City Real Estate Sales Report: Limassol Maintains Lead Despite Lagging Performance

The real estate market in Cyprus rebounded in February 2024 after a slight dip in January, demonstrating resilience.

According to Land Registry data, there were 1,284 sales documents filed in February 2024, up from 1,131 in the same month last year, representing a 14% increase. Sales for the first two months of 2024 also rose by 5%, totaling 2,340 compared to 2,222 in the same period in 2023.

While Limassol maintained its top position with a slight decrease of 5% in sales, Paphos saw a notable increase of 17% in sales for February 2024. Limassol recorded 378 sales documents filed in February, down from 398 in February 2023, while Paphos had 310 sales compared to 266 in the same month last year. Overall, Paphos experienced a slight decrease of 1% in sales for the first two months of 2024.

The city of Nicosia continues to impress, with a 47% increase in real estate sales recorded in February, reaching 280 compared to 190 in the same month last year. The momentum carries on with a total of 524 sales documents submitted for the first half of 2024, a significant 44% increase from the same period in 2023.

In Larnaca, there was a noticeable uptick in real estate sales in February, with 247 sales documents submitted compared to 203 in February 2023, marking a 22% increase. For the months of January and February 2024, there were a total of 462 sales documents submitted, an 8% increase from the same period in 2023.

Meanwhile, Famagusta saw a slight decrease in sales, with a 7% decrease in sales documents submitted in February compared to the previous year. There was also a 17% decrease in property sales for the first two months of 2024 compared to the same period in 2023.

Source: InBusinessNews