Cyprus Real Estate Market Sees Best Start Since 2008

The Cyprus property market has experienced an exceptional start to 2024, achieving its best performance for the first seven months of the year since 2008, according to data from the Land Registry Department. Despite ongoing interest rate hikes and economic uncertainties, property sales in Cyprus have continued to rise, demonstrating resilience and sustained investor interest.

The latest figures from the Land Registry reveal that 9,210 sales documents were submitted in the first seven months of 2024, a 1.8% increase from the 9,051 submitted during the same period last year. This growth marks the highest number of sales documents recorded since 2008 when sales reached 10,152. Compared to pre-pandemic levels in 2019, real estate sales have surged by an impressive 42.7%.

The most significant annual increases were recorded in Nicosia and Larnaca. Sales in Nicosia soared by 23.6%, with 2,072 sales documents compared to 1,676 last year. Larnaca followed with a 12.2% increase, rising from 1,777 to 1,994 sales documents. In contrast, Paphos, Limassol, and the free area of Famagusta experienced declines. However, compared to 2019, all cities except Famagusta show marked growth in sales.

“The growth in Cyprus’s real estate market in 2024 reflects strong investor confidence in our economy and the robust demand for properties, particularly in Nicosia and Larnaca,” said a spokesperson.