Transfers show real estate market resilience

The resilience of the real estate market is indicated by the transfer figures recorded for the January-September period throughout Cyprus, with market players hoping for a further improvement in the situation.

In total, 14,074 transfers worth €3.1bn were recorded for the January-September 2024 period in Cyprus, with property sector insiders noting that the difficulties and prospects of the property market are reflected in the nine-month performance.

According to the data of the Department of Cadastre and Land Surveying, which is processed and presented in its quarterly "Newsletter for the Real Estate Market" by the Council of Registration of Real Estate Agents, in the period January - September 2024, 14,074 transfers with a value of €3.1 billion were completed and 11,634 were filed sales documents.

On a quarterly basis, the third quarter of the year recorded a decrease of 2.7% in the volume and 5.5% in the value of transfers compared to the second quarter of 2024.

Specifically, in the third quarter of 2024, 4,700 transfers with a value of €1.05 were carried out billion Sales documents in the third quarter of the year (4,081) showed an increase of 3.1% compared to the second quarter (3956).

In the nine months of 2024, compared to the corresponding time period of 2023, there is a 6.3% increase in the volume of transfers and a 1.2% increase in the value of transactions.

A marginal increase of 1% is also recorded in the volume of sales documents filed in the first half of 2024 (11,634) compared to the corresponding period of 2023 (11,519).

The image by province

According to the council, a total of 3,925 transfers with a total value of €693.2 million were recorded in Nicosia province and 3,736 transfers worth €1.06 billion were completed in Limassol province.

In the province of Paphos there were 2,836 transfers worth €746.6 million, in the province of Larnaca 2,685 transfers worth €455.5 million and in the province of Famagusta 892 transfers with a total value of €164.7 million.

In terms of sales documents, Limassol gathers the largest volume (3,691) in the first nine months of 2024, followed by the province of Nicosia (2,593).

Very close, according to the data, are Larnaca (2,497) and Paphos (2,282) with the free province of Famagusta (571).

Compared to the corresponding period of 2023, in the nine months of 2024, Nicosia records the largest annual increase (20%), followed by Larnaca (6%) and the free province of Famagusta (1%). On the other hand, significant decreases are recorded in Paphos (-12%) and Limassol (-4%).

Commenting on the data, the president of the Council of Registration of Real Estate Agents, Marinos Kynaigirou, indicated that the real estate market maintains its resilience and expressed the hope that the reduction in interest rates will gradually start to give impetus to transactions by locals.

According to Mr. Kynaigirou, in the third quarter of the year compared to the second, the market experienced losses in the volume and value of transfers on the one hand, but on the other hand sales documents moved upwards.

"This fact maintains our expectations for an improvement in conditions in the future," he indicated.

In particular, he added that the rise primarily of Nicosia and then Larnaca covers a large area of ​​the losses of Paphos and Limassol, while a very important fact is that Limassol and Paphos reduced their losses during the third quarter, while the free province of Famagusta from -11% of sales documents in the six months ended with a 1% increase in the nine months.

On an annual basis the picture is clearly better in the nine months of 2024 compared to the nine months of last year, he said.

It is recalled that the Board of Registration of Real Estate Agents has ensured access to comparative real estate sales of the Department of Cadastre and Land Surveying to all licensed real estate agents as part of its ongoing effort to increase transparency and information for both professionals and the public.

The Council presents the data of the sector as it emerges from the data, on a quarterly basis, so that there is a continuous update of the interested parties on the course of the Real Estate Market in Cyprus.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy