7,000+ properties worth €1.94 billion mortgaged in first eight months of 2024

Property mortgages in Cyprus continued at a reduced rate in the first eight months of this year compared to 2023, in spite of high interest rates and increases in property prices.

According to data from the Lands and Surveys Department, during the January-August period a total of 7,212 properties worth €1.94 billion were mortgaged compared to 7,313 properties worth €1.98 billion euros in the corresponding period last year.

That is to say there was a decrease of 1.38% in the number of mortgaged properties, while the value of the properties decreased by 2.16%.

Mortgages per month

Based on the data, the highest number of mortgages was recorded in June and the lowest in January.

In more detail and by month, the following mortgages were taken out:

• In January, 768 real estate mortgages worth €146,547,089
• In February, 860 real estate mortgages with a value of €229,724,144
• In March there were 910 real estate mortgages worth €406,483,726
• In April, 922 real estate mortgages worth €229,622,355 were taken out
• In May, 885 real estate mortgages worth €221,071,538
• In June, 1,107 real estate mortgages were taken out with a value of €313,260,279
• In July, 959 real estate mortgages worth €211,445,209
• In August, 801 real estate mortgages worth €180,514,148 were taken out

By district

At the level of districts, according to the data, the largest number of mortgaged properties was in the Nicosia district and the smallest in the area of free ​​Famagusta.

In more detail, 2,775 real estate mortgages worth €544,370,045 were made in the district of Nicosia, while 1,935 real estate mortgages were taken out in the district of Limassol worth €615,197,139.

In the district of Larnaca, 1,148 real estate mortgages with a value of €252,295,113 were taken out and in the district of Paphos, 910 real estate mortgages with a value of €334,845,812 were taken out.

Finally, in the area of free ​​Famagusta there were 444 real estate mortgages worth €183,514,148.

(Source: InBusinessNews)