Current trends in the Cyprus real estate market

Anastasia Taran
Head of Corporate Services
Reading time 3 minutes
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02 08.2023

In the first half of 2023, a record number of real estate purchase and sale agreements was recorded in Cyprus.

Analyzing the data on the total number of sales contracts from January to the end of June 2023, provided by the Cyprus Land Registry Department, it becomes clear that the Cyprus property market in 2023 is experiencing the most active period since 2008.

In the first six months of 2023, 7,689 real estate purchase and sale transactions were registered. This figure exceeds the results of the first half of 2022 (6263) by 22.8%.

According to the data provided, the first six months of 2023 have become the most successful in the last 15 years in terms of the number of transactions in the Cyprus property market.

🔹 Limassol leads in the total number of transactions. In the first six months of 2023, 2676 sales transactions were registered in Limassol

🔹 In second place is Paphos with 1776 agreements

🔹 The third place is occupied by the city of Larnaca with 1451 transactions

🔹 Nicosia, the capital of Cyprus, ranks fourth with 1416 transactions

🔹 The lowest number of property sales was recorded in the Famagusta area, where only 370 transactions were made.

Rising prices for the purchase of real estate in Cyprus

According to a report from the Central Bank of Cyprus, house prices in the country continue to rise in all regions, year-on-year.

Experts say that one of the reasons is the increased demand for Cypriot real estate associated with the relocation of foreign companies to Cyprus.

According to the Cypriot Ministry of Energy, Trade and Industry, more than a thousand foreign companies relocated their headquarters and employees to Cyprus in 2022.

Most of the companies that have opened their headquarters in Cyprus are concentrated in Limassol and Paphos. Recently, there has also been increased activity in Larnaca, which is expanding its potential for foreign investors and entrepreneurs.

In total, Paphos recorded a significant increase of 10.4%, Limassol showed a significant increase of 7.1%, Larnaca property prices rose by 3.3%, and Nicosia showed a moderate increase of 2.9%.

Rising prices for rental property in Cyprus

Property rental prices in Cyprus are also growing rapidly. Over the year, prices for renting apartments and houses in Cyprus increased from 4 to 31%.

Price increases are expected to continue in the coming months.

In terms of investment, the rental property sector in Cyprus continues to be one of the most profitable.

Compared to the first quarter of 2022, for the first quarter of 2023, rental prices increased:

  • Tourist apartments +31%
  • Apartments +29%
  • Houses +28%
  • Tourist houses +18%
  • Offices +14%
  • Warehouse premises +4.5%
  • Commercial real estate in the retail sector +4%

The property market in Cyprus continues to grow, which creates excellent opportunities for investors.

The constant demand for property in Cyprus, both from local residents and from foreign buyers and investors, contributes to higher prices and potential returns on investment.

Buying a property in Cyprus can be a profitable step, assuming a stable income and long-term asset creation.

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