The Cypriot real estate market is showing signs of stability and resilience in the first half of 2024, with the average transaction value gradually approaching pre-pandemic levels, according to an analysis by Delfi Analytics.

According to Delfi Analytics, during the first half of 2024, sales of new properties reached 7,553, marking a 1.8% increase compared to the same period last year.

Delfi Analytics analysts believe that these figures represent another indication of the stabilization of the Cypriot real estate market following the COVID-19 pandemic, amid geopolitical tensions in the region and increased financing costs.

At the provincial level, Limassol maintains its leading position with 32% of transactions, while the provinces of Nicosia, Larnaca, and Paphos are at similar levels with 23%, 21%, and 20% respectively. Only the Famagusta district operates at lower levels, with just 4% of the total transactions. Additionally, the notable rise recorded in the Larnaca district since 2022 confirms that it possesses significant hidden added value, unlike the other provinces, which are showing signs of market saturation, especially for specific types of properties.

The data for the first half of 2024 indicate that local demand is strengthening despite inflationary pressures and rising interest rates. While purchases by foreigners decreased by 18.7% compared to the same period last year, sales to Cypriots increased by 13%, pushing the market to higher levels than last year. At the same time, the international market remains significant, accounting for 39% of total sales. Despite the decline observed in the first half of the year, it is very likely that upward trends will resume in the near future.

The resilience and positive trajectory of the real estate market are not only confirmed by the transactions carried out in the early months of 2024 but also by their value.

Specifically, according to Delfi Analytics, the total value of transactions recorded up to April 2024 amounted to €992 million, with an average transaction value of €247,888, compared to a total value of €910 million and an average transaction value of €227,534 during the same period last year.

The average transaction value is gradually rising after the pandemic, and Delfi Analytics estimates that the market is gradually returning to the levels of 2019, when the transaction value was €1.2 billion and the average transaction value was €301,680.