Real estate sales up 26% in first quarter of 2023

Real estate sales up 26% in first quarter of 2023

By: H. Priority Trusts Services Ltd

Annual real estate transactions in Cyprus continued to rise in the first quarter of the year, as sales documents submitted are 26.6% higher compared to the same period last year, according to the Real Estate Registration Board.

The Board’s latest quarterly report showed that 6,188 property transactions were recorded in Q1 this year with a total value of €1.7 billion, up from €1.3 billion in the first three months last year. The latest boost in the island’s real estate sector has been attributed to the relocation of high-tech firms and their employees.

In terms of the total value of real estate transactions, Limassol was the leader in the first quarter of 2023. In this city, 2,097 real estate properties were sold for a total of 908 million euros. In the corresponding quarter of 2022, real estate was sold in Limassol for 587 million euros. Nicosia came in second place, where 1,597 real estate properties were sold for a total of 257.5 million euros, compared to 313 million euros for the same period last year. Paphos was in third place in terms of real estate sales volume in the first quarter of 2023, with 250 million euros. Larnaca followed with 200 million euros, and the controlled areas of Famagusta with 57.3 million euros

The real estate sector in Cyprus is poised for growth in 2023, with high demand for foreign buyers and a healthy financial environment. According to recent Cyprus news, property sales are expected to continue their upward trend, with thousands of properties available for buying a house or apartment.

The housing market in Cyprus is currently experiencing a surge in demand for real estate, driven by an increase in foreign buyers from both EU and non-EU countries. This trend is expected to continue throughout 2023

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