€1 billion worth of property sales documents submitted in Q3

The value of sales documents filed countrywide reached €1 billion in the third quarter of this year, with the property market maintaining its momentum despite the challenges it faces.

According to the comparative real estate sales data of the Department of Land and Surveys, which is processed and presented by the Real Estate Agents Registration Council in its quarterly newsletter, a total of 2,983 sales documents were filed countrywide in the period July – September.

According to the Council's data, 2,910 transfers worth €438.2 million were completed in the third quarter of the year, with Limassol having the largest share in terms of value with €130.5 million, while Nicosia retains the largest number of transfers.

In particular, a total of 944 transfers were recorded in Nicosia district, with a total value of €126.1 million. The largest volume of transactions concerned land (382), apartments (218) and plots (213). In Limassol district, total sales reached 801 and the value amounted to €130.5 million, outperforming all other districts. Particular interest was recorded for land (440).

In Paphos district, sales in the third quarter amounted to 315 and their total value to €48.2 million. The large majority of transfers were for land (125). In Larnaca, sales amounted to 677 and their total value to €101 million, most of which being for land (290). Finally, in Famagusta district, 173 transactions of a total value of €32.4 million took place, with strong interest for land (81) and apartments (51).

The chairman of the Real Estate Agents Registration Council, Marinos Kineyirou, commented that the sector continues to show resilience in all cities and districts.

"Despite the now evident effect of inflation on the purchasing power of citizens combined with high mortgage rates, we observe that the real estate market is holding up. We expect in the coming months to see the impact of the war in Israel," he concluded.

(Source: CNA)