Cyprus real estate market holds steady at €5.5bn in 2023

The Cypriot real estate market demonstrated remarkable resilience and flexibility during 2023 and the total value of transactions reached €5.5bn, which appears to be at the same levels as in 2022, a press release by PwC Cyprus says.

PwC presented on Thursday its annual report for the Cypriot real estate market and in a press release it says that notably, transactions in the district of Larnaca recorded a 22% increase in transaction value terms with the district of Pafos recording a 4% YoY increase.

During 2023, it adds, the transaction value of the residential property sector reached approximately €3.9 billion, representing a 1% decrease compared to 2022.

A total of 6,900 properties across Cyprus were acquired by foreign buyers during 2023, recording an annual increase of 16% (2022: 5,928).

The high-end residential property segment recorded a notable drop in 2023, with the analysis of transaction data of single residential properties with a price of ≥€1.5mln, indicating a decrease of 26% compared to 2022.

The data suggests that during 2023, a total of 164 transactions were recorded in this segment, with the total value reaching €440mln. The contribution of this segment to the total value of transactions stood at merely 8%, it concludes.