What Happened

According to the Cyprus Real Estate Agents Registration Council, in the first half of 2024, the volume of real estate transactions in the country increased by 8% compared to the first half of 2023. The value of transactions rose by 1% during the same period.

In the second quarter of 2024, market activity grew by 6.3% in terms of volume and by 14.6% in terms of transaction value compared to the first quarter.

Details

The highest annual increase in sales was observed in Nicosia (+24%), followed by Larnaca (+9%). In contrast, Paphos, Limassol, and Famagusta recorded declines of 16%, 10%, and 11%, respectively.

The Chairman of the Cyprus Real Estate Agents Registration Council, Marinos Kineyirou, expressed cautious optimism about the future of the market. "The second quarter showed better results than the first, which instills cautious optimism for the future," he stated.

However, he also noted that "the first half of 2024 still lags behind the results of 2023, primarily due to the impact of rising prices and inflation on citizens' disposable incomes."

"The significant increase in sales in Nicosia and Larnaca is crucial as it partially offsets the losses in Limassol and Paphos," the expert added.