Cyprus Real Estate – Q1 2024 Insights Unveiled
Cyprus Real Estate – Q1 2024 – The Cyprus Real Estate Agents Registration Council recently disclosed a comprehensive overview of the property market’s performance during the first quarter of 2024. The report, meticulously compiled with data sourced from the Department of Lands and Surveys, offers a revealing glimpse into the state of real estate across the island.
In its meticulous analysis, the council delved into four primary categories: apartments, houses, plots, and fields. By scrutinizing transaction volumes and average values across different districts, the report aims to provide stakeholders with valuable insights into market trends and dynamics.
Throughout the first quarter of 2024, Cyprus witnessed a total of 421 apartment transactions. Leading the pack was Limassol, boasting the highest average apartment value at €208,220. This data underscores the city’s enduring appeal and robust real estate market.
House transactions, totaling 244 across the island, saw Nicosia emerge as the frontrunner with 137 sales. However, it was Famagusta that recorded the highest average house value at an impressive €393,497, signaling a buoyant market in the region.
Plot transactions, a cornerstone of land development, were dominated by Limassol and Nicosia. Nevertheless, it was Paphos that claimed the top spot in average plot value at €276,468, reflecting promising investment opportunities in the area.
Field transactions, indicative of agricultural and rural property movements, showcased Nicosia and Limassol as the primary contenders. Notably, Paphos again emerged with the highest average field value, further highlighting its appeal to prospective investors.
Beyond the numerical data, the report offers additional insights into buyer preferences and market behavior. Apartments remain a popular choice, while plots attract the attention of land development companies keen on capitalizing on Cyprus’s growth potential.
In conclusion, the Q1 2024 report provides a comprehensive snapshot of Cyprus’s real estate landscape, offering stakeholders valuable information for informed decision-making and strategic planning in the dynamic property market.
Kind Credits go to Kyriacos Nicolaou from Cyprus Property News
