REAL ESTATE SALES IN CYPRUS CONTINUE TO RISE DUE TO THE RELOCATION OF COMPANIES DECIDING TO SETTLE ON THE ISLAND

From January to April 2024, 4963 properties were sold in the Republic of Cyprus, the highest level since 2008. This is 4% more than in the same period of 2023 and 45% higher than in January-April 2019.

According to the financial portal StockWatch, the increase in real estate sales is partly due to the relocation of companies that have decided to establish or strengthen their presence on the island. They are acquiring offices and apartments for their executives.

In the first four months of 2024, 197 more properties were sold compared to the same period last year. Nicosia saw the highest growth in sales, with an increase of 41.9%. Last year, 790 properties were sold in the capital, whereas 1121 properties were sold in January-April 2024. The second in the ranking is Larnaca, where 898 houses, apartments, offices, and land plots were sold last year, and 1032 in 2024, which is 14.9% more.

Limassol, which had long been the leader in sales growth, saw a slight decline. From January to April 2024, 1563 properties were sold, 6.8% less than in the same period of 2023. Nevertheless, Limassol leads in the absolute number of properties sold in Cyprus.

In Paphos, 1026 real estate purchase/sale contracts were concluded, 11.5% less than a year ago. There is also a slight decrease in interest in real estate in the free territories of Famagusta (Ayia Napa, Protaras, Paralimni), where 221 properties were sold, 8.7% less than in 2023.

Economist Tasos Yasemidis, in a comment for StockWatch, noted the growing interest in Cypriot real estate from companies deciding to open headquarters or establish branches, representations, or subsidiaries on the island.

According to statistics from the Ministry of Interior, thousands of applications for work permits for senior and middle management employees [of international companies] have been registered in recent years. Apparently, Nicosia, thanks to private schools, is now attracting a significant number of businessmen," the economist explained. "Furthermore, domestic demand remains stable."

According to Tasos Yasemidis, when analyzing the activity in the Cypriot real estate market in 2023 and 2024, it is essential to consider the record figures of last year, when about 25,400 properties were sold for a total of €5.6 billion.