Despite a slower pace compared to 2022, mortgage activity on real estate continued in 2023, amidst high-interest rates and rising property prices.

According to data analyzed by Brief from the Department of Land and Surveys, a total of 11,336 properties valued at €2.9 billion were mortgaged throughout 2023. This is in contrast to the 14,489 properties valued at €3.3 billion mortgaged in 2022.

This represents a decrease of 22.8% in the number of mortgaged properties, while the value of these properties saw a reduction of 12%.

Based on the data, the highest number of mortgages was recorded in December, and the lowest in April.

In terms of provinces, the data shows that the Nicosia region saw the highest number of mortgaged properties, while the free area of Famagusta had the least.

More specifically:

• In Nicosia, there were 4,427 mortgages valued at €913,417,684, with the highest in December (441) and the lowest in January (287).

• In Limassol, there were 3,189 mortgages valued at €911,938,928, peaking in December (316) and dropping in July (242).

• In Larnaca, 1,732 mortgages valued at €415,620,793 were recorded, with the highest in December (160) and the lowest in January (126).

• In Paphos, there were 1,350 mortgages valued at €373,845,185, with the most in February (130) and the fewest in April (86).

• Finally, in the free area of Famagusta, 638 mortgages valued at €287,653,713 were recorded, with the highest in March (65) and the lowest in January (36).