![](\"https:\/\/www.financialmirror.com\/wp-content\/uploads\/2024\/04\/Deloitte-Cyprus-Real-Estate-Review-2023-total-in-GVA.jpg\")
Vacant land transactions followed closely, contributing \u20ac1.9 bln across 11,200 transactions, maintaining stability in total sales, despite increased transaction volume compared to 2022.<\/p>\nThe Cyprus real estate market is steaming ahead and far from cooling down, as 2023 closed with 25,400 transactions worth \u20ac5.6 bln, according to a study by Deloitte.<\/p>\n
The \u2018Big Four\u2019 audit and advisory firm released the Cyprus Real Estate Review, offering a comprehensive analysis of the market\u2019s performance in 2023 amidst significant economic events regionally and globally.<\/p>\n
According to the report, residential transactions were the driving force of the industry, representing 61% of the total market value (\u20ac3.4 bln from 13,200 transactions).<\/p>\n
Vacant land transactions followed closely, contributing \u20ac1.9 bln across 11,200 transactions, maintaining stability in total sales, despite increased transaction volume compared to 2022.<\/p>\n
Commercial real estate transactions, while fewer, saw higher values, totalling \u20ac121 mln, comprising 2% of the sector\u2019s total value.<\/p>\n
Limassol continued to lead district-level performance, contributing 41% of total sales in value.<\/p>\n
Other towns, except for Larnaca, experienced slightly lower sales compared to the previous year.<\/p>\n
Larnaca stood out with a remarkable 28% increase in sales value, driven by both increased transaction volume and higher average transaction value, marking its third consecutive year of growth.<\/p>\n
Survey results from Deloitte Cyprus indicated industry professionals expect minimal changes in the real estate landscape in 2024. Apartments remain the preferred investment choice, though luxury apartments in high-rise developments may see a decline.<\/p>\n
George Martides, Financial Advisory and Real Estate Industry Leader at Deloitte Cyprus, emphasised the sector\u2019s resilience despite economic pressures like inflation and interest rates.<\/p>\n
He stressed the importance of addressing future challenges such as sustainable development, technological advancements, government reforms, bureaucracy, and affordable housing through collaboration between the public and private sectors.<\/p>\n
\u201cThese results instill 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 (AI), government reforms, bureaucracy, affordable housing \u2013 and to intensify our efforts in attracting new types of investment from both foreign and local investors,\u201d said Martides.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Cyprus real estate market had a strong performance in 2023, with 25,400 transactions worth \u20ac5.6 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.<\/p>\n","protected":false},"author":4,"featured_media":7631,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[842,639,2134,2858,4052,5851,33,3,708,2240,5849,2190,5848,3818,4985,2403,3343,4081,415,3767,5735,1823,1991,67,899,1401,2753,3404,2121,157,24,148,5734,185,3138,284,287,2016,1549,3255,4620,5850,3126,5515,1824,1229,1770,1682],"class_list":["post-7630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-ai","tag-artificial-intelligence","tag-challenges","tag-collaboration","tag-commercial-real-estate","tag-commercial-real-estate-transactions","tag-companies","tag-cyprus","tag-cyprus-property","tag-cyprus-real-estate","tag-cyprus-real-estate-market","tag-decline","tag-deloitte-cyprus","tag-development","tag-developments","tag-driving","tag-events","tag-future","tag-government","tag-growth","tag-high-rise-developments","tag-increase","tag-industry","tag-inflation","tag-interest","tag-interest-rates","tag-investment","tag-investors","tag-land","tag-larnaca","tag-limassol","tag-local","tag-luxury-apartments","tag-main","tag-performance","tag-property","tag-real-estate","tag-real-estate-market","tag-real-estate-sector","tag-reforms","tag-report","tag-residential-transactions","tag-resilience","tag-responsibility","tag-sectors","tag-survey","tag-sustainable-development","tag-technology"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n