Last Year Set a Record for Real Estate Sales in Cyprus

In 2023, Cyprus saw a record in the real estate market. The volume of sales reached 25,400 units, with the total transaction amount exceeding 5.6 billion euros.

According to a study by Deloitte, residential real estate sales in the country accounted for 61% of the total transaction volume last year. A total of 13,200 transactions were concluded with a total value of 3.4 billion euros.

Next are transactions for the purchase and sale of land plots – 11,200 units sold, accounting for 34% of the total. The total value of the purchased plots is estimated at 1.9 billion euros.

Sales volumes of commercial real estate decreased compared to 2022, but were higher in value, reaching 121 million euros.

Limassol remained the leader in the real estate market in Cyprus last year, accounting for 41% of the total sales value. In Larnaca, the total value of sold real estate increased by 28% compared to 2022. In other regions, sales volumes slightly decreased.

It should be noted that according to the forecasts of the study authors, no significant changes in the real estate sector are expected in 2024.