During the period from January to August 2023, Cyprus witnessed a total of 11,655 real estate transactions, reaching a combined value of approximately €2.8 billion. Notably, the driving force behind these impressive figures has been sales to foreign buyers, which have seen a substantial annual increase of 31%.

A recent report from "Real Estate Dynamics in Cyprus" by Delfi Analytics provides deeper insights. Despite a slight decrease of 2.8% in the total number of property sales compared to the same period in the previous year, the overall value of these transactions rose by 7.1%, primarily due to increased property prices.

Regional variations in sales trends are evident. Sales in the Limassol province stood at 3,384, marking a modest increase of 0.6% compared to 2022. On the other hand, Nicosia province experienced a significant reduction in sales volume by 12.9%. In contrast, the Larnaca province saw 2,361 transactions, up by 10.3% from last year. Meanwhile, the provinces of Paphos and Famagusta faced declines in sales, at 4.7% and 1.9%, respectively.

George Foukaridis, Director at Delfi Properties, commented on the market dynamics: "Despite emerging challenges, the Cypriot real estate market continues to show remarkable resilience. Both domestic and international demand for properties remains largely unaffected. Limassol continues to play a significant role in driving the market, and there's a growing interest from foreign buyers, while local buyers seem more cautious."

Furthermore, property sales in the Limassol province slightly exceeded €1.1 billion, accounting for 39.3% of the total sales value for the period. In Nicosia, properties sold amounted to €567 million (20.3% of the total), while Paphos recorded sales of €479 million, representing 17.1%. In Larnaca and Famagusta provinces, the sales values were €459 million and €185 million, respectively.

Average property sale prices per province also reveal interesting trends. Nicosia registered the lowest average sale price at €180,000, significantly trailing behind Limassol, where the average price reached €326,000. Nicosia's average price decreased by 1.2% compared to last year, unlike Limassol, which saw an 11.5% increase. Famagusta recorded the highest annual increase in average prices, soaring by 52.4% to €272,000. Paphos followed with an average price of €230,000, marking a 14.4% increase, while Larnaca's average price stood at €194,000, with an 8.3% rise.