Cyprus Elite Real Estate in Numbers: 2023 Annual and Q4 Report

Cyprus Elite Real Estate in Numbers: 2023 Annual and Q4 Report

Comprehensive overview of the premium residential property market in Cyprus for the whole of 2023 and Q4 separately.

Key Findings:

  • Overall Market Performance:
    • The total value of transactions in 2023 reached €4.4 billion, including all types of properties: residential, commercial, land, and buildings.
    • Residential units (apartments and houses) alone accounted for €3.8 billion in sales, an 8% decrease year-on-year.
    • Nicosia and Paphos remained stable, while Limassol witnessed a decline.
  • Premium Property Market:
    • The number of transactions in 2023 reached 3,849, a 3.7% increase year-on-year.
    • The value of transactions decreased by 9.3% year-on-year to €2 billion.
    • Premium properties accounted for almost half (46.8%) of the residential market by transaction value.
    • The decline was mostly due to Q4 results, with a significant slowdown in the market.
    • Both houses and apartments saw decreases in volume and value compared to 2022.
  • Regional Performance:
    • Limassol: 5.7% decrease in transactions and 17.4% decrease in value.
    • Paphos: 17% increase in transactions and 1.3% increase in value.
    • Nicosia: Remained relatively unchanged compared to 2022.
  • Legislative Changes:
    • Amendments to the Investment for Permanent Residency Program.
    • Reduced VAT rate for first-time property purchases.
    • New law on citizenship for highly skilled professionals.

2023 Highlights:

  • The premium property market experienced a correction after a record-breaking 2022.
  • The market is expected to stabilize in 2024.
  • Demand from both local and foreign buyers remains strong.
  • Cyprus remains an attractive destination for investment and residency.

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