(CyprusMail) – Property sales in Larnaca have also increased, which has boosted the local real estate market.
This week, the Cyprus Real Estate Registration Council presented a thorough analysis of the patterns in property sales in Cyprus during the first half of the year.
The Department of Lands and Surveys’ statistics offers insightful information about the dynamics of the Cypriot real estate market.
The council has recorded a total of 11,564 property transactions, including homes, apartments, plots, and fields across all parts of the island during the first half of 2023, focusing on the four major property categories, as it does in its quarterly reports.
Land transactions are the most popular sales category, making about 42.2% of all sales. Following land plots are apartments (18.9%), condos (15.3%), and homes (23.5%).
When it comes to regional distribution, Limassol has the greatest sales share (32.3%), followed by Nicosia (25.7%).
Paphos and Famagusta each provide 16.8% and 4.1 percent, placing Larnaca in third place with 20.9 percent.
The fact that these percentages reflect sales volume rather than property prices should be highlighted.
“Statistical analysis is a crucial tool that contributes to a better understanding of the market,” said Marinos Kineyirou, president of the Cyprus Real Estate Registration Council.
Since the council began receiving comparative sales information from the Department of Lands and Surveys, the council president continued, “We have put substantial weight on these insights to better inform licenced real estate brokers and the public.
The report also revealed that the Larnaca area outperformed Paphos and lagged closely behind Nicosia in the four major property categories.
The dominance of Larnaca in flat sales throughout Cyprus, which accounts for 28.7% of all flat purchases, is particularly remarkable.
Meanwhile, the council claims that the Limassol neighbourhood has been crucial to the direction of the real estate market in recent years.
Due to the size of the neighbourhood and the abundance of foreign businesses there, demand has remained high.
Furthermore, Limassol continues to sell a significant amount of land despite being linked to significant developments.
Land sales in Limassol made up 34% of all national land transactions in the first half of the year with 924 transactions.
The four types of real estate in Nicosia continue to trade equally. In terms of flat sales, it comes in just behind Limassol, while it dominates in terms of land sales. Although Nicosia is second to Paphos in terms of flat sales, it trails only Famagusta in terms of home sales.
According to the survey, a distinguishing feature of the Paphos real estate market in recent years has been the noticeable increase in house sales.
In line with this trend, statistics from the first half of 2023 show that one in four real estate transactions in Cyprus took place in the Paphos area.
