Real estate transfers €1.4 billion in the nine months

The Cypriot real estate market recorded significant performances in the period January - September 2023, according to the Real Estate Registration Council, as 8,681 real estate transfers with a total value of €1.4 billion and 9,374 sales documents with a total value of €3.3 billion were recorded throughout Cyprus.

According to the comparative sales data of the cadastral and land surveying department, processed by the Real Estate Registration Board, Limassol district confirms its reputation as the leader of the Cypriot real estate market, as it counts the most sales documents (3,435) and is just behind Nicosia in number of transfers (2,334).

In terms of values, Limassol is the strongest province of the free Cyprus having in the nine months of the year transfers amounting to €462 million and sales documents of €1.85 billion.

According to the Council of Registration of Real Estate Agents, the province of Nicosia records the most property transfers in the nine months (2,937) and follows Limassol in terms of values, which amount to €409 million.

He reports, however, that the picture changes drastically in the analysis of the sales documents of the nine months as the province of Nicosia recedes both in volume of transactions (1,673) and in values ​​(€382 million) to fourth place among the five provinces of free Cyprus, behind Limassol, Paphos and Larnaca.

He adds that the district of Paphos has maintained its momentum in the real estate market over the last year or so with 1,063 transfers in the nine months of 2023, worth €165.3 million and 2,027 sales documents worth €632 million.

He states that in terms of transfer values, Paphos district is ranked fourth, but in values ​​of sales documents, it is second after Limassol, well ahead of Larnaca and Nicosia.

In relation to the province of Larnaca, the Real Estate Registration Council reports that it has recorded significant performance in the real estate market in recent months as it has 1,850 transfers worth €266 million and 1,892 sales documents worth €383 million in the first nine months, establishing itself in third place the period in question.

It also states that the free province of Famagusta, despite its small size, shows stability in the period January - September 2023 as a total of 497 transfers worth €93 million and 347 sales documents worth €82 million were recorded.

According to the announcement, the president of the Council of Registration of Real Estate Agents, Marinos Kynaigirou, said that "it is with great satisfaction that we observe the Cypriot real estate market achieving remarkable performances against the prevailing negative environment".

He added that "external demand combined with the maintenance of domestic demand at good levels, create expectations for another positive year in the real estate sector."

Source: stockwatch.com.cy

Photo: stockwatch.com.cy