Property Sales Reach €1.7 Billion in First Quarter of 2023

Key Highlights :

1. Police believe that the suspected killer of a Ukrainian woman has fled to occupied north Cyprus.

2. The woman was killed in a knife attack in the town of Kyrenia.

3. The suspect is believed to have links to the Russian military.

4. The suspect is also wanted in connection with the killing of a Russian journalist in Crimea.

5. The investigation is ongoing.

     The property market in Cyprus has been resilient despite the challenges posed by the pandemic and other economic issues, according to data from the Real Estate Agents Registration Board. In the first quarter of 2023, property sales totaled €1.7 billion in 6,188 transactions, which is approximately the same amount as the fourth quarter of 2022.

     Nicosia saw a decrease in the value of property transactions compared to the first quarter of 2022, but still recorded €257.5 million in sales through 1,597 transactions. Limassol, on the other hand, saw a significant increase in sales, with 2,097 transactions totaling €908 million. This is up from €587 million in the same period last year.

     In Paphos, property sales exceeded €250 million, while Larnaca saw an increase to €200 million from €145 million in the first quarter of 2022. Finally, the Famagusta district recorded a slight increase to €57.3 million from €54 million in the same period.

     The Real Estate Agents Registration Board has been monitoring the property market closely and has seen that it has been able to maintain its resilience despite the challenges. This is a positive sign for the economy and indicates that the property market is stabilizing.

     The Board also noted that the increase in property transactions in the first quarter of 2023 was largely driven by investors, who are taking advantage of the current market conditions. This is a sign that the property market is becoming more attractive to investors, which could bode well for the future of the sector.

     Despite the positive news, the Board cautioned that the property market is still vulnerable to external factors. It urged buyers to do their research and ensure that they are buying in a market that is stable and has potential for growth.

     Overall, the property market in Cyprus has been resilient in the first quarter of 2023, with €1.7 billion in sales. This is a sign that the sector is stabilizing and becoming more attractive to investors. However, buyers should still be cautious and do their research before making any investments.

Continue Reading at Source : in_cyprus