Despite the accumulated challenges it faces, the real estate sector in Cyprus continued to display its resilience during the third quarter of 2023, the Real Estate Agents Registration Council said on Wednesday.
In addition, the council’s president, Marinos Kineyirou, noted that the impact of the war in the Middle East on the local property market is expected to become clearer in the coming months.
According to comparative property sales data compiled by the Department of Land and Surveys and presented in the council’s quarterly real estate market update, a total of 2,910 property transactions, with a total value of €438.2 million, were concluded during the third quarter of 2023.
Council for Registration of Real Estate Agents president Marinos Kineyirou
Marinos Kineyirou, the president of the Council of Licensed Real Estate Agents, commented on the sector’s resilience, stating that the real estate market continues to demonstrate its strength across all cities and regions of Cyprus.
“Despite the obvious impact of soaring inflation on people’s purchasing power, combined with the high interest rates on housing loans, we can see that the property market continues to endure,” Kineyirou said.
“We are expecting to see the effects of the war in Israel in the coming months,” he added.
It should be noted that Cyprus has seen an influx of foreign investors in recent years. These investors span a range of different countries, including Ukraine, Russia, Lebanon, and Israel, among others.
Regarding the local market, the council’s report noted that in the Nicosia district, a total of 944 property transactions were recorded during the third quarter, with a combined value of €126.1 million.
The majority of transactions involved plots of land (382), apartments (218), and building plots (213).
In the Limassol district, the total number of sales reached 801, with a cumulative