With 15,567 contracts deposited with the Department of Lands and Surveys, property sales in 2023 reached the highest level since 2007.
In 2007, sales hit a record 21,245 units. However, the global financial crisis—the worst economic downturn since the Great Depression of the 1930s—caused real estate bubbles to burst all over the world.
Sales of real estate in Cyprus fell until the island experienced its own financial crisis in 2012–2013. A €10 billion bailout package for Cyprus was agreed upon in March 2013 by a troika of international lenders, including the European Commission, the International Monetary Fund, and the European Central Bank. The troubled Laiki Bank was closed in exchange for the bailout, uninsured bank deposits exceeding €100,000 were taken (referred to as a "haircut"), and the bank's remaining assets were given to the Bank of Cyprus.
Due to the severe economic conditions, only 3,767 properties were sold in 2013.
Although there have been "problems" along the way, such as the COVID pandemic's effects in 2020, the infamous "Golden Passport Scheme," and ongoing problems with title deeds, property repossessions, and non-performing loans, the real estate market has improved since 2013.
December 2023 property sales:
Official figures from the Department of Lands and Surveys show that sales in December increased by 2% over December 2022, as indicated by the number of contracts deposited at Land Registry offices.
However, compared to December 2022, sales in Paphos and Limassol decreased by 24% and 12%, respectively, while those in Nicosia, Larnaca, and Famagusta increased by 40%, 15%, and 1%, respectively.
Sales figures for 2023
Sales for the full year 2023 came to 15,567, up 16% from 13,409 in 2022 despite several interest rate increases and the financial effects of the wars in Israel and Ukraine.