Resilient Market
In the face of numerous accumulated challenges globally, the real estate sector in Cyprus displayed a commendable resilience during the third quarter of 2023. The Real Estate Agents Registration Council revealed that the market saw a total of 2,910 property transactions, aggregating to a substantial value of €438.2 million. This robust performance reflects the inherent strength and appeal of the Cyprus property market amidst adversities1.
Middle East Conflict Impact
The local property market's trajectory might be influenced by the ongoing conflict in the Middle East, with its impact expected to become clearer in the upcoming months. The Council's President, Marinos Kineyirou, highlighted this aspect while expressing a cautious outlook. The international geopolitical landscape, especially the situation in the Middle East, could potentially have repercussions on the real estate market, given Cyprus's geographical proximity and historical ties to the region2.
Regional Sales Breakdown
A detailed regional breakdown reveals a balanced growth across various districts of Cyprus. For instance, the Nicosia district reported a total of 944 property transactions valued at €126.1 million, predominantly involving land plots and apartments. In contrast, the Limassol district saw sales reaching 801, with a total value of €130.5 million, making it one of the high-performing regions. Each district, with its unique offerings, contributes to the overall buoyancy of the real estate market, indicating a healthy and diversified property sector across Cyprus3.
Transparency Efforts
The Council of Licensed Real Estate Agents has been proactive in ensuring transparency and information availability in the real estate sector. By securing access to comparative property sales data from the Department of Land and Surveys for all licensed real estate agents, the council aims to provide continuous updates on market trends. This initiative is part of a broader effort to foster transparency and keep both professionals and the general public well-informed, thereby promoting a more transparent and reliable real estate market4.
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