Real estate sales are growing

On Tuesday, December 5, the Land Department published data on property sales in Cyprus in November 2023.

According to the department, in the last autumn month, 1,386 housing purchase and sale transactions were concluded on the island, compared to 1,293 in November 2022. The growth was 7%.

In turn, from January to November, 14,211 housing units were sold in Cyprus, compared to 12,074 in the corresponding period last year. Thus, sales increased by 18%.

If we look in more detail, positive dynamics were recorded in all cities of the island, with the exception of Limassol, where the number of sales decreased slightly.

However, the most properties were sold in Limassol during the month under review - 429 units compared to 465 in November last year. The drop was 8%. From January to November 2023, property sales in Limassol increased by 12% to 4,654, compared to 4,168 in the same period in 2022.

In second place was Larnaca, where 308 contracts were concluded compared to 196 in the same month of 2022. The growth was 57%. In 11 months, the number of sale documents in Larnaca jumped to 2,920, up from 2,172 in January-November 2022. The growth was 34%.

Paphos took third place. In this city of Cyprus, 297 properties were sold in November compared to 317 a year earlier. The volume of transactions decreased by 6%. However, between January and November, property sales in Paphos increased by 21% to 3,175 units, compared to 2,614 in the same period in 2022.

Nicosia follows: 279 transactions versus 242 in November 2022. The growth was 15%. From January to November 2023, 2,730 contracts for the sale of real estate were signed in the capital, compared to 2,506 in the corresponding period last year, indicating an increase in the volume of transactions by 9%.

Finally, in the free areas of Famagusta in November 2023, sales remained at last year’s level. 73 deals were concluded in this region. However, in the 11 months of 2023, the number of sales increased by 19% to 732 compared to 614 in January-November 2022.