In the fourth quarter of 2023, more than 3,500 real estate transactions were concluded in Cyprus

In the fourth quarter of 2023, the Republic of Cyprus recorded 3,534 real estate transfers. The total value of property transfers amounted to 517.3 million euros.

These data are contained in the quarterly bulletin of the Cyprus Real Estate Agents Registration Council.

The information bulletin notes that despite inflationary pressures, high interest rates, and rising property prices, the local real estate market showed good results in the fourth quarter of 2023.

According to the report by specialists, a total of 1,139 property transfers were registered in Nicosia, with a total value of 150.4 million euros. Most transactions involved fields (483) and land plots (262).

Following Nicosia is Limassol, where 916 sales were recorded totaling 149 million euros.

In Paphos, 479 properties were sold for a total of 78.3 million euros, with the majority of them related to fields (247).

In Larnaca, 734 sales were registered totaling 100.4 million euros, with the majority also related to fields (323).

In the Famagusta region, 266 transactions were concluded for a total of 39.2 million euros. This region ranks second in terms of the number of transferred houses – 35 properties. Paphos is the leader in this indicator with 39 house transfer transactions.

"The Council presents industry data every quarter to provide continuously updated information on real estate market trends in Cyprus," the statement said.

Recall that earlier, the Cyprus real estate analytics company Ask Wire published a report describing the ten most profitable real estate deals concluded in Cyprus in 2023. Nine out of the ten largest contracts were made in Limassol.