Property sales in Cyprus have slowed down in the first quarter of 2024, as reported by the Real Estate Agents Registration Council of Cyprus, with Council President Marinos Kynegirou expressing concern: "The first quarter of 2024, compared to the previous quarter, is very concerning and should serve as a wake-up call for everyone."

The downturn for the first quarter of 2024, compared to the fourth quarter of 2023, includes a significant 18.6% decrease in transaction volume, a 22.9% drop in transaction value, and an 11.1% reduction in the volume of sales documents filed.

The Council states, "The market reflects the accumulated challenges facing the real estate sector and society at large, under the weight of inflationary pressures that continue to shrink citizens' disposable income and high interest rates."

According to data from the Department of Land and Surveys, processed and presented in the quarterly "Real Estate Market Newsletter" by the Council, there were 4,543 transactions totaling €955.8 million and 3,597 sales documents filed in the first quarter of the year.

Year-over-year, there was a 16.5% increase in the volume of transactions and an 8.7% increase in value. A slight increase of 1% was also recorded in the volume of sales documents filed in the first quarter of 2024 (3,597) compared to 2023 (3,574).

In the Nicosia district, there were 1,245 transactions worth €198.4 million in the first quarter of 2024. In Limassol, there were 1,202 transactions worth €323.8 million, in Paphos 993 transactions worth €244.4 million, in Larnaca 860 transactions worth €148.4 million, and in Famagusta 243 transactions totaling €40.8 million.

In terms of sales documents, Limassol accounted for the largest volume (1,123) in the first quarter of 2024, followed by Nicosia (813). Paphos (774) and Larnaca (723) were close behind, with the free district of Famagusta (164) completing the statistical data for the first quarter.

Commenting on the developments, Marinos Kynegirou, President of the Council of Real Estate Agents Registration, noted the visible effects of high costs and geopolitical turmoil on the market and added, "The real estate sector acts as a mirror of the Cypriot economy, being one of its most crucial pillars."

"Unfortunately, our predictions are starting to be confirmed, and actions are needed from both property owners and the state to improve the situation," he concluded.