KME Chartered Accountants

May 09,2023

Real estate sales reached €1,7 billion in the first quarter of 2023, according to the Real Estate Agents Registration Board, which notes that the real estate market maintains its resilience, despite accumulated challenges.

In its quarterly “Property Market Bulletin”, the Real Estate Agents Registration Board records that in the first quarter of the year properties worth €1.7 billion were sold in a total of 6,188 transactions, which was the about the same value of the properties sold in the fourth quarter of 2022. The fourth quarter in 2022 was the best of the entire year as regards sales. In comparison, in the first quarter of 2022 properties worth €1.3 billion were sold.

In Nicosia €257.5 million worth of sales took place through 1,597 transactions. However, a decrease in the value of real estate transactions was recorded compared to the first quarter of 2022, when transactions with a total value of €313 million were processed.

On the other hand, in Limassol 2,097 transactions amounted to €908 million in the first quarter, notably increased on an annual basis. On the same quarter of 2022 real estates sold in Limassol amounted to €587 million.

Pafos recorded an increase in value and volume of transactions, with sales over €250 million. In Larnaka, more than €200 million sales took place, increased from €145 million on the same period of 2022. In Famagusta district a small increase was recorded to €57.3 million from €54 million in the 1st quarter of 2022.

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