Pointing out an upward trend in property sales, the Real Estate Agents Registration Council of Cyprus notes Larnaca district’s remarkable performance in the first half of 2023. According to data from the Land Registry cited by the Real Estate Registration Council, Larnaca records significant performance in the first half of the year in the four main real estate categories (houses, apartments, plots, fields) as it has surpassed Pafos district and closely trailing Nicosia. A notable indication of the market’s course in Larnaca district is its dominance in apartment sales. Of particular interest is the fact that out of all the apartments sold in the second half, 627 of them, corresponding to 28.7% of total apartment sales, was in Larnaca. Across the board, during the first half of 2023, a grand total of 11,564 property transactions encompassing houses, apartments, plots, and fields were recorded throughout all districts of the areas under the control of the Republic of Cyprus. Among these transactions, fields accounted for the majority at 42.2% of total sales, followed by land sales at 23.5%, apartments at 18.9%, and houses at 15.3%. Leading the pack is Limassol Province with a 32.3% share in property sales, followed by Nicosia at 25.7%. Larnaca claims the third spot with 20.9%, followed by Pafos at 16.8%, and Famagusta district at 4.1%. It is noted that these percentages pertain to 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. The province’s size and the active presence of numerous foreign companies have sustained demand at high levels. 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 island-wide field sales. Conversely, the property market in 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 Pafos in house sales. The increased sales of houses have been a defining feature of the market in the Pafos district in recent years. This fact is also reflected in the statistics, which show that one in four house sales, in the first half of 2023, takes place in the Pafos district.
Source: Cyprus News Agency