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€1.65 bln in Q3 property sales

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Despite the adverse economic conditions, the Cyprus real estate market saw a 34% increase in the value of property transactions in the third quarter, rising to €1.65 bln from €1.2 bln in Q2.

Real estate expert Marinos Kinaigirou said interest from Cypriot buyers has remained steady while demand from foreign companies is increasing.

According to the Department of Land and Surveys data, 5,566 transactions worth €1.65 bln were recorded in Q3 (July-September), from €1.2 bln in Q2 to €1.3 bln in Q1.

“Despite maintaining strong inflationary conditions, the sector further increased its momentum during the third quarter of the year,” said the Real Estate Agents Registry Council.

Limassol was the lead district for both total sales (1,781) and their value (€762 mln), with heightened interest in fields (879).

In Nicosia, there were 1,442 transactions worth €363 mln. The largest volume of transactions concerned fields (485) and land plots (430).

Paphos recorded Q3 sales of 876 valued at €276 mln.

During Q3, four large land transactions were recorded in Ayia Marina exceeding €65 mln.

In Larnaca, there were 1,147 property sales worth €188 mln, and Famagusta had 320 transactions valued at €63 mln with a strong interest in apartments (114).

Chair of the Real Estate Agents Registration Council Marinos Kinaigirou said: “We estimate that at some point inflation, the rise in construction costs and the increase in lending rates will affect the market; however, it seems there is increased demand from foreign companies mainly for large prime plots in Limassol, Larnaca and Paphos”.

The Council ensures access to the comparative property sales of the Land Surveying Department to all licensed real estate agents as part of its effort to increase transparency and information for professionals and the public.

The Council presents the data of the sector every quarter.