PwC Cyprus recently released its annual report on the real estate market, providing valuable insights into the sector’s performance in 2023. The report highlights the remarkable resilience and adaptability demonstrated by the Cypriot property market throughout the year.
Key takeaways from the report:
- Overall transaction value reached €5.5 billion, remaining at the same level as 2022.
- Larnaca and Paphos regions experienced growth in transaction values by 22% and 4% respectively, offsetting the decline in transaction activity observed in the Limassol region.
- The residential property sector recorded a transaction value of approximately €3.9 billion in 2023, a 1% decrease compared to 2022.
- Foreign buyers acquired a total of 6,900 properties across Cyprus in 2023, representing a 16% annual increase.
- The luxury residential property segment witnessed a notable decline in 2023, with transactions for individual residential properties valued at €1.5 million or more decreasing by 26% compared to 2022.
The report also emphasizes the important role that the real estate sector is expected to play in the new economic model of Cyprus.
