Cyprus Real Estate Market Continues Steady Growth in the First Quarter of 2024

April 1, 2024

The Cyprus real estate market has maintained its upward trajectory, demonstrating resilience and attracting both domestic and foreign investors despite global economic uncertainties. According to the latest figures released by the Cyprus Land Registry Office, the first quarter of 2024 has seen promising growth in property sales across key regions, reflecting sustained confidence in the market.

In Nicosia, the capital city, a total of 813 properties were sold between January and March, marking a steady increase compared to the same period last year. Specifically, the figures show a progressive rise in sales month-on-month, with January recording 244 sales, February with 280, and March concluding with 289 transactions. Notably, foreign investors have shown significant interest in Nicosia properties, with 141 transactions recorded during the same period.

Limassol, known for its vibrant coastal lifestyle and booming real estate market, continues to attract both local and international buyers. The first quarter of 2024 witnessed robust sales activity, totalling 1,123 transactions. Limassol saw consistent growth in property sales throughout the quarter, with January reporting 315 sales, February with 378, and March reaching 430 transactions. Foreign investment in Limassol properties remained strong, comprising 413 transactions during the quarter.

In Larnaca, a major port city and popular tourist destination, property sales also experienced positive momentum. The first quarter saw a total of 723 transactions, with January recording 215 sales, February with 247, and March with 261 transactions. Foreign buyers contributed significantly to the market, with 329 transactions during the same period.

Paphos, renowned for its rich history and picturesque landscapes, recorded a total of 774 property sales in the first quarter of 2024. Despite a slight dip in March, the overall trend remained positive, with January registering 242 sales, February with 310, and March with 222 transactions. Foreign buyers continued to show interest in Paphos properties, accounting for 486 transactions during the quarter.

Famagusta, known for its stunning beaches and historical sites, also witnessed steady activity in the real estate market. The first quarter saw a total of 164 transactions, with January recording 40 sales, February with 69, and March with 55 transactions. Foreign buyers contributed to the market, with 82 transactions during the same period.

The first quarter of 2024 reflects the resilience and attractiveness of the Cyprus real estate market. Despite global challenges, we continue to see sustained interest from both domestic and international investors across key regions. The positive growth in property sales is a testament to Cyprus’s appeal as a premier investment destination.

The Cyprus real estate market is poised for further growth and development in the coming months, driven by ongoing infrastructure projects, favorable investment conditions, and the country’s strategic location. As Cyprus continues to position itself as a hub for business, leisure, and lifestyle, the real estate sector remains a cornerstone of economic prosperity and investment opportunities.

Leptos Estates, the largest real estate developer in Paphos, played a significant role in driving the strong sales activity in the city. With a wide range of properties on offer, including luxury villas, apartments, and townhouses, Leptos Estates has been a major player in the real estate market for over 60 years.

The strong demand from foreign investors is indicative of the attractiveness of the Cyprus real estate market, which continues to be a preferred destination for property investments. Real estate experts predict that the demand for properties in Cyprus is expected to remain robust throughout 2024. As the island nation continues to attract foreign investments, the Cyprus property market is expected to remain vibrant and dynamic.

Note: The figures provided in this press release are based on data released by the Cyprus Land Registry Office for the first quarter of 2024

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