Cyprus Property Sales Hit Record Highs: First Seven Months of 2024

The real estate market in Cyprus has achieved record-breaking numbers in the first seven months of 2024. From January to July, a total of 9,210 properties were sold, marking the best performance since 2008, when 10,152 transactions were recorded. According to StockWatch, sales increased by 1.8% compared to the same period in 2023, and by 42.7% compared to 2019. This growth highlights the ongoing strong demand for Cypriot property.

City Breakdown: Nicosia, Larnaca, Limassol, and Paphos

According to the Cyprus Department of Land Registry, the country’s main cities show varied results in property sales for the first seven months of 2024.

• Nicosia: The capital saw the most significant increase, with a 23.6% rise in sales. From January to July 2024, Nicosia recorded 2,072 transactions, compared to 1,676 in the same period last year.
• Larnaca: Property sales in Larnaca grew by 12.2%, with 1,994 transactions in 2024 compared to 1,777 in 2023. The city’s growing infrastructure and affordable property prices make it increasingly attractive to investors and families.
• Limassol: Despite leading in overall sales with 2,953 properties sold, Limassol experienced a 4.9% decline compared to 2023. This drop may be attributed to high property prices and limited supply of affordable housing, driving buyers toward less saturated areas like Larnaca.
• Paphos: Sales in Paphos decreased by 13.7%, with 1,780 properties sold compared to 2,063 in the same period last year.

Cyprus Real Estate Market Outlook for 2024

The real estate market in Cyprus continues to deliver strong performance, hitting figures unseen since the peak year of 2008. Property investments remain a top choice for those seeking both housing and opportunities for financial growth. Nicosia and Larnaca are leading the charge, with Nicosia experiencing a significant 23.6% increase, reflecting the capital’s growing popularity. Larnaca also showed solid growth at 12.2%, drawing buyers with affordable options and promising developments. In contrast, traditional leaders like Limassol and Paphos are seeing a decrease in transactions.

Why Cyprus Property is Still a Smart Investment

Investing in real estate in Cyprus remains a lucrative option for those seeking residential or investment opportunities. The island’s stable market, combined with active infrastructure development, continues to attract investors. In 2024, Cyprus stands out as one of the most promising real estate markets in Europe.

Read also: Why choose property in Cyprus?

Contact the experts at Feod Group for professional advice on property investment in Cyprus.
Our office in Larnaca is ready to assist you in realizing your investment plans and provide legal support at every stage of the transaction.

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