In 2023, the real estate market in Cyprus achieved significant performance, continuing to fuel the country's economy. Property transfers implemented during the year reached a value of €1.9 billion, while the value of sales documents exceeded €4 billion.

Based on data from the Department of Lands and Surveys, processed and presented quarterly by the Real Estate Agents Registration Council, Cyprus witnessed 12,215 property transfers totaling €1.9 billion and 12,281 sales documents valued at €4.2 billion throughout the year.

Marinos Kineyirou, President of the Council, remarked, "Despite significant challenges affecting demand from both local and foreign buyers, the Cypriot real estate market has shown resilience and continued development. The sector's contribution to the Cyprus economy is extremely significant. The responsibility lies with the property owners to rationalize their prices and the state to ensure its sustainability through policies."

The Limassol district plays a crucial role in the country's real estate market, recording the highest number of sales documents (4,407) valued over €2.2 billion. While Limassol trails behind Nicosia in the number of property transfers (3,250), it surpasses in value, totaling €611 million.

In 2023, the Nicosia district recorded the highest number of property transfers (4,076), closely following Limassol in terms of value at €559.4 million. In analyzing sales documents, Nicosia ranks fourth in the volume of transactions (2,366) and third in value (€522.2 million) among the free districts of Cyprus, behind Limassol and Paphos.

The Paphos district maintained its dynamic presence in the property market during 2023, accounting for 1,542 property transfers valued at €243.3 million and 2,524 sales documents worth €790.9 million. These figures place Paphos fourth in both volume and value of transfers. However, in terms of sales documents, Paphos ranks second after Limassol in both value and transaction volume.

In 2023, the Larnaca district further marked its presence in the property market. The city of Zenon and the broader Larnaca district recorded 2,584 property transfers valued at €366.4 million and 2,467 sales documents worth €507 million.

The smallest in size in the Cypriot market, the free district of Famagusta, showed satisfactory activity in 2023, reflected in 763 property transfers valued at €132.2 million and 517 sales documents worth €115.5 million.