S Cyprus Property Sales hit €4.3 Billion in 2024

In a statement released on Thursday, the council said that the sector was affected by a decline in people’s purchasing power, and high lending rates.

Additional factors that restrained the property market, the council added, include increased construction material costs, driven by geopolitical instability and conflicts in the wider region, as well as high property prices.

Despite these issues, the council said that the property market continued to contribute to the growth of the Cypriot economy in 2024. It cited data from the Department of Land and Surveys to make its case.

Nationwide, there were 19,155 property transfers worth €4.3 billion, along with 15,797 sales documents filed.

Compared to 2023, there was a 1.5 per cent increase in sales documents and a 1.8 per cent rise in property transfers.

However, the council noted that the value of property transfers fell by 2.3 per cent year-on-year.

On his part, council president Marinos Kineyirou described 2024 as “another difficult year for the property market and the sector as a whole”.

“This is evident in the marginal increases recorded in both sales documents and property transfers,” he said.

Moreover, despite the challenges and the “concerning decline during the first half of the year”, he stressed that the year closed with modest gains, primarily driven by Nicosia’s performance in property transfers, followed by Paphos, as well as Larnaca’s total number of sales documents.

Kineyirou also expressed concerns for 2025. “We believe that if banks reduce lending rates, which currently impact the purchasing power of locals, the results will improve for the benefit of the overall Cypriot economy,” he said.

Regional breakdown

The council said that “Limassol once again proved its significance for the Cypriot real estate market, serving as a barometer despite fluctuations and losses”.

It recorded the highest number of sales documents at 5,032.

While it trailed behind Nicosia in property transfers with 5,054, it surpassed all regions in transaction value, reaching €1.5 billion.

Regarding the capital, the council said that “Nicosia continued to exhibit long-term stability, coupled with significant growth in 2024 compared to 2023″.

The district recorded the highest number of property transfers (5,395) and ranked third in transaction value at €950 million.

It followed Limassol in sales document activity, with 3,527 filed, marking an annual increase.

Commenting on Paphos, the council said that “despite its ups and downs”, the district “managed to limit its losses in 2024”.

“Although the volume of sales documents decreased compared to 2023, the district achieved remarkable growth in property transfers,” it added.

Specifically, property transfers in Paphos rose to 3,727, with their value reaching €983 million, reflecting a 21.7 per cent increase year-on-year.

Elsewhere, Larnaca saw growth in sales documents, recording 3,356 transactions during 2024.

Additionally, property transfers totalled 3,775, valued at €637 million.

However, this represented a 13 per cent decline in transaction value compared to 2023.

Finally, the council said that Famagusta, “the smallest market in the area controlled by the Republic of Cyprus”, faced year-on-year declines.

Sales documents fell to 775, and the value of property transfers dropped sharply to €214 million, a 19 per cent decrease.

Nevertheless, the number of transfers rose to 1,204, indicating some resilience.

Source: Cyprus Mail