Cyprus real estate council calls for price rationalisation during market growth

In response to strong growth in Cyprus' real estate market up until 2023, the Real Estate Council advises property owners to reconsider the way they set their prices.

According to the Real Estate Agents Registration Council's most recent report, the Cyprus real estate market remained resilient during 2023, with remarkable results in property transfers and sales documents.

With a total of €1.9 billion in property transfers and €4.2 billion in sales documents, the market maintained its vitality despite problems in demand from domestic as well as foreign buyers, according to Marinos Kineyirou, President of the Real Estate Agents Registration Council.

Kineyirou underlined the sector's significant contribution to the Cypriot economy, emphasizing the need for property owners to reconsider their pricing strategies to sustain the market's momentum. He also called upon the government to implement policies ensuring the sector's long-term sustainability.

Data from the Department of Lands and Surveys, compiled and reported quarterly by the Real Estate Agents Registration Council, revealed a total of 12,215 property transfers nationwide, amounting to €1.9 billion. Additionally, 12,281 sales documents were deposited, reflecting a combined value of €4.2 billion.

Limassol appeared as one of the biggest players in the real estate market, reaching €2.2 billion in sales value with 4,407 sales documents, although falling behind Nicosia in property transfers. Nicosia had the most property transfers (4,076), although Limassol was close behind in terms of value, totalling €559.4 million.

In terms of sales documents, Limassol outperformed Nicosia, with 2,366 transactions totaling €522.2 million. Paphos also maintained a strong presence, with 1,542 property transfers valued at €243.3 million and 2,524 sales documents amounting to €790.9 million.

Larnaca asserted its position in the market with 2,584 property transfers worth €366.4 million and 2,467 sales documents totaling €507 million. Famagusta, although the smallest district, has seen satisfactory activity with 763 property transfers valued at €132.2 million and 517 sales documents amounting to €115.5 million.

The Real Estate Council's report points out the strong performance of the Cyprus real estate market in 2023, urging stakeholders to adapt to market dynamics to ensure its continued growth and stability.