Resurgence in Cyprus Real Estate Market
The real estate market in Cyprus has shown a robust recovery in April, bouncing back from a slump in March. This revival is particularly pronounced in the cities of Nicosia and Larnaca, with Limassol maintaining its position as the market leader. The Department of Lands and Surveys has reported that sales across the island have hit the 5,000 mark.
April 2024 witnessed a total of 1,366 property sales, a significant improvement from the 1,192 transactions recorded in April 2023, representing a 15 per cent year-on-year increase. The cumulative data for January to April 2024 indicates a steady growth, with sales documents reaching 4,963, up from 4,766 during the same period last year, marking an overall annual increase of 4 per cent.
Limassol continues to outshine other regions in terms of property sales, with April figures showing 440 sales, a modest 3 per cent increase from the 426 sales in April of the previous year. However, it’s worth noting that Limassol experienced a 7 per cent decline in sales for the first quarter of 2024 compared to the first quarter of 2023.
In stark contrast, Nicosia and Larnaca have exhibited remarkable growth. Larnaca’s property sales surged by 44 per cent in April, with 309 properties sold compared to 214 in the same month of the previous year. Moreover, the first quarter of 2024 saw a 15 per cent increase in sales for Larnaca, with figures rising to 1,032 from 898 in the corresponding period of 2023.
Nicosia also reported significant growth with a 43 per cent increase in April 2024, recording 308 sales, up from 216 in April 2023. The capital city’s sales for the first quarter of 2024 rose by an impressive 42 per cent, reaching 1,121 compared to 790 in the same period of the previous year.
However, not all regions are experiencing growth. Paphos saw a decline in property sales, with a 13 per cent drop in April this year from the previous year. The January to April period also reflected an 11 per cent decrease in sales, with totals falling to 1,026 from 1,159.
The free Famagusta area presented a mixed picture. There was a notable monthly increase of 24 per cent in April 2024 with 57 sales, up from 46 in April 2023. Yet, this area faced a downturn in the first quarter, with property sales decreasing by 9 per cent year-on-year.
The latest figures suggest that while some areas are thriving and contributing to the overall uplift of Cyprus’ real estate market, other regions are still facing challenges. The diverse performance across different areas highlights the dynamic nature of the property landscape in Cyprus.
