Strong Resilience in Cyprus Real Estate Market Amid Challenges

Amidst challenging conditions, the Cyprus real estate market showcased remarkable resilience in the first nine months of 2023. The Real Estate Agents Registration Council reported impressive achievements, noting 8,681 property transfers totaling €1.4 billion and 9,374 sales documents reaching €3.3 billion.

Marinos Kineyirou, President of the Council, expressed satisfaction with the market's performance despite adversities. He highlighted sustained local and external interest as driving forces for another positive year in the sector.

Limassol emerged as the key driver, boasting the highest number of sales documents and almost leading in property transfers, with €462 million in transfers and €1.85 billion in sales documents. Nicosia followed closely, recording the highest number of property transfers (2,937) valued at €409 million.

Paphos and Larnaca also exhibited significant progress, maintaining market momentum with considerable property transfers and sales document values.

Despite its smaller size, Famagusta's property market remained stable with a notable number of property transfers and sales documents, reflecting resilience in the market.

Overall, the Cyprus real estate market showcased resilience and promising trends, setting the stage for further growth despite the prevailing challenges.