New Property Sales Hit Almost €2B In 2024
Property Sales Hit Almost €2B – The Cyprus property market has experienced a remarkable surge in new apartment sales during the first nine months of 2024, according to an in-depth analysis by Landbank Analytics. The report, which analyzed sale documents submitted to the Department of Lands and Surveys from January to September 2024, highlights significant growth in the residential property sector.
Key findings from the report include:
- Overall Growth: New residential property sales increased by 19.2% year-on-year, with a total of 5,253 units sold across Cyprus. The total value of these sales exceeded €1.9 billion, marking a 25% rise compared to the same period in 2023.
- Apartment Sales on the Rise: The star of the market was new apartment sales, with 4,335 units sold. This represents a 27.7% increase in volume and a 38.1% rise in value year-on-year, totaling €1.45 billion.
- Decline in House Sales: In contrast, new house sales dropped by 9.2% in volume and 2.8% in value, with 918 units sold for €457.2 million.
The analysis revealed district-specific trends:
- Nicosia: New residential property sales in Nicosia saw impressive growth, with a 25.2% increase in volume and a 20.6% rise in value.
- Limassol: While apartment sales in Limassol increased by 17%, their total value soared by 41%. However, new house sales in the district declined by 18.5%.
- Other Districts: Larnaca, Paphos, and the free Famagusta area also recorded growth in apartment sales, though house sales showed varying trends.
According to Andreas Christoforides, CEO of Landbank Group, “Economic conditions and loan accessibility are driving the trend toward apartment purchases, especially among young couples.” He also noted that the decline in house sales, particularly in Paphos, is linked to the foreign market’s focus on luxury homes.
