The real estate market in Cyprus presented mixed results in the third quarter of 2024, with total activity for the period of January to September 2024 recording 14,074 property transfers valued at €3.1 billion and 11,634 sale contracts submitted.

According to the Council for the Registration of Real Estate Agents, which processes data from the Department of Lands and Surveys, the performance of the first nine months reflects both the challenges and the prospects of the real estate market.

On a quarterly basis, the third quarter of the year saw a -2.7% decrease in the volume and a -5.5% drop in the value of property transfers compared to the second quarter of 2024. Specifically, Q3 2024 saw 4,700 transfers worth €1.05 billion. In contrast, sale contracts in Q3 (4,081) showed a 3.1% increase compared to Q2 (3,956).

In the first nine months of 2024, compared to the same period in 2023, there was a 6.3% rise in the volume of transfers and a 1.2% increase in the value of transactions. A marginal 1% increase was also recorded in the number of sale contracts submitted in the first nine months of 2024 (11,634) compared to the same period in 2023 (11,519).

In Nicosia, there were a total of 3,925 transfers with a combined value of €693.2 million. Limassol completed 3,736 transfers worth €1.06 billion, Paphos saw 2,836 transfers worth €746.6 million, Larnaca had 2,685 transfers valued at €455.5 million, and Famagusta recorded 892 transfers with a total value of €164.7 million.

In terms of sale contracts, Limassol led with the highest volume (3,691) in the first nine months of 2024, followed by Nicosia (2,593). Larnaca (2,497) and Paphos (2,282) were close behind, while the free area of Famagusta (571) rounded out the statistics for this period.

Compared to the same period in 2023, Nicosia saw the highest annual growth (20%), followed by Larnaca (6%) and the free area of Famagusta (1%). On the other hand, significant declines were recorded in Paphos (-12%) and Limassol (-4%).

The president of the Council for the Registration of Real Estate Agents, Marinos Kinaigeirou, commented that "the real estate market remains resilient, and we hope that a reduction in interest rates will gradually boost transactions from local buyers."

He added, "In Q3 compared to Q2, we see that the market experienced losses in the volume and value of transfers, but on the other hand, sale contracts increased. This supports our expectations for improved conditions in the future."

Kinaigeirou explained that the rise in Nicosia, followed by Larnaca, has covered a significant portion of the losses from Paphos and Limassol.

"It is particularly important that Limassol and Paphos limited their losses during Q3, while the free area of Famagusta, which was down -11% in sale contracts in the first half of the year, closed Q3 with a 1% increase. On an annual basis, the overall picture is clearly better for the first nine months of 2024 compared to the same period last year."

It is worth noting that the Council for the Registration of Real Estate Agents has secured access to comparative sales data from the Department of Lands and Surveys for all licensed real estate agents. This is part of the Council's ongoing effort to increase transparency and provide information to both professionals and the public. The Council presents quarterly data to keep all interested parties updated on the performance of the real estate market in Cyprus.