Discover the Sparkling Gem of Cyprus: A 3Q 2023 Property Market Overview

Cyprus, famed for its magnificent scenery and colorful culture, is a popular destination for real estate investors. In the property market, the first nine months of 2023 has offered promising results, with astonishing statistics indicating the country's durability and appeal among both domestic and foreign customers. Let's take a deeper look at the Cyprus housing market, focusing on Nicosia, Limassol, Larnaca, Famagusta, and Pafos.

Where Tradition Meets Modernity in Nicosia

Nicosia, Cyprus's capital, is a beautiful combination of heritage and modernity. Nicosia saw the sale of 4,106 properties in the first nine months of 2023, for a total sales volume of €672,804,113. Nicosia is an appealing destination for real estate investment, with an average property price of €213,397.

Limassol: A Coastal Jewel

Limassol, nestled along the stunning shore, is a real estate haven. Limassol has become a magnet for property buyers, with 4,301 properties sold and a total sales volume of €1,222,369,984. The city provides a one-of-a-kind blend of gorgeous scenery and metropolitan conveniences, making it a sought-after destination for those seeking a slice of paradise.

Larnaca: A Rising Hidden Gem

Larnaca, formerly considered a hidden gem of Cyprus, is gaining traction in the real estate market. The city sold 3,013 properties for a total of €527,856,434 in sales volume. Larnaca's allure is irresistible, and its real estate market reflects the city's expanding popularity.

Famagusta: A New Destination

Famagusta, a developing destination, sold 876 properties in the first nine months of 2023, totaling €198,925,608. This emerging city has a distinct combination of history and beauty, making it an enticing proposition for investors looking for possibilities in a developing market.

Pafos: A Mediterranean Haven

Pafos, with its Mediterranean appeal, welcomed the sale of 2,503 properties, totaling €536,103,217 in sales. The city's captivating scenery and rich history have solidified its status as a top choice for Cyprus property purchasers.

Total: A thriving real estate market

When we look at the whole figure for Cyprus, we see that 14,799 properties were sold, with a combined sales volume of €3,158,059,356. The country's property market is dynamic and promising, with an average property price of €213,397.

In 2023, the Cyprus property market will continue to thrive, providing a varied range of chances for both investors and individuals looking to own a piece of this Mediterranean paradise. Cyprus is a beacon for property purchasers worldwide, because to its rich history, breathtaking scenery, and excellent economic conditions. Cyprus has it everything, whether you want a bustling city or a peaceful beach hideaway. The results for this year demonstrate the country's continued appeal as a property investment destination, where tradition meets modernity and the Mediterranean lifestyle beckons.

Statistics source: CYPRUS DEPARTMENT OF LANDS AND SURVEYS