Cyprus Real Estate Sales Reach €4.3 Billion in 2024

According to the Department of Lands and Surveys, Cyprus saw 19,155 real estate transactions last year, amounting to €4.3 billion. In addition, 15,797 property transaction documents were filed. Compared to 2023, the number of deals increased by 1.8%, while the number of documents submitted rose by 1.5%.

However, the Cyprus Real Estate Agents Registration Council noted that the property market remained stable in 2024 compared to the previous year, which reflects the ongoing challenges within the sector.

A statement from the council highlighted that the market had been impacted by a decline in consumer purchasing power and high interest rates on loans.

Other factors constraining the real estate market included the rising costs of construction materials, driven by geopolitical instability and regional conflicts, as well as the overall high prices of properties.

Despite these obstacles, the real estate sector continued to play a key role in contributing to the growth of the Cypriot economy in 2024.

In Limassol, a total of 5,032 property sale documents were registered. While the number of transactions in Limassol slightly trailed Nicosia (5,054), the city led the nation in transaction value, totaling €1.5 billion.

Paphos saw a rise in transactions, with 3,727 recorded, reaching a total value of €983 million, reflecting a 21.7% increase from the previous year.

Larnaca also experienced growth, with 3,356 transactions completed in 2024. In addition, 3,775 property transfer deals were made, totaling €637 million.

In the Famagusta district, controlled by the Republic of Cyprus, the figures were lower. The number of sale documents dropped to 775, with the total transaction value falling to €214 million—a 19% decrease compared to the previous year.

"We believe that if banks lower interest rates, which are currently affecting the purchasing power of local residents, we will see improved results in 2025, benefiting the entire Cypriot economy," said the council.