Residential real estate market going strong in Cyprus

High-rises are seen in Cyprus' southern coastal city of Limassol in a 2018 file photo. [Petros Karadjias/AP]

Real estate transactions hit an all-time high in Cyprus last year, Deloitte has said in a report, noting that interest was focused on the residential market and on the seaside city of Limassol. It also said that it expects interest to remain strong this year, though luxury condos in high-rise developments may see a decline.

In its annual Real Estate Review, Deloitte recorded a total of 13,200 transactions in Cyprus' residential real estate market in 2023, which came to 3.4 billion euros in sales and accounted for 61% of total sales value. The average transaction value was €259,000, versus €257,000 in 2022, it said, adding that the increase was largely driven by new build properties, which accounted for 69% of total residential sales.

In total, the market closed with 25,400 transactions worth €5.6 billion. 

Vacant land transactions (plots and fields) made up the...

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