At €1.7 billion. Property sales in the first quarter

At €1.7 billion. The value of properties sold during the first quarter of 2023 has arrived. Despite the accumulated challenges that dominate and begin to affect the real estate market, we observe that it maintains its resilience. This is evident from the data of comparative real estate sales of the Department of Lands and Surveys, which are processed and presented in its quarterly "Newsletter for the Real Estate Market" by the Real Estate Agents Registration Council.

Specifically, during the first quarter of the year, properties worth €1.7 billion were sold. out of a total of 6188 transactions, the same as the value of properties sold in the fourth quarter of 2022, which was the best of last year. In the first quarter of 2022, properties worth €1.3 billion were sold.

The President of the Real Estate Agents Registration Council, Marinos Kynairou, stressed that caution is needed as "these performances should not disorient and hide the big picture of the problems plaguing the real estate market in Cyprus. As we have warned many times in the recent past, inflation, rising lending rates, the increased cost of construction materials and the new data with the reduced rate of 5% VAT on primary residences are putting downward pressure and affecting demand."

Nicosia stable

The Nicosia district continued in the first quarter of the year from where it left off in the fourth quarter of 2022 as both value (€257.5m) and volume of transactions (1597) increased slightly but remained broadly at approximately the same levels. In the capital, however, a decrease is recorded in the value of real estate sales transactions compared to the first quarter of 2022, when transactions with a total value of €313 million were processed.

Limassol maintains momentum

Diametrically opposed to Nicosia is the picture in Limassol where the value of sales transactions exceeded €2023 million in the first quarter of 908. significantly increased year-on-year. It is recalled that in the corresponding quarter of 2022, properties worth €587 million were sold in Limassol. On a quarterly basis, a small decrease in the value of transactions is recorded, but this is maintained for the second consecutive quarter above €900m, and a small increase in their volume.

Paphos is strengthened

The momentum of Paphos is strengthened as both volume and value of transactions in the first quarter show a significant increase on an annual and quarterly basis. It is indicative that the value of properties sold during the reporting period in the city and district of Pafos remained for the third consecutive quarter above €250 million.

Larnaka and Famagusta on the rise

The real estate market is also having its best days in Larnaca where there is also a significant increase in the volume and value of real estate sales transactions on an annual and quarterly basis. The value of properties sold in the first quarter of 2023 exceeds €200 million. while in the corresponding quarter of 2022 it was €145 million. and in the fourth quarter of last year €160 million.

Famagusta district also recorded an increase in the value of properties sold in the first quarter of the year (€57.3 million) compared to the same quarter last year (€54 million).

Volume and value of operations^1st Quarter 2023

Source: Comparative sales of the Department of Lands and Surveys - Edit: Real Estate Agents Registration Council

Trends by province

The four main property categories reflect the trends that dominated each province in the first quarter of 2023. It appears that the housing market has developed great momentum, which is reflected in the 931 sales in the first quarter. It is recalled that in the whole of 2022 the house sale transactions were 2175. Paphos continues to have great potential in homes and together with Larnaca leads in apartment sales. Limassol is at the helm of land and land sales followed by Nicosia.

Operations by type of property, by province

Source: Comparative sales of the Department of Lands and Surveys - Edit: Real Estate Agents Registration Council

At €1.7 billion. Property sales in the first quarter (philenews.com)