PwC Cyprus Annual Report: Cypriot Real Estate Trends

Stay informed on the latest trends in the Cypriot real estate market with PwC Cyprus's annual report for 2023. Explore district performance and transaction values.

PwC Cyprus recently unveiled its annual report on the Cypriot real estate market, shedding light on the sector's performance in 2023. The report highlights the resilience and adaptability of the Cypriot real estate market, with total transactions amounting to €5.5 billion, maintaining similar levels to the previous year. Notably, the Larnaca district experienced a significant 22 per cent increase in transaction value, while the Paphos district saw a 4 per cent year-on-year growth. These positive trends in both districts helped offset the reduced transaction activity in Limassol.

In terms of the residential property sector, transactions reached approximately €3.9 billion in 2023, marking a slight 1 per cent decrease from 2022. Out of 14,600 transactions, 9,600 were related to apartment sales, and 5,000 were related to houses. The residential property sector accounted for 69 per cent of the total transaction value, driven by increased activity in the land segment, which saw an 11 per cent annual increase.

Foreign buyers acquired a total of 6,900 properties in Cyprus in 2023, reflecting a 16 per cent increase from the previous year. This trend aligns with the growing number of foreign entities relocating to Cyprus. However, there were decreases in November and December 2023, likely due to the Israel-Hamas war outbreak in early October.

The high-end residential property segment experienced a notable decline in 2023, with a 26 per cent decrease in transactions for properties priced at €1.5 million or more. A total of 164 transactions were recorded in this segment, with a total value of €440 million, contributing only 8 per cent to the overall transaction value.

PwC Cyprus's report paints a picture of a resilient Cypriot real estate market in 2023, with notable growth in certain districts and segments, despite challenges such as the global geopolitical situation affecting transaction activity.