Resilience of real estate market in 2023 remarkable, PwC Cyprus says

The Cypriot real estate market demonstrated remarkable resilience and flexibility during 2023 and the total value of transactions reached pound 5.5bn, which appears to be at the same levels as in 2022, a press release by PwC Cyprus says. PwC presented on Thursday its annual report for the Cypriot real estate market and in a press release it says that notably, transactions in the district of Larnaca recorded a 22% increase in transaction value terms with the district of Pafos recording a 4% YoY increase. During 2023, it adds, the transaction value of the residential property sector reached approximately pound 3.9 billion, representing a 1% decrease compared to 2022. A total of 6,900 properties across Cyprus were acquired by foreign buyers during 2023, recording an annual increase of 16% (2022: 5,928). The high-end residential property segment recorded a notable drop in 2023, with the analysis of transaction data of single residential properties with a price of =pound 1.5mln, indicating a decrease of 26% c ompared to 2022. The data suggests that during 2023, a total of 164 transactions were recorded in this segment, with the total value reaching pound 440mln. The contribution of this segment to the total value of transactions stood at merely 8%, it concludes. Source: Cyprus News Agency