Cyprus’ real estate market saw a slight uptick in the first half of 2024

According to the Cyprus Real Estate Agents Registration Council, the volume of property transactions increased by 8% compared to the same period in 2023. Although the value of these transactions only rose by 1% during the same period.

The second quarter of 2024 exhibited a more robust performance, with a 6.3% increase in transaction volume and a 14.6% surge in value compared to the first quarter.

Breakdown of Performance Nicosia experienced the most significant annual growth in sales at 24%, followed by Larnaca at 9%. Conversely, Paphos, Limassol, and Famagusta recorded declines of 16%, 10%, and 11%, respectively.

Marinos Kineyirou, Chairman of the Cyprus Real Estate Agents Registration Council, expressed cautious optimism about the market’s future. He stated, “The second quarter’s improved performance compared to the first instills a sense of cautious optimism.”

However, he also noted that “the first half of 2024 still underperformed compared to 2023, primarily due to the impact of rising prices and inflation on people’s disposable incomes.”

“The substantial increase in sales in Nicosia and Larnaca is crucial as it partially offsets the losses in Limassol and Paphos,” the expert added.