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Q3 property sales documents hit €1 bln

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The value of property sales agreements submitted in the third quarter reached €1 billion, with the real estate market maintaining its strength despite challenges.

According to property sales data from the Department of Land and Surveys, processed by the Real Estate Agents Registration Council, 2,983 sales agreements were submitted across Cyprus from July to September.

Transfers totalling €438.2 mln were completed during Q3, with Limassol accounting for the richest share at €130.5 mln, while Nicosia had the highest number of transfers.

In the Nicosia district, 944 transfers were recorded valued at €126.1 mln.

The majority of transactions were related to fields (382), apartments (218), and plots (213).

In the Limassol district, there were 801 sales valued at €130.5 mln, surpassing all other districts.

Most interest was in buying fields (440).

In the Paphos district, sales during Q3 reached 315, with a total value of €48.2 mln.

The overwhelming majority of transfers were related to fields (125).

Larnaca had 677 sales worth €101 mln, with most relating to fields (290).

The Famagusta district had 173 transactions worth €32.4 mln, and there was significant interest in fields (81) and apartments (51).

Marinos Kynegirou, President of the Real Estate Agents Registration Council, said the sector continues to show resilience in all cities and districts.

“Despite the apparent impact of inflation on purchasing power, combined with high interest rates on housing loans, we see the property market endures.

“We expect to see the impact of the war in Israel in the coming months.”