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12° Nicosia,
29 May, 2024
 
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Cyprus real estate market hits €132 million high

August 2023 sees record 20% surge in sales documents

Andreas Andreou

Andreas Andreou

August passed by as usual with most people on vacation, including the real estate market. Let's take a look at how the month fared for coastal cities, with no surprises for Nicosia, which was also in vacation mode. Notably, Larnaca had an outstanding performance, surpassing Nicosia for the first time.

Now, let's delve into the latest figures. In August 2023, there were a total of 1,391 property sales, which is 197 fewer than in July 2023, a 12.4% decrease. However, compared to August 2022, there was a 4.5% increase, with 1,331 sales recorded last year.

Regarding sales documents (future property transactions), the overall picture for Cyprus in July shows a 16% increase compared to August of the previous year. A total of 1,132 sales documents were submitted, compared to 972 in August the previous year. Over the first eight months of 2023, sales documents increased by 20% compared to the same period in the previous year.

The total transaction value for August this year was around €322 million, marking the lowest level of the year so far but still an 18.8% increase compared to August 2022 when the total transaction value was approximately €271 million.

Now, let's break down how this month's total returns are distributed among the provinces:

1. Nicosia recorded 337 sales with a total transaction volume of €54.8 million, making it the second worst month for Nicosia. In August last year, there were 385 transactions with a total value of around €63 million. Additionally, Nicosia registered 208 sales documents, which is 9% higher compared to August 2022. The performance in August suggests that Nicosians tend to spend more on leisure activities during this month rather than investing.

2. Limassol recorded 436 sales with a total transaction volume of €132 million, securing its lead in the real estate investment race across Cyprus. In August last year, there were 398 transactions with a total value of around €96 million. However, Limassol saw a 9% decrease in sales documents compared to August 2022. Nevertheless, the eight-month period for Limassol ended with an 18% increase in sales documents.

3. Larnaca recorded 314 sales with a total transaction volume of €56.9 million, surpassing Nicosia for the first time. In August last year, there were 261 transactions with a total value of around €46.2 million. Larnaca also registered 273 sales documents, which is a significant 67% increase compared to August 2022. Over the eight-month period, Larnaca saw a 36% increase in sales documents.

4. Paphos recorded 206 sales with a total transaction volume of €45.4 million, maintaining a positive trend. In August last year, there were 224 transactions with a total value of around €53.8 million. Additionally, Paphos recorded 252 sales documents, which is a 16% increase compared to August 2022. Overall, over the eight-month period, Paphos saw a 29% increase in sales documents.

5. Famagusta recorded 98 sales with a total transaction volume of €33.4 million, marking its second-best month of the year. In August last year, there were 63 transactions with a total value of around €11 million. Famagusta also registered 72 sales documents, a substantial 67% increase compared to August last year. Over the eight-month period, Famagusta experienced a 22% increase in sales documents compared to the previous year.

[This article was translated from its Greek original]

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Cyprus  |  Limassol  |  realestate  |  Larnaca  |  housing  |  prices  |  economy

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