Larnaca on the Rise: Real Estate Sales in Cyprus for June 2024

According to the Cyprus Land Registry, there were 1,322 real estate sales contracts concluded in June 2024, which is a 5% decrease compared to the 1,397 transactions in June 2023.

However, a closer look at the data reveals that Larnaca stands out amid the overall decline in other cities on the island:

🔸Limassol saw an 11% decrease in sales, from 444 transactions in June 2023 to 394 in June 2024.

🔸In Paphos, sales dropped by 21%, from 316 transactions last year to 249 this year.

🔸In the free areas of Famagusta, sales decreased by 15%, from 67 properties in 2023 to 57 in 2024.

🔸Conversely, Larnaca experienced a 6% increase in sales, from 258 transactions in June 2023 to 274 in June 2024.

Data from the first half of 2024 also highlights the attractiveness of Larnaca:

From January to June 2024, the overall volume of residential property sales in Cyprus decreased by 2%, from 7,689 transactions last year to 7,553 this year.

⇒ In Limassol, 2,401 sales transactions were completed, which is 10% less compared to the 2,676 properties sold during the same period in 2023.

⇒ Nicosia shows significant growth of 24%, increasing the number of transactions from 1,416 last year to 1,762 in 2024.

⇒ Larnaca also demonstrates positive dynamics with a 9% growth, increasing the number of transactions from 1,451 last year to 1,576 this year.

⇒ Meanwhile, Paphos recorded a 16% drop in sales, from 1,776 transactions last year to 1,486 this year.

Thus, Larnaca shows stable growth despite the overall decline in real estate sales in Cyprus. The increase in the number of transactions indicates high interest in this city from buyers.

This positive trend can be attributed to several factors:

✅Firstly, Larnaca offers attractive real estate prices compared to other popular cities in Cyprus, such as Limassol and Paphos. This makes it especially appealing for those seeking quality housing at a reasonable price.

✅Secondly, the city is actively developing and modernizing, which draws the attention of investors. New infrastructure projects, improved transport networks, and the development of tourist facilities make Larnaca increasingly attractive for both living and business.

✅Thirdly, Larnaca is renowned for its comfortable climate and pristine beaches, making it a popular destination for both vacation and permanent residence.

With these indicators, Larnaca is becoming not only a profitable but also a promising direction for real estate investments. Its steady growth and development make this city an ideal location for purchasing property.

Don’t miss the opportunity to invest in real estate that guarantees not only comfort and value but also the prospect of further appreciation and income generation!

Contact us for all necessary consultations and legal support in realizing your investment plans in Cyprus!