{"id":7514,"date":"2024-04-09T21:00:47","date_gmt":"2024-04-09T18:00:47","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=7514"},"modified":"2024-04-09T21:00:47","modified_gmt":"2024-04-09T18:00:47","slug":"2023-record-year-for-property-sales-in-cyprus","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=7514","title":{"rendered":"2023 record year for property sales in Cyprus"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/2023-record-year-for-property-sales-in-cyprus.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Demand for luxury apartments in high-rise developments set to decline<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-766561506\">\n<div id=\"cypru-204176774\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-5195252776099-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Limassol dominated the real estate market\u00a0in 2023, accounting for 41 per cent of the total sales value across the country in a year a Deloitte report published on Tuesday described as record breaking.<br \/>\nThe Cyprus Real Estate Review 2023\u00a0revealed\u00a0that last year closed with a total of 25,400 transactions and \u20ac5.6 billion in value. \u201cLimassol continued to dominate the market,\u201d the report said.<br \/>\nAll other cities \u2013 except for Larnaca \u2013 recorded marginally lower sales values compared to 2022.<br \/>\n\u201cLarnaca showed a remarkable increase in sales value, surpassing 2022 by 28 per cent. This was due to both an increased number of transactions and a higher average transaction value.\u201d<br \/>\nAccording to the report, this is the third consecutive year that\u00a0Larnaca has shown growth, almost doubling both in value and volume of transactions since 2020.<br \/>\nThe continued growth across Cyprus\u2019 real estate sector is attributed mainly to residential transactions, accounting for 61 per cent of the market\u2019s total value (\u20ac3.4 billion from 13,200 transactions).<br \/>\nVacant land transactions (plots and fields) follow, with sales of \u20ac1.9 billion across 11,200 transactions, accounting for 34 per cent of the total value.<br \/>\n\u201cThis represents a\u00a0stability in total sales value\u00a0from 2022, despite the higher number of transactions.\u201d<br \/>\nFor commercial space, the report identified fewer transactions than in 2022, however they were higher in value, reaching \u20ac121 million.<br \/>\nThe report also presented the results of Deloitte Cyprus\u2019 real estate survey, based on the responses of local industry professionals. Findings indicated a consensus among respondents that no substantial changes are expected in the real estate landscape in 2024.<br \/>\nApartments were expected to remain the most attractive investment opportunity over the next 12 to 18 months, however respondents anticipate that the market for luxury apartments in\u00a0high-rise developments will most likely decline.<br \/>\n\u201cThe steady and continuous growth of the real estate market as shown from our analysis, both in terms of transaction value and volume, showcases the resilience of the sector despite the various economic pressures,\u201d financial advisory and real estate industry leader at Deloitte Cyprus George Martides said.<br \/>\n\u201cThese results instil optimism, but also a sense of responsibility to effectively address any future challenges \u2013 such as sustainable and green developments, the rapid growth of technology and Artificial Intelligence, government reforms, bureaucracy, affordable housing \u2013 and to intensify our efforts in attracting new types of investment from both foreign and local investors. All of these can be achieved through\u00a0proper planning,\u00a0collaboration and coordination between the private and public sectors.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Limassol dominated the real estate market in 2023, accounting for 41% of total sales value across the country. Larnaca showed a remarkable increase in sales value, surpassing 2022 by 28%. The market for luxury apartments in high-rise developments is expected to decline.<\/p>\n","protected":false},"author":3,"featured_media":7515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[639,2134,2858,3,2240,2190,4893,4985,4081,250,3330,415,3767,5735,1823,1991,2753,3404,2121,157,24,148,5734,3331,284,3989,287,2016,1549,3255,4620,3126,5515,1824,335,1229,1682],"class_list":["post-7514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-artificial-intelligence","tag-challenges","tag-collaboration","tag-cyprus","tag-cyprus-real-estate","tag-decline","tag-demand","tag-developments","tag-future","tag-google","tag-google-news","tag-government","tag-growth","tag-high-rise-developments","tag-increase","tag-industry","tag-investment","tag-investors","tag-land","tag-larnaca","tag-limassol","tag-local","tag-luxury-apartments","tag-news","tag-property","tag-property-sales","tag-real-estate","tag-real-estate-market","tag-real-estate-sector","tag-reforms","tag-report","tag-resilience","tag-responsibility","tag-sectors","tag-space","tag-survey","tag-technology"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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