Cyprus real estate sector steaming ahead
The Cyprus real estate market had a strong performance in 2023, with 25,400 transactions worth €5.6 billion. Residential transactions were the main driver, representing 61% of the total market value. Limassol led in district-level performance, while Larnaca saw a remarkable 28% increase in sales value. Industry professionals expect minimal changes in the real estate landscape in 2024, with apartments remaining the preferred investment choice. George Martides from Deloitte Cyprus emphasized the sector’s resilience and the need to address future challenges such as sustainable development and affordable housing through collaboration between the public and private sectors.