Cyprus Real Estate Market Snapshot: Mortgage Trends in Cyprus for the First Half of 2023

Cyprus's real estate market is an important measure of the country's economic health. We gathered mortgage patterns for the first half of 2023 to acquire insight into the health of the housing market on this Mediterranean island. In this post, we will examine mortgage data for several locations in Cyprus, including the number of mortgages approved and the total amount spent.

Nicosia is on the rise.

Over the last nine months, the number of mortgages in Nicosia, the capital city, has steadily increased. It rose from 287 in January to 416 in September. This growth is reflected in the total number of mortgages granted, which began at €43,302,372 and grew to €72,700,777. This data demonstrates Nicosia's real estate market's resiliency, with constant demand for houses.

Famagusta - An Exciting Ride

The figures in Famagusta tell a different tale. The quantity of mortgages issued in the region fluctuated. It began at 36 in January and rose to 65 in March before falling to 54 in September. The sum also fluctuated dramatically, reaching a high of €36,200,160 in March and a low of €7,484,450 in September. This wild trip demonstrates the level of uncertainty in the Famagusta real estate market.

Larnaca - Stability in the Face of Change

Larnaca kept the number of mortgages stable, with only slight swings ranging from 126 to 175 throughout the year. The overall amount of mortgages, on the other hand, fluctuated significantly. January began at €25,623,261, and by March, it had risen to €84,622,316, only to fall back to €18,999,430 by September. This might indicate some volatility in Larnaca property prices.

Limassol is a thriving centre.

Limassol stood out as a burgeoning real estate hotspot. The number of mortgages in this region has been steady, reaching a high of 295 in May. The overall number of mortgages increased significantly in June, hitting €141,285,429. This suggests a healthy and busy real estate market, which is likely fueled by factors such as tourism and economic expansion.

Pafos - Small but promising

The number of mortgages in Pafos increased little but steadily, from 112 in January to 106 in September. The overall amount of mortgages, on the other hand, increased significantly, hitting €79,384,471 in February. This indicates an increasing interest in the Pafos real estate market, which might be impacted by the island's popularity as a tourist destination.

Cyprus in Total - A Mixed Bag

When the entire island of Cyprus is considered, a mixed bag of tendencies emerges. The total number of mortgages varied between 755 in April and 1,013 in March. The total amount of mortgages followed a similar pattern, peaking at €276,385,648 in March.

Conclusion:

The Cyprus real estate market in 2023 has showed a variety of tendencies across various areas. While Nicosia has remained stable and resilient, Famagusta has seen more severe swings. The number of mortgages in Larnaca remained stable, although the total value changed. Limassol has developed as a booming real estate centre, whereas Pafos has seen moderate but potential growth.

As we approach 2023, these figures will be a great resource for investors, purchasers, and policymakers looking to make educated decisions in the dynamic Cyprus real estate market. Each region clearly has its own distinct features, and knowing these patterns is critical for making wise investments and policy decisions.

Statistics source: CYPRUS DEPARTMENT OF LANDS AND SURVEYS