The Real Estate Agents Registration Council: Marginal increase in 2024 real estate market

The Cyprus real estate market in 2024 remained similar to the previous year's figures in 2024 as a result of the accumulated challenges that the sector had to face, the Real Estate Agents Registration Council reports.

According to the Council, the declining purchasing power of citizens, high lending interest rates, the increased cost of construction materials as a result of geopolitical instability and military conflicts in the wider region and the maintenance of prices at high levels have all impacted the market.

As shown by Land Registry data, which is processed and presented on a quarterly basis by the Real Estate Agents Registration Council, the real estate market continued to fuel the growth of the Cypriot economy in 2024.

More specifically, during 2024, a total of 19,155 property transfers were carried out nationwide with a total value of €4.3 billion and 15,797 sales documents were filed. In 2024, compared to 2023, an increase of 1.5% was recorded in sales documents and 1.8% in transfers. However, the value of transfers recorded a decrease of 2.3% compared to the previous year.

The President of the Real Estate Agents Registration Council, Marinos Kineyirou, stated that, "2024 was another difficult year for the real estate market and the sector in general and this is something that is clearly visible in the marginal increases recorded in both sales documents and transfers. It is important that despite the difficulties and the worrying decline in the first half of the year, the year finally closes with even these small increases, which are due to the performance primarily of Nicosia and secondarily of Paphos in transfers and Larnaca in sales documents. We expect difficulties in 2025 as well, however we believe that if banks reduce lending rates, which affect the purchasing power of locals, we will have better results to the benefit of the entire Cypriot economy."

Limassol remains a market barometer

Limassol district, confirming for another year its importance for the Cypriot real estate market, proved to be a barometer of the wider market despite its fluctuations and the losses it recorded. In 2024, it counted the most sales documents (5,032), while although fell behind Nicosia in the number of transfers (5,054), in terms of values ​​it surpassed the capital it as these totaled €1.5 billion.

Comparison 2024 – 2023

Sales Documents: -1.2%

Transfers

- Volume: -5.8%

- Value: -6.3%

Nicosia enjoys long-term stability

The market in the Nicosia district is characterised by long-term stability, which in 2024 was combined with significant increases compared to 2023. It recorded the most property transfers (5,395) although it fell to third place among the districts, behind Limassol and Paphos, in terms of value, as these amounted to €950 million. In the analysis of sales documents, the Nicosia district follows Limassol in volume of transactions (3,527), recording an increase compared to the previous year.

Comparison 2024 – 2023

Sales Documents: 13.6%

Transfers

- Volume: 5.2%

- Value: 1.4%

Dynamic Paphos limits losses

The Paphos district, like Limassol, had its ups and downs in 2024, but managed to limit its losses. Despite the decrease in the volume of sales documents compared to 2023, it recorded significant performance in property transfers. Specifically, an increase was recorded in both the volume of transfers (3,727) and their value, which reached €983 million.

Comparison 2024 – 2023

Sales Documents: -7.9%

Transfers

- Volume: 12%

- Value: 21.7%

Larnaca experiences gains and losses

In 2024, the market in Larnaca district moved upwards in terms of the volume of sales documents, which reached 3,356 transactions. The city of Larnaca and the Larnaca district in general had 3,775 transfers worth €637 million, recording significant losses compared to the previous year.

Comparison 2024 – 2023

Sales Documents: 5.4%

Transfers

- Volume : -1.7%

- Value: -13%

Losses in the Famagusta market

The smaller market in the district of free Famagusta recorded losses compared to last year in sales documents, which were limited to 775, and in the value of transfers, which fell significantly to €214 million despite an increase in their volume (1,204).

Comparison 2024 – 2023

Sales Documents: -4.5%

Transfers

- Volume: 3.8%

- Value: -19%