Cyprus real estate transactions exceed €2 billion by mid-2024

With a total of €2 billion in real estate sales by the middle of 2024, Cyprus's real estate industry has proven remarkably resilient. According to a report published, this milestone highlights the sector's resilience and strong performance in spite of global economic challenges.

The report shows how the market's expansion has been supported by strong domestic activity and declining inflation.

Increase in domestic sales and permits for construction

The noteworthy 32.5% year-over-year increase in building permits during the first half of 2024, which reflects an increase in development activity, is an important indicator of this growth. The report warns, nevertheless, that the momentum may be slowed down for the rest of the year due to delays brought on by municipal reforms.

The local market was crucial to maintaining growth in terms of sales. Compared to the same period in 2023, sales to local customers increased by 13% between January and September of 2024. This rise helped overcome a 13.4% drop in sales to foreign consumers, which was put down to geopolitical instability and global economic uncertainty.

Despite this decline, international buyers still contributed significantly, which is 44% of total real estate sales.

Market changes and adaptability

The market is changing, and domestic buyers are becoming more and more important. Despite a minor decline in international interest, it is still a key component of the industry.

This change demonstrates how resilient Cyprus' real estate market is, offering chances despite the world economy's difficulties.

Local strengths and transaction values

The average transaction value reached €340,790 by the middle of 2024, for the first time exceeding pre-pandemic levels. With 32% of overall sales, Limassol continued to be the most popular district, followed by Nicosia (22%), and Larnaca (21%).

Positive view for the market

These factors, combined with the dynamic performance of the real estate sector, position Cyprus as an attractive option for investors looking for stability and growth.