Record-breaking Real Estate Transactions in Cyprus in 2023: Statistics and Analysis

In 2023, Cyprus experienced a huge demand for real estate, leading to record-breaking sales figures.

According to the annual report by the international consulting corporation Deloitte, there were 25,400 property transactions totaling 5.6 billion euros in 2023.

• Residential Real Estate

The primary driver of growth in 2023 was the residential real estate sector. Out of the total volume of transactions in the real estate sector, residential property transactions accounted for 13,200 sales totaling 3.4 billion euros, representing 61% of the total sector volume. The average value of these transactions in 2023 was estimated at 259 thousand euros, slightly exceeding the previous year’s figure of 257 thousand euros. The increase in the average transaction value also indicates strengthening house prices, which could be attractive for investors in the future.

• Land Plots

Land plots ranked second in popularity among investors in Cyprus in 2023. Transactions involving land plots constituted a significant portion of the overall real estate market volume, indicating their importance to investors. In this segment, there were 11.2 thousand transactions totaling 1.9 billion euros, accounting for 34% of all sales. This reflects a high interest in purchasing land plots as capital investments or for development purposes. The average transaction value for land plots was estimated at 168 thousand euros.

• Commercial Real Estate

Following residential and land transactions, commercial real estate demonstrated the lowest transaction volume and share of the overall market volume, with the average transaction price remaining stable. The total value of transactions in this category was 121 million euros, constituting 2% of the total sector volume. In 2023, the average price of a commercial real estate transaction in Cyprus was 238 thousand euros.

Limassol and Larnaca: High Real Estate Market Performance in 2023

Analyzing city-wise statistics, Limassol maintained its leadership in the real estate market in 2023, accounting for 41% of total sales in Cyprus.

It’s also worth noting the impressive growth in sales value in Larnaca in 2023. Larnaca has shown consistent growth for the third consecutive year, nearly doubling in both value and transaction volume since 2020. The significant increase in the volume of real estate sales in Larnaca in 2023 exceeded the 2022 figure by 28%. This growth in Larnaca indicates a consistently attractive investment climate in this region. Along with the increase in transaction volume, the average property value continues to rise, indicating high demand for housing in this city.

This positive trend reflects not only investors’ interest in Cyprus real estate overall but also many buyers’ desire to purchase property in various regions of the island.

Thus, the real estate market in Cyprus continues to remain attractive for investments, offering diverse opportunities for both residential and commercial purposes.

Real estate experts believe that Cyprus holds leading positions among European markets and has the most favorable prospects for the coming years.

The unique combination of high investment returns, stable growth, rapid infrastructure development, and economic stability further solidify Cyprus’s image as a reliable and promising destination for real estate investment.

Cyprus’s rapidly evolving real estate market offers a wide range of opportunities for investors seeking high returns and long-term stability.

Feel free to reach out to us for all the necessary consultations and legal assistance in realizing your investment plans in Cyprus! We are happy to arrange a meeting for you either at our office in Larnaca or online!