The Council of Real Estate Registration highlights the Larnaca province as a rising star in the Cypriot real estate market for the first half of 2023. According to the Council's data analysis based on Land Registry records, Larnaca has shown impressive performance across the four primary categories of real estate—houses, apartments, land, and agricultural fields. Notably, Larnaca has even surpassed the well-known Paphos province and is closely trailing behind Nicosia.

A significant indication of Larnaca's thriving real estate market is its dominant position in apartment sales nationwide. Out of all apartments sold across Cyprus in the first six months of 2023, Larnaca accounted for a staggering 28.7%. That translates to 627 apartment sales, revealing a robust demand for living spaces in this province.

Taking a broader look at the real estate market across all of free Cyprus, the first half of 2023 witnessed a total of 11,564 transactions. These transactions were not limited to apartments and houses but also included land and agricultural fields.

Land sales led the way, constituting 42.2% of all transactions, followed by residential plots at 23.5%. Apartments and houses trailed behind, making up 18.9% and 15.3% of the market respectively.

Limassol takes the lead in property sales, accounting for 32.3% of transactions. Nicosia comes in second with a 25.7% share, followed closely by Larnaca at 20.9%. Paphos ranks fourth with 16.8%, and Famagusta rounds out the list with 4.1%. Importantly, these figures represent the number of transactions rather than the overall property value in each region.

In other economic news, Cyprus’ Statistical Service announced a 1.1% year-on-year increase in industrial production for June 2023. The Industrial Production Index reached 143.1 points (based on a 2015 baseline), indicating steady growth. Furthermore, from January to June 2023, the index recorded a modest increase of 0.3% compared to the same period last year.

The manufacturing sector has shown promising growth with a 3.2% uptick compared to the same period last year, specifically June 2022. Similarly, both the water supply and material recovery sectors have recorded a significant growth rate of 21.5%. The mining and quarrying sectors are also on the rise, exhibiting a 7.8% increase. However, it's not all good news; the electricity supply sector has seen a decline, experiencing an 11.4% decrease.