Cyprus Real Estate Sales Up 18% in 2023

Real estate sales are growing

Published: 17/12/2023

Real estate sales are growing

Cyprus Property Sales Increase by 18% Across First 11 Months of 2023

The Department of Lands and Surveys of Cyprus has published official conveyance statistics on property sales transactions for November 2023.

November Monthly Overview

In November 2023, 1,386 contracts of sale were registered in Cyprus, representing a 7% increase compared to November 2022 (1,293 transactions).

January through November Cumulative Results

Across the first 11 months, 14,211 property units were sold on the island, reflecting an 18% increase compared to the corresponding period in 2022 (12,074 transactions).

Regional District Performance:

Limassol:
- November: 429 transactions (−8% vs. 2022),
- January–November: 4,654 (+12%).
Larnaca:
- November: 308 transactions (+57%),
- January–November: 2,920 (+34%).
Paphos:
- November: 297 transactions (−6%),
- January–November: 3,175 (+21%).
Nicosia:
- November: 279 transactions (+15%),
- January–November: 2,730 (+9%).
Famagusta (Free Areas):
- November: 73 transactions (0%),
- January–November: 732 (+19%).

Key Takeaways:

The Cyprus real estate market continues to demonstrate sustained, robust expansion.
Larnaca registered the highest relative growth rate (+57% in November and +34% over the 11-month period).
Limassol remains the clear national leader by total transaction volume, despite a minor seasonal contraction in November.