In 2023, Cyprus recorded 25,400 real estate transactions valued at €5.6 billion, according to a Deloitte study on the property market. This growth was primarily attributed to residential property transactions, which accounted for 61% of the total transaction value, reaching €3.4 billion from 13,200 sales.

Land transactions (plots and parcels) followed, totaling €1.9 billion from 11,200 transactions, representing 34% of the total sales value. These remained generally stable in comparison to 2022, both in value and with a higher number of transactions. However, commercial property sales, though lower in number compared to 2022, were higher in value, reaching €121 million, or 2% of the sector’s total value.

Regionally, transactions in Limassol continued to dominate, representing 41% of the total sales value. All other cities, except Larnaca, recorded marginally lower sales values compared to 2022.

Larnaca showed a remarkable 28% increase in transaction value from 2022, attributed to both a higher volume of transactions and an increased average property value. Notably, Larnaca has recorded growth for the third consecutive year, almost doubling in transaction value and volume since 2020.

The study suggests no significant changes in the real estate landscape for 2024. Apartments are expected to maintain their position as the most attractive investment opportunity for the next 12 to 18 months, despite predictions of reduced interest in luxury apartments in high-rise developments.

"These performances fill us with optimism, but also with a sense of responsibility towards properly addressing new challenges ahead - such as sustainable and renewable development, rapid technological and artificial intelligence growth, state reform, bureaucracy reduction, economically affordable housing - and intensifying our efforts to attract new forms of investment," stated Giorgos Martidis, Head of Real Estate and Head of Financial Advisory Services at Deloitte Cyprus, as per the announcement.