The total value of properties sold in Cyprus in the year’s first quarter was 1.7 billion euros.

In January-March the 6,188 realty transactions matched the total value of properties sold in the fourth quarter of 2022, which was the best of last year. In the first quarter of 2022, properties worth €1.3 billion were sold.

The president of the board, Marinos Kineyirou, stressed that caution is needed as “these performances should not distract and hide the big picture of the problems that plague the real estate market in Cyprus: Inflation, the rise in lending rates and construction material costs, and the new data with the reduced VAT rate of 5% for first homes are exerting downward pressure and affecting demand.”

The momentum in Paphos is gaining strength, as both the volume and value of transactions in Q1 exhibited significant yearly and quarterly growth. The value of properties sold in the city and district of Paphos has remained above €250 million for the third consecutive quarter.

The real estate market in Larnaca is also experiencing a surge, with a considerable annual and quarterly increase in the volume and value of transactions: They exceeded €200 million, up from €145 million in the same quarter of 2022 and €160 million in Q4 last year.