{"id":49434,"date":"2025-02-03T07:31:23","date_gmt":"2025-02-03T00:31:23","guid":{"rendered":"https:\/\/porticoandbridge.com\/?p=49434"},"modified":"2025-02-03T07:31:23","modified_gmt":"2025-02-03T00:31:23","slug":"cyprus-real-estate-market-2024-sustaining-growth-despite-challenges","status":"publish","type":"post","link":"https:\/\/porticoandbridge.com\/en\/cyprus-real-estate-market-2024-sustaining-growth-despite-challenges\/","title":{"rendered":"Cyprus Real Estate Market 2024: Sustaining Growth Despite Challenges"},"content":{"rendered":"<p>Despite ongoing economic challenges, Cyprus&#8217; real estate market continues to maintain its stability in 2024, with key indicators remaining largely in line with the previous year. According to the Council for the Registration of Real Estate Agents, the sector remains a vital driver of the country\u2019s economic growth.<\/p>\n<p>A total of 19,155 property transfer transactions were recorded nationwide, with a combined value of \u20ac4.3 billion. Meanwhile, 15,797 sales contracts were submitted, reflecting a 1.5% increase compared to 2023, while property transfers rose by 1.8%. However, the total transaction value declined slightly by 2.3%.<\/p>\n<h2><strong>Factors Influencing the Market<\/strong><\/h2>\n<p>Several key factors have influenced the real estate market\u2019s performance:<\/p>\n<ul>\n<li><strong>High interest rates<\/strong>, affecting buyers\u2019 access to financing.<\/li>\n<li><strong>Rising construction costs<\/strong> due to geopolitical instability, limiting new supply.<\/li>\n<li><strong>Weakened purchasing power<\/strong>, impacting overall demand.<\/li>\n<\/ul>\n<p>Despite these challenges, property prices have remained high, reinforcing the market\u2019s resilience in uncertain conditions.<\/p>\n<h2><strong>Regional Performance<\/strong><\/h2>\n<h3><strong>Limassol \u2013 The Market\u2019s Powerhouse<\/strong><\/h3>\n<p>Limassol continues to dominate the market with 5,032 submitted sales contracts, the highest in Cyprus. However, the city ranks second in total property transfers (5,054). It leads in total transaction value, reaching \u20ac1.5 billion. Compared to last year, sales contracts declined by 1.2%, while property transfers fell by 5.8% in volume and 6.3% in value.<\/p>\n<h3><strong>Nicosia \u2013 A Stable and Strong Market<\/strong><\/h3>\n<p>The capital, Nicosia, recorded the highest number of property transfers, with 5,395 transactions, showcasing the area\u2019s long-term stability. The total number of sales contracts increased significantly by 13.6%, while transfers grew 5.8% in volume and 1.4% in value, reaching \u20ac950 million.<\/p>\n<h3><strong>Paphos \u2013 Strong Growth Potential<\/strong><\/h3>\n<p>Although <strong>sales contracts in Paphos declined by 7.9%<\/strong>, the number of <strong>property transfers rose by 12%<\/strong>, while their total value surged <strong>21.7%<\/strong>, reaching <strong>\u20ac983 million<\/strong>. This indicates that Paphos remains an attractive and growing real estate destination.<\/p>\n<h3><strong>Larnaca \u2013 Mixed Performance<\/strong><\/h3>\n<p>Larnaca recorded <strong>3,775 property transfers<\/strong> with a <strong>total transaction value of \u20ac637 million<\/strong>. While <strong>transfers declined by 1.7% in volume<\/strong> and <strong>13% in value<\/strong>, the number of <strong>sales contracts increased by 5.4%<\/strong>, reflecting sustained interest from investors.<\/p>\n<h3><strong>Famagusta \u2013 Stable Transactions but Declining Value<\/strong><\/h3>\n<p>Famagusta reported <strong>775 sales contracts<\/strong>, a <strong>4.5% decline<\/strong> compared to 2023. Although <strong>property transfers increased by 3.8%<\/strong>, the <strong>total transaction value dropped by 19%<\/strong>, amounting to <strong>\u20ac214 million<\/strong>. This suggests a decrease in high-value transactions within the region.<\/p>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p>Despite macroeconomic headwinds, Cyprus&#8217; real estate sector has demonstrated resilience and adaptability. While regional variations exist, <strong>real estate remains one of the key economic drivers of the country<\/strong>. With <strong>consistent investor interest<\/strong> and <strong>market adjustments aligned with economic conditions<\/strong>, Cyprus continues to be an attractive destination for international property investment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite ongoing economic challenges, Cyprus&#8217; real estate market continues to maintain its stability in 2024, with key indicators remaining largely in line with the previous year. According to the Council for the Registration of Real Estate Agents, the sector remains a vital driver of the country\u2019s economic growth. A total of 19,155 property transfer transactions &#8230; <a title=\"Cyprus Real Estate Market 2024: Sustaining Growth Despite Challenges\" class=\"read-more\" href=\"https:\/\/porticoandbridge.com\/en\/cyprus-real-estate-market-2024-sustaining-growth-despite-challenges\/\">Read more<span class=\"screen-reader-text\">Cyprus Real Estate Market 2024: Sustaining Growth Despite Challenges<\/span><\/a><\/p>\n","protected":false},"author":24,"featured_media":40118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[319],"tags":[],"class_list":["post-49434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eu-immigration"],"acf":[],"_links":{"self":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/49434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/comments?post=49434"}],"version-history":[{"count":1,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/49434\/revisions"}],"predecessor-version":[{"id":49436,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/49434\/revisions\/49436"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/media\/40118"}],"wp:attachment":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/media?parent=49434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/categories?post=49434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/tags?post=49434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}