In addition to real estate, foreign investors have made significant contributions to the development of other industries, including retail, the foreign exchange market and IT, contributing to economic growth.
Real estate sales in 2024 increased slightly, by 1% compared to 2023.
Larnaca has become a rising star in 2024 due to the great interest from Israeli, Lebanese, Russian and Ukrainian investors.
Having registered 3,350 real estate transactions (an increase of 5%), Larnaca overtook Paphos and took the third place in sales.What is the reason? There are several factors:- historically low prices per square meter;
- international airport;
- investments in new hotels;
- modern shopping mall;
- the prospect of building a 2.5-kilometer coastal complex of Larnaca-Dhekelia.
Limassol remained the leader in real estate sales: in 2024, about 5,000 transactions were completed.However, this is 1% less than a year earlier. The slight decline is probably due to the growing popularity of Larnaca.
In 2024 in In Nicosia, 3,500 real estate transactions were registered, which is 14% more than last year. This is the highest growth rate among all districts.Cypriot buyers predominate in the capital.
In Paphos experienced the most significant drop: sales decreased by 8% to 3,107 transactions. Thus, the city dropped to the fourth place in terms of sales after Larnaca.However, higher property prices in Paphos mean that the total volume of transactions remains competitive in value terms.
In Famagusta, a smaller market, 775 transactions were registered in 2024, which is 5% less than a year earlier.Source: Cyprus Property News