According to our sources for the value of properties sold during the first quarter of 2023, the smallest sales in properties were seen in Famagusta with €57,3m, followed by Larnaca with €203,8m. In Nicosia, the value of properties sold reached the amount of €257,5m, and Paphos reached the amount of €296,9m. With the amount of €908,1m, Limassol saw the biggest difference.

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Gain in Property Values

Importantly, only the regions of Nicosia and Famagusta saw an increase in property values from the first to the second quarter. Despite a drop in sales transactions (1,549), properties sold in Nicosia were valued at €299.8 million. Similarly, Famagusta experienced a rise in property values to €59.7 million, along with an increase in sales volume.

Limassol province, on the other hand, saw a significant decline. In comparison to the first quarter, the value of homes sold in Limassol decreased by €200 million, which was due to a sharp dip in sales volume. During the second quarter, the real estate market declined in the provinces of Paphos and Larnaca. Relative to the previous quarter, Paphos experienced a more significant drop in both sales volume and value. The monetary worth of the properties sold was marginally lower, even though Larnaca had a higher number of transactions.

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