Larnaca dominates apartment sales

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During an upward trend in property sales, the Real Estate Agents Registration Council highlighted the Larnaca district’s remarkable performance in the first half of 2023.

According to data from the Land Registry cited by the Council, Larnaca recorded a significant performance in the first six months for houses, apartments, plots, and fields, surpassing the Paphos district and closely trailing Nicosia.

A notable indication of the Larnaca market is its apartment sales dominance.

Of particular interest is that out of all the apartments sold, 627 were in Larnaca, equivalent to 28.7% of total apartment sales.

Across the board, during the first half of 2023, there were 11,564 property transactions encompassing houses, apartments, plots, and fields in all districts.

Among these transactions, fields accounted for the majority at 42.2% of total sales, followed by land plots at 23.5%, apartments at 18.9%, and houses at 15.3%.

Leading the pack is Limassol, with a 32.3% share in property sales, followed by Nicosia at 25.7%.

Larnaca claimed the third spot with 20.9%, followed by Paphos at 16.8% and Famagusta district at 4.1%.

It is noted that these percentages are for sales volume and not property values.

The Council notes that Limassol district has played a catalytic role in the property market’s trajectory in recent years.

Limassol’s size and foreign companies’ active presence have sustained high demand.

Despite the city and suburbs being associated with large-scale developments, Limassol continues to achieve strong performance in field sales.

The 924 completed transactions in this category during the first half of the year account for 34% of islandwide field sales.

Conversely, the property market in the Nicosia district remains steady across all four property categories.

It closely follows Limassol in apartment sales and holds a significant share in field sales.

However, the Council points out that Nicosia lags in apartment transactions, overtaking only Famagusta, and ranks third behind Paphos in house sales.

The increased sale of houses has been a defining feature of the market in the Paphos district in recent years.

It is also reflected in the statistics, which show that one in four house sales in the first half of 2023 were in the Paphos district.