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Resilience and Market Dynamics: Cyprus Real Estate Sector in Q3 2023

The Real Estate Agents Registration Council reported that despite the series of challenges, Cyprus' real estate sector exhibited remarkable resilience throughout the third quarter of 2023. President Marinos Kineyirou highlighted that the local property market's response to the Middle East conflict is anticipated to unfold in the forthcoming months.

In the council's quarterly update on the real estate market, data collected from the Department of Land and Surveys revealed a total of 2,910 property transactions valued at €438.2 million during this period.

Marinos Kineyirou, president of the Council of Licensed Real Estate Agents, emphasized the sector's endurance, acknowledging its robust performance across all cities and regions in Cyprus. Despite the adverse effects of inflation on purchasing power and soaring interest rates on housing loans, Kineyirou observed the property market's sustained resilience.

Anticipating the repercussions of the Israel war, he emphasized the forthcoming impact on the market.

Cyprus has experienced a surge in foreign investors from various countries like Ukraine, Russia, Lebanon, and Israel in recent years, contributing to the evolving dynamics of the market.

The council's report detailed regional property transaction statistics.

Nicosia district: 944 property transactions worth €126.1 million were recorded, primarily involving land, apartments, and building plots.

Limassol district: recorded the highest sales, totaling 801 transactions valued at €130.5 million, mainly comprised of land transactions.

Paphos district: 315 property sales accounted for €48.2 million, primarily linked to land transactions.

Larnaca district: recorded 677 property transfers worth €101 million, mostly involving land transactions.

Famagusta district: 173 property transactions totaling €32.4 million, primarily in land and apartments.

During the third quarter of 2023, 2,983 sales documents totaling €1 billion were submitted, as per the Council's announcement. Additionally, the Council of Licensed Real Estate Agents secured access to comparative property sales data from the Department of Land and Surveys for all licensed real estate agents.



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