The value of properties sold during the second quarter of 2023 has reached €1.52 billion, indicating the impact of rising interest rates, inflation, and construction material costs on the market. According to data from the Real Estate Agents Registration Council, €1.7 billion worth of properties were sold in the previous two quarters.

Marinos Kynaeirou, President of the Real Estate Agents Registration Council, acknowledges the resilience of the real estate market but emphasizes the increasing challenges that should not be underestimated. "The real estate sector significantly contributes to the Cypriot economy, and it is crucial for the government to find ways to support and maintain its momentum," he stated.

The Council's data reveals that during the second quarter, a total of 5,974 transactions took place, amounting to €1.52 billion in property sales. However, there is a decrease in both the value and volume of transactions compared to the first quarter. On an annual basis, the volume of transactions in the second quarter of 2023 remains similar to the corresponding period in 2022. However, the value of properties sold has significantly increased compared to last year, amounting to €1.2 billion.

Notably, Nicosia and Famagusta are the only provinces experiencing an increase in property values during the second quarter, compared to the first quarter. In Nicosia, despite a decrease in the volume of sales transactions (1,549), the value of properties sold reached €299.8 million. Similarly, in Famagusta, an increase in value (€59.7 million) is accompanied by a rise in the volume of sales transactions (303).

Conversely, the province of Limassol witnessed a substantial decrease. The value of properties sold in Limassol dropped by €200 million compared to the first quarter, reflecting a significant decline in sales volume. In the provinces of Paphos and Larnaca, there was a decline in the property market during the second quarter. Paphos experienced a more significant decrease in both value and volume of sales compared to the previous quarter. In Larnaca, while the volume of transactions increased, the value of properties sold was slightly lower.