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Property Sales reach €1.7billion in Q1 2023

Property sales in Cyprus reached €1.7 billion in the first quarter of 2023, according to data from the Real Estate Agents Registration Board.

The property market has maintained its resilience despite the challenges, the Board said.

In its quarterly “Property Market Bulletin,” it recorded property sales worth €1.7 billion in a total of 6,188 transactions, which is approximately the same amount as in the fourth quarter of 2022.

In Nicosia, there were sales worth €257.5 million through 1,597 transactions. However, a decrease in the value of property transactions was recorded compared to the first quarter of 2022, when transactions with a total value of €313 million were processed.

On the other hand, in Limassol, there were 2,097 transactions worth €908 million in the first quarter of the year, a significant increase on an annual basis. In the same period last year, property sales in Limassol amounted to €587 million.

Paphos recorded an increase in the value and volume of transactions, with sales exceeding €250 million. In Larnaca, property sales reached more than €200 million, up from €145 million in the same period of 2022.

Finally, the Famagusta district recorded a slight increase to €57.3 million from €54 million in the first quarter of 2022.