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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Gain in Property Values
Notably, only the provinces of Nicosia and Famagusta had a gain in property values between the first and second quarters. Despite a drop in the number of sales transactions (1,549), the value of the homes sold in Nicosia reached €299.8 million. Similar to other cities, Famagusta saw an increase in value (€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. In comparison to the prior quarter, Paphos saw a more dramatic decline in sales volume and value. While there were more transactions in Larnaca, the value of the houses sold was a little less.