The real estate market in Cyprus bounces back in April

According to the most recent statistics released by the Department of Lands and Surveys, the real estate market in Cyprus had a positive rise in April, which represented a recovery from the previous month's decline in sales.

In this encouraging shift, Nicosia and Larnaca appeared as the most prominent cities, with Limassol likewise demonstrating a noteworthy growth and holding onto its lead by a considerable margin. Overall, the island recorded a total of 5,000 property sales.

In April 2024, property transactions reached 1,366, up from 1,192 in April 2023, indicating a significant 15 percent increase, according to the department's report.

Cumulatively, from January to April 2024, property sales across the country totaled 4,963, compared to 4,766 during the same period last year, marking a 4 percent year-on-year increase.

Even though sales somewhat decreased in the first quarter of 2024, Limassol kept dominating the real estate market. The city had 440 sales in April alone, up from 426 in April 2023, a 3% increase.

On the other hand, Nicosia and Larnaca grew significantly. The number of real estate transactions in Larnaca increased to 309 in April 2024 from 214 in April 2023, a remarkable 44% increase.

At the same time, Nicosia had a significant increase in sales, going from 216 in April 2023 to 308 in April 2024, a 43% increase.

Paphos, on the other hand, had a decrease in real estate transactions, which fell by 13% from 290 in April 2023 to 252 in April 2024. Sales fell by 11% from January to April of 2024 compared to the same period the previous year, continuing this declining trend.

There was a remarkable 24% rise in the number of property transactions in the free Famagusta area from 46 in April 2023 to 57 in April 2024. In the first quarter of this year, there was a 9 percent decrease in property sales in the free Famagusta area when compared to the same period in 2023, with a total of 221 transactions. This is in spite of the monthly rise.