Andreas Andreou
Nicosia, the capital city, has broken free from a six-month period of stagnation, exhibiting promising signs of recovery. With 1,740 property sales in May 2023, the city has made substantial progress, reclaiming lost ground. This development sparks curiosity about future prospects for Nicosia's real estate market.
Comparing May 2023 to April 2023, property sales have surged by 511 transactions. However, when compared to May 2022, the increase remains modest at only 1%, with 1,722 sales recorded during the same period last year.
In terms of sales documents filed, May 2023 has witnessed a remarkable 34% rise nationwide compared to May 2022. A total of 1,526 sales documents were submitted, in contrast to 1,143 in the corresponding month last year. Furthermore, the cumulative data for the first five months of 2023 demonstrates a 24% increase in sales documents compared to the same period in 2022.
Nicosia, experiencing a remarkable recovery, witnessed 478 property sales with a transaction volume exceeding €94.5 million.
The total transaction value for May 2023 reached approximately €425.2 million, marking the highest figure recorded this year. This also represents a 22.2% increase compared to May 2022, when the total transaction value amounted to around €348 million.
Nicosia, experiencing a remarkable recovery, witnessed 478 property sales with a transaction volume exceeding €94.5 million. This accounts for a 27.5% share of the market in terms of sales volume and a 22.2% share in transaction value. Nicosia's performance in May surpassed all previous months, indicating a promising revitalization of the local market. Additionally, 314 sales documents were recorded, marking a 43% increase compared to May 2022. Nicosia's overall five-month performance aligns with that of 2022, bringing optimism for future developments.
Limassol, continuing its lead in real estate investment, recorded 511 sales amounting to over €158.3 million. This constitutes a 29.4% share of the May market in terms of sales volume and an impressive 37.2% share in transaction value. In May 2022, Limassol recorded 442 transactions valued at approximately €127.3 million. The city also registered 555 sales documents, reflecting a 35% growth compared to the same period last year. Overall, Limassol's five-month performance exhibited a 27% increase in sales documents, solidifying its position as a frontrunner.
Larnaca, on an upward trajectory, reported 320 sales with a total transaction volume exceeding €74.9 million. This represents an 18.4% share of the May market in terms of sales volume and a 17.6% share in transaction value. In May 2022, Larnaca recorded 319 transactions valued at around €57.4 million. Additionally, 295 sales documents were documented, indicating a substantial 30% rise compared to May 2022. Larnaca's overall five-month performance displayed a remarkable 33% increase in sales documents, further consolidating its positive momentum.
Paphos, showcasing a positive outlook, recorded 340 sales, amounting to over €81.2 million in transaction volume. This accounts for a 19.5% share of the May market in terms of sales volume and a 19.1% share in transaction value. In May 2022, Paphos witnessed 320 transactions valued at approximately €62.8 million. Furthermore, 301 sales documents were filed, reflecting a notable 24% increase compared to May 2022. Paphos's five-month performance exhibited a significant 35% rise in sales documents, indicating a thriving real estate market in the city and the surrounding district.
Famagusta, while relatively stable, recorded 91 sales with a total transaction volume of around €16.3 million. This accounts for a 5.2% share of the overall May market in terms of sales volume and a 3.8% share in transaction value. In May 2022, Famagusta witnessed 106 transactions with a total value of approximately €16.5 million. Additionally, 61 sales documents were registered, marking a notable 39% increase compared to May 2022. Famagusta's five-month performance demonstrated a 25% rise in sales documents compared to the previous year. Overall, the Famagusta market maintained a relatively stable position compared to last year.
[This article was translated from its Greek original]
