Larnaca shines in apartment sales

The Cyprus Real Estate Registration Council has just released an in-depth analysis of property sales trends for the first half of 2023 across Cyprus. This insightful data, drawn from the Department of Lands and Surveys and reported by the Cyprus Mail, provides a window into the growing Cypriot real estate market.

The report divides property sales into four key categories: land transactions, land plots, apartments, and houses, encompassing a total of 11,564 property deals spanning the entire island during the first half of this year.

Larnaca's standout performance

As per the Council's data, which draws from the Land Registry, Larnaca has emerged as a standout performer in the initial six months of the year, showcasing remarkable results for houses, apartments, plots, and fields. It has even outshone the Paphos district and is closely tailing Nicosia.

One striking feature that sets the Larnaca market apart is its dominant position in apartment sales.

Of particular interest is the fact that out of all the apartments sold, a staggering 627 were located in Larnaca, accounting for 28.7% of the total apartment sales.

Property sales breakdown

Land transactions lead the pack, making up 42.2% of all sales, followed closely by land plots at 23.5%. Apartments come in at 18.9%, and houses account for 15.3%.

Where the action is

When we look at where all these sales are happening, Limassol comes out on top with 32.3% of the total. Nicosia is next with 25.7%, Larnaca takes the third spot with 20.9%, and Paphos and Famagusta chip in 16.8% and 4.1%, respectively. These numbers tell us how many properties were sold, not how much they were worth.

Marinos Kineyirou, the president of the Cyprus Real Estate Registration Council, says using stats helps us understand the market better. They've been using this info for the last year and a half, and it's been helpful for real estate agents and citizens alike.

Limassol’s big role

Limassol has been super important for the property market lately, thanks to its size and lots of foreign companies setting up shop there. Even though it's known for big developments, Limassol is still selling a lot of land. They've had 924 land sales in the first half of this year, which is a big 34% of all land sales in Cyprus.

Paphos is the house-selling hotspot

Paphos has been selling a lot of houses lately, and the numbers from the first half of 2023 back this up. About one in every four house deals in Cyprus happened in Paphos.

All in all, Limassol remains the start, particularly with land sales. Yet, Larnaca takes the spotlight, excelling in apartment transactions. And Paphos is the go-to place when it comes to house sales.