The real estate market returned to an upward trajectory in April after the muted sales in March.
The increase in sales in Nicosia and Larnaca was particularly impressive, while Limassol also moved up, maintaining the lead by a margin.
Sales reached 5,000
According to data from the Department of Lands and Surveys, the number of real estate sales in April 2024 amounted to 1,366 compared to 1,192 in April 2023, registering an increase of 15%. For the period January – April 2024, sales documents signed throughout Cyprus reached close to 5,000. More specifically, they reached 4,963 from 4,766 in the corresponding period last year, registering an annual increase of 4%.
Limassol remained at the top of real estate sales, with 440 sales this April compared to 426 last April, marking an increase of 3%. For the first quarter of 2024, the number of sales documents signed in Limassol fell by 7% to 1,563 compared to 1,677 in the first quarter of 2023.
Leaping increases in Nicosia and Larnaca
An impressive 44% increase was recorded for property sales in Larnaca, which reached 309 in April compared to 214 in the same month of 2023, while for the first four months of 2024 they stood at 1,032 compared to 898 in the same period of 2023, marking an increase of 15%.
A corresponding jump was noted in Nicosia, which counted 308 sales in April 2024 from 216 in April 2023, recording an increase of 43%. Besides, sales documents signed in the capital increased by 42% in the first quarter of 2024, reaching 1,121 compared to 790 in the first quarter of 2023.
Property sales in Paphos moved downward, falling by 13% to 252 in April this year compared to 290 last April, while for the period January – April 2024 they decreased by 11% to 1,026 compared to 1,159 in the corresponding period last year.
There were 57 sales documents signed in April 2024 in the free Famagusta compared to 46 in April 2023, an increase of 24%. On the contrary, for the first four months of the year, real estate sales in the free Famagusta fell by 9%, to 221 compared to 242 in the corresponding period of 2023.
(Source: InBusinessNews)
