In 2023, real estate sales in Cyprus reached their highest point since 2008, when 14,667 sales documents were filed. This surge is highlighted in the statistical data from the Department of Lands and Surveys, as analyzed by Brief.

Excluding the years of the significant economic crisis (2011-2013) and the pandemic-dominated 2020, the last fifteen years have seen a continual upward trend in property sales. This reflects the market's strong potential.

According to the Department of Lands and Surveys, throughout 2023, 15,567 sales documents were filed nationwide, a 16.1% increase compared to the 13,409 documents in 2022. Limassol led the way, with Nicosia placing fourth.

For the past year, the Limassol district maintained its lead, followed by notable increases in Paphos and Larnaca, occupying the second and third spots, respectively, leaving Nicosia in fourth place.

Specifically, the Nicosia District Land Office recorded 3,105 sales documents in 2023, up 12% from 2,773 in 2022. The Limassol office filed 5,092, a 9% increase from 4,665 in 2022.

The Larnaca office saw a 33% increase, with 3,185 documents filed compared to 2,402 in 2022, while Paphos recorded 3,373, a 17% increase from 2,876.

In the Famagusta District Land Office, 812 sales documents were filed, up 17% from 693 in 2022.

Kyprianos Theoharides, President of the Cyprus Land & Property Owners Organization, stated to Brief that 2024 holds promising prospects for Cyprus's real estate market amidst positive developments and opportunities.

He explained that Cyprus has experienced steady recovery from the 2013 economic recession, with significant infrastructure projects boosting investor confidence. "The real estate market in Cyprus is ready for growth, attracting both local and international investors," he emphasized.

A key factor contributing to this positive outlook, he added, is the ongoing interest in tourism. "Cyprus continues to be a sought-after destination, generating demand for holiday homes and rental properties. The resilience and adaptability of the tourism sector enhance the attractiveness of the Cypriot real estate market, as investors recognize the potential for profitable outcomes," he pointed out.

Addressing market challenges, Mr. Theoharides mentioned that bureaucracy in banks and government, slow judicial processes, and geopolitical risks require careful examination and action for improvement.