Deloitte has published a detailed review of the Cyprus real estate market for 2023, which indicates a new record in the sector. During the year, 25,400 transactions were concluded with a total value of €5.6 billion. Residential property transactions made the main contribution to this growth, accounting for 61% of the total (€3.4 billion from 13,200 transactions). This was followed by vacant land transactions (plots and fields), with sales totaling €1.9 billion across 11,200 transactions, representing 34% of the total value. This demonstrates the stability of the total sales volume compared to 2022, despite the increase in the number of transactions. Commercial real estate, although showing a decrease in the number of transactions compared to 2022, showed growth in terms of value, reaching €121 million, representing 2% of the sector's overall value.
The Limassol market continues to dominate with 41% of the total sales value. The other cities, except Larnaca, recorded a slight decrease in sales value compared to 2022. Larnaca, on the other hand, showed a significant increase in sales value, exceeding the 2022 figure by 28%. This is due to both an increase in the number of transactions and an increase in the average transaction value. This is the third year in a row that Larnaca has shown growth, almost doubling in value and transaction volume since 2020.
The report also includes the results of Deloitte Cyprus research based on surveys of local industry professionals. Respondents noted that no significant changes are expected in the real estate market in 2024. In fact, apartments remain the most attractive investment for the next 12-18 months, although the market for luxury apartments in high-rise buildings is likely to decrease.
The Deloitte report is available in English at https://deloi.tt/4arqnqG.