Significant achievements have been recorded in the Cypriot real estate market during the period of January to September 2023, according to the Cyprus Council of Property Brokers. A total of 8,681 property transfers were recorded nationwide, amounting to a value of €1.4 billion, alongside 9,374 sale agreements totaling €3.3 billion.

Based on comparative sales data from the Department of Lands and Surveys, processed by the Cyprus Council of Property Brokers, the Limassol district confirms its status as the leader of the Cypriot real estate market. It accounted for the most sales agreements (3,435) and closely followed Nicosia in the number of property transfers (2,334).

In terms of value, Limassol emerges as the strongest district in free Cyprus, with property transfers in the first nine months of the year amounting to €462 million, and sales agreements totaling €1.85 billion.

According to the Council, the Nicosia district recorded the highest number of property transfers (2,937) during this period. It follows Limassol in terms of values, reaching €409 million.

However, the landscape shifts dramatically when analyzing the sales agreements for the same period. Nicosia falls behind in both the volume of transactions (1,673) and their value (€382 million), placing fourth among the five districts of free Cyprus, after Limassol, Paphos, and Larnaca.

The Council adds that the Paphos district maintains its momentum in the real estate market over the past year, with 1,063 transfers valued at €165.3 million, and 2,027 sales agreements worth €632 million.

In terms of transfer values, Paphos ranks fourth, but it stands second in the value of sales agreements, significantly ahead of Larnaca and Nicosia.

Regarding the Larnaca district, the Council notes significant market performance in recent months. In the nine-month period, it recorded 1,850 property transfers valued at €266 million, and 1,892 sales agreements totaling €383 million, establishing its third-place position for the period.

The Council also mentions that the Famagusta district, despite its smaller size, shows stability in the period from January to September 2023. It recorded a total of 497 transfers worth €93 million, and 347 sales agreements valued at €82 million.

In a statement, Marinos Kynegirou, President of the Council of Property Brokers, expressed great satisfaction with the Cypriot real estate market's notable performances, despite the prevailing negative environment.

He added that "the combination of external demand with the maintenance of domestic demand at good levels creates expectations for another positive year in the real estate sector."