Cyprus, May 14, 2024 – Cyprus Sotheby’s International Realty has published its quarterly report “INSIGHTS” on Cyprus Residential Real Estate market in the first quarter of 2024 based on data from the Cyprus Land Registry. Anastasia Yianni, CEO of Cyprus Sotheby’s International Realty, commented:
Even though the figures of this period show us a decline in both value and volume of sales, we should consider it in the context of the previous years steep climb up. The current situation on the real estate market shows leveling out to the statistics similar to the year 2021. The figures for Q1 2024 are definitely lower than in 2023, but that was expected as the market stabilizes after strong growth in 2022 and 2023 years.
In the last two years (2022-2023) the market was super dynamic due to the geopolitical tension, primarily influenced by the ongoing geopolitical situation that led many families and businesses to relocate to safer countries like Cyprus.
We have a moderate outlook for the high-end property market for 2024 and expect a stable demand for residential property from both local and international buyers supported by traditional Cyprus market drivers such as attractive lifestyle and business opportunities with a sunny climate, safety, reasonable cost of living, favorable tax system, the island’s prospects as an international business centre and one of the top investment destinations in Europe.
As we navigate the Cyprus real estate market into 2024, it’s crucial to consider these trends and insights for informed decision-making.
Find out more and download the free Q1 INSIGHTS 2024 report at the link: https://www.cyprus-sothebysrealty.com/
The numbers for Q1 2024 in the report are adjusted based on the data from the Cyprus Land Registry.
The high-end property market/premium segment/premium market in the report means houses above EUR 500k and apartments above EUR 200k.
Cyprus Sotheby’s International Realty is a luxury real estate agency in Cyprus, headed by CEO Anastasia Yianni. Established in 2019, the agency offers a full range of services for residential and investment properties, with offices in Paphos and Limassol.
As part of the largest affiliate network of Sotheby’s International Realty, which includes more than 1,000 offices in 81 countries, clients of Cyprus Sotheby’s have access to an exclusive portfolio of elite properties worldwide.
In 2023, Cyprus Sotheby’s International Realty was honored with the European Property Award for Best Real Estate Agency Website and Best Real Estate Agency Single Office in Cyprus.
The agency’s affiliation with the esteemed Sotheby’s auction house, known for its 300-year history, underscores its commitment to exceptional service quality and bespoke customer experiences.
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