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. The biggest difference was seen in Limassol, with the amount of €908,1m.

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Property Value

Gain in Property Values

Significantly, only the regions of Nicosia and Famagusta experienced an appreciation in property values from the first to the second quarter. Even with a decrease in sales transactions (1,549), the value of properties sold in Nicosia amounted to €299.8 million. In parallel, Famagusta, like other cities, witnessed a rise in property values (€59.7 million) coupled with a boost 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. Although Larnaca had a higher number of transactions, the monetary worth of the properties sold was marginally lower.