The Cypriot real estate sector maintained its role as a key contributor to the economy in 2024, achieving figures close to those of 2023 despite significant challenges, according to the Real Estate Agents Registration Council.
A total of 19,155 property transfers, valued at €4.3 billion, were completed nationwide, alongside 15,797 filed sales documents. Year-on-year, sales documents increased by 1.5%, and transfers rose by 1.8%, though the total value of transfers fell by 2.3%.
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The sector faced hurdles including reduced purchasing power, high lending rates, soaring construction material costs due to geopolitical instability, and persistently high property prices, the council noted.
Regional Performance
- Limassol led in sales documents (5,032), though it ranked second in property transfers (5,054). The city recorded the highest transfer value at €1.5 billion, despite declines of 1.2% in sales documents, 5.8% in transfer volume, and 6.3% in transfer value compared to 2023.
- Nicosia, defined by its long-term market stability, had the highest number of property transfers (5,395) but ranked third in value at €950 million. Sales grew by 13.6%, with transfer volumes and values increasing by 5.8% and 1.4%, respectively.
- Paphos showed a mixed picture: sales dropped by 7.9%, but transfer volumes rose by 12% and values surged by 21.7%, reaching €983 million.
- Larnaka saw 3,775 transfers worth €637 million, with sales increasing by 5.4%. However, transfer volumes dipped by 1.7%, and values fell by 13%.
- Famagusta faced notable declines in sales documents (down 4.5%) and transfer values (down 19%), which totaled €214 million. However, transfer volumes rose by 3.8%, reaching 1,204.
Despite these regional fluctuations, the sector’s resilience underscores its importance to Cyprus’s economic stability amid challenging market conditions.
