Cyprus realty market held firm in 2023

Cyprus’ real estate market demonstrated remarkable resilience and flexibility in 2023 and the total value of transactions reached 5.5 billion euros, which appears to be at the same levels as in 2022, according to a recent report.

PwC Cyprus presented last Thursday its annual report for the Cypriot real estate market, in which it found, among other things, that transactions in the district of Larnaca increased 22% in value terms, while in the district of Pafos they rose 4% year-on-year.

The transaction value of the residential property sector reached approximately €3.9 billion, representing a 1% decrease in 2023 compared to 2022.

A total of 6,900 properties across Cyprus were acquired by foreign buyers during 2023, recording an annual increase of 16% (from 5,928 in 2022).

The high-end residential property segment showed a different picture, with a notable drop in 2023, as the analysis of transaction data for single residential properties with a price up to €1.5 million indicated a significant decrease of 26% compared to 2022.

The data suggest that a total of 164 transactions were recorded in 2023 in this segment, with a total value of €440 million.