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14 June, 2024
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Sales surge by 14.2% despite 2022 comparison

September sales buck economic challenges

Andreas Andreou

Andreas Andreou

In September, traditionally considered the start of the year for many, several significant trends are emerging. September marks the resurgence of interest in real estate. People are looking to rent, buy, develop, or sell properties, reflecting the importance of real estate in our daily lives.

In September 2023, there were 1,589 property sales, showing a 14.2% increase compared to August 2023. However, when compared to September 2022, sales are down by 4.4%, with 1,663 sales last year. The number of sales documents submitted in September increased by 15% compared to the same month last year, reaching a total of 1,336 documents.

For the first nine months of 2023, sales documents are up by 20% compared to the previous year. September recorded a total transaction value of around €348.5 million, ranking fourth for the year. However, this value is €89.5 million lower than September 2022, representing a 20.4% decrease.

Now, let's examine how these trends vary among provinces:

Nicosia experienced 473 sales with a total transaction volume of €101.5 million. This month marked a significant improvement compared to September last year, both in terms of transactions and transaction value. The city is showing signs of a potential market recovery.

Limassol recorded 427 sales with a transaction volume of €115.3 million. Although it remains a strong market player, it has started to show signs of fatigue, and its performance in the coming months will be closely watched.

Larnaca saw 353 sales with a total transaction volume of €64.5 million, maintaining steady growth dynamics in its investment market.

Paphos reported 232 sales with a transaction volume of €54.2 million. While this September's figures are lower than last year's, the province still maintains a positive overall outlook.

Famagusta recorded 104 sales with a transaction volume of €13.1 million, experiencing a decline in interest compared to the previous months.

These trends unfold in the context of challenging economic conditions, including inflation, making it intriguing to observe how the buying public will navigate these challenges in the upcoming period.

[This article was translated from its Greek original]

Cyprus  |  economy  |  sales  |  estates  |  housing  |  money

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