, in contrast to the province of Larnaca which gathers 2,361 sales up 10.3% compared to last year. The provinces of Paphos and Famagusta moved into negative territory with the decrease in sales amounting to 4.7% and 1.9% respectively.
George Foukaridis, Director of Delfi Properties said: “Despite the persistent challenges that are beginning to affect it, the Cypriot real estate market continues to demonstrate remarkable resilience. Both domestic and international demand for real estate remains largely unaffected. At the provincial level, we observe that Limassol continues to exert a significant influence on the Cypriot real estate market. Also important is the ever-increasing interest of foreign buyers at a time when local buyers seem to be more cautious.”
Natasa Apostolou, Special Projects Manager of Delfi Partners and Company said: “Cyprus, driven by political stability and an attractive legal framework, is now one of the fastest growing investment centers in Europe. The revival of the real estate sector is largely due to foreign capital. Rapid growth and the inflow of foreign capital have led to an increase in prices while there has been a marked increase in demand for luxury homes and Grade A' offices with many foreign companies having moved their offices and staff to the island. However, balancing foreign investment with local needs is of utmost importance to achieve and ensure the sustainable and long-term growth of the sector at a time when rising inflation is weighing on the economy.”
Sales Value and mean values
The value of real estate sold in the Limassol district slightly exceeds €1.1 billion and corresponds to 39.3% of the total value of real estate sales in the period January – August 2023. In Nicosia, real estate worth €567 million was sold in the eight months of the year ., corresponding to 20.3% of the total and in Paphos properties worth €479 million, corresponding to 17.1%. In the provinces of Larnaca and Famagusta, properties worth €459 million and €185 million respectively were sold. jpg” alt=”Real Estate: ΑντΕχει λΕγω ξΕνων η κυπριακ or αγορà ” />
Of particular interest are the data concerning the average real estate sales prices per province. Nicosia has the lowest average sale price at €180,000, well behind the Limassol district, where the average sale value is €326,000. The average price in the province of Nicosia is down -1.2% compared to the corresponding period last year, in contrast to Limassol where the average price has increased by 11.5%.
The free province of Famagusta records the biggest increase in the average sales price on an annual basis as it has jumped by 52.4% to €272,000.
Paphos district is next with €230,000 and an increase of 14.4%. Closer to the data of Nicosia is the province of Larnaca, where the average sale price in the eight months reaches €194,000, recording an increase of 8.3%.
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