Sales reached 25,400 in 2023, with a total value of €5.6 billion, according to a study by Deloitte on the real estate market. It is noted that the upward trend is mainly due to transactions in residential properties, which made up 61% of the total value of transactions in the sector, reaching €3.4 billion from 13,200 sales.
This is followed by the purchase and sale of land (plots and lots), with a value of €1.9 billion through 11,200 transactions, which corresponds to 34% of the total value of sales. In other words, they remain generally stable compared to 2022, in terms of the value of purchases and sales, although with a greater number of transactions. Finally, commercial property sales, although lower in number than in 2022, were higher in value reaching €121 million, equal to 2% of the total value of the sector.
At the provincial level, transactions in Limassol continued to dominate, accounting for 41% of the total sales value, while all other cities, with the exception of Larnaca, recorded marginally lower sales values compared to 2022.
Larnaca showed an impressive increase in the value of sales compared to 2022 (28%), which is attributed to both the increase in the volume of transactions and the higher average property value. Importantly, Larnaca has recorded growth for the third consecutive year, almost doubling in both transaction value and volume since 2020.
It is noted that through the research it is clear that no substantial changes are expected in the real estate landscape in 2024. Furthermore, apartments are expected to maintain their position as the most attractive investment opportunity over the next 12 to 18 months, despite the participants' assessment that the interest in luxury apartments in high-rise developments will probably decrease.
“These performances fill us with optimism, but at the same time with a sense of responsibility regarding the correct treatment of new challenges ahead – such as sustainable and sustainable development, the speed of development of technology and Artificial Intelligence, government reform, red tape reduction, affordable housing – and intensifying our efforts to attract new forms of investment” , said the head of the Real Estate Branch and Head of the Financial Advisory Services department of Deloitte Cyprus, George Martidis, according to the announcement.
