Cyprus Property Sales Surge by 14% in February 2024

February 2024 brought positive tidings to the Cyprus property market, as official sales statistics from the Department of Lands and Surveys revealed a substantial 14% increase in the total number of property sales contracts deposited at Land Registry offices compared to February 2023.

This surge in property sales signifies a resilient and thriving real estate landscape, showcasing the enduring appeal of Cyprus as an investment destination.

Market Dynamics Across Districts:

While Famagusta and Limassol experienced marginal declines of 7% and 5%, respectively, the overall market momentum remained robust, driven by significant increases in other districts.

Notably, Nicosia witnessed a remarkable 47% rise, followed by a 22% surge in Larnaca and a substantial 17% increase in Paphos.

The distribution of property sales across the five districts during February is as follows:

- Nicosia: 280

- Famagusta: 69

- Larnaca: 247

- Limassol: 378

- Paphos: 242

Record-Breaking Start to 2024:

The positive trend extends beyond February, as the cumulative sales for the first two months of 2024 reached an impressive 2,340, marking a noteworthy 9% increase compared to the same period in 2023.

This milestone sets a new record, surpassing the highest number recorded since 2008, when 2,940 properties were sold in January and February.

Square One's Contribution to the Growing Market:

Amidst this dynamic market scenario, Square One emerges as a key contributor to the growth, with a burgeoning portfolio that includes the development of contemporary 1 and 2-bedroom apartments across Limassol.

As property sales soar, Square One's commitment to quality and innovation positions its offerings as attractive opportunities for investors seeking high yields, substantial ROI, and the added assurance of a 5-year rental guarantee.

Cyprus Real Estate Growth in 2024

The surge in property sales during February 2024 underscores the resilience and attractiveness of the Cyprus real estate market.

Despite marginal declines in some districts, the overall momentum remains strong, setting the stage for a promising year ahead.

As investors continue to capitalize on this growth, Square One's expanding portfolio stands out as a beacon of opportunity, offering modern living solutions that align with the evolving preferences of the market.

With a record-breaking start to 2024, the Cyprus property market, bolstered by key players like Square One, is poised for sustained success and profitability.