The analysis of the comparative sales data conducted by the Department of Land Registry yields significant conclusions about the actions and values of properties sold in Cyprus during the first quarter of 2024. The Council of Real Estate Agents presents these findings in its quarterly “Property Market Update.”
The processing of the data focuses on the four main categories of properties (apartments, houses, plots, and fields) and aims to depict the average value of sales completed in each district and the number of transactions.
It is important to clarify that the data for average prices do not only concern sales taking place in the cities of free Cyprus.
On the contrary, they are derived by considering all sales occurring within the geographical boundaries of each district.
“The analysis of transfers shows that apartments attract greater purchasing interest compared to houses, while sales of plots and residential fields attract the interest of land development entrepreneurs,” notes the President of the Council of Real Estate Agents, Marinos Kineyirou.
Apartments
In the first quarter of 2024, 421 apartment transfers were recorded nationwide in the Comparative Sales, with the majority occurring in the Nicosia district. The highest average value of apartments is recorded in the Limassol district (€208,220), significantly higher than the average value of apartments transferred in the other districts of free Cyprus. In the Nicosia district, the average value of apartments was €131,841, in Larnaca €116,914, in Paphos €107,175, and the free Famagusta district €105,182.
Houses
In the housing market, 244 transactions were included in the Comparative Sales from January to March 2024, with the Nicosia district accounting for more than half of the sales, reaching 137. The Larnaca district performed poorly in this category, being surpassed in sales by the free Famagusta district, which also recorded the highest average value for houses (€393,497).
The average value of 60 transactions in the Limassol district was €209,917, slightly lower at €206,436 in Larnaca, while in Nicosia it was €138,488 and in Paphos €96,925. It is reminded that the data pertaining to property transfers made throughout the district, including communities, and not only in urban centres.
Plots
Nicosia and Larnaca are the districts that dominated plot sales, based on the sample of transfers from the Comparative Sales of the first quarter, accounting together for 284 out of the 462 transactions completed nationwide. However, the highest average values are found in the Paphos (€276,468) and Limassol (€207,875) districts.
Following are the free Famagusta district with an average value of €196,857, the Larnaca district with €182,350, and the Nicosia district with €167,966. It should be noted that many plots may have considerable area, while others may include buildings, hence the high values recorded.
Fields
The Nicosia (370) and Limassol (365) districts together account for the most (735) out of the 1,206 transactions completed nationwide in the first quarter. In terms of average values, fields were more expensive in the Paphos district (€119,249) and cheaper in the Nicosia district (€82,192). In the other three districts, the average values of fields are roughly at the same levels.
