Buyers' interest has now turned to acquiring apartments, the Real Estate Agents Registration Council said in a press release issued on Tuesday regarding average property values in the second quarter of 2024.

Τhe data included in the Council's quarterly "Real Estate Market Update" focus on the four main categories of real estate (apartments, houses, land plots and fields) and aim to capture the average value of sales completed in each district and the number of transactions.

It is clarified that the data on average prices do not only refer to sales made in the urban city centres of the areas controlled by the Republic of Cyprus but are derived by taking into account all sales made within the geographical boundaries of each district.

Particularly, as far as apartments are concerned, it is reported that in the second quarter of 2024, 489 transfers of ownership of apartments were recorded in Comparative Sales Across Cyprus.

It is added that most sales were made in the Nicosia district, while the highest average value of apartments was recorded in the Limassol district (€246,919) and is significantly higher than the average value of apartments transferred in the other districts controlled by the Republic of Cyprus.

According to the data, the average value of apartments in the Nicosia district was €134,031, in Larnaca €133,058, in Paphos €122,846 and in Famagusta €109,804.

Regarding the purchase of houses, it is stated that 110 transactions were included in the April - June 2024 Comparative Sales in all districts controlled by the Republic of Cyprus, except Nicosia, for which there was insufficient data until the date of receipt of the data by the Council.

It is added that the Larnaca district was the lowest in this category of properties, which was surpassed in sales by the district of Famagusta. The average value of the 31 transactions in Paphos district was €398,857, while just below that at €362,429 was the average value of the 24 sales recorded in the system up to that point in Limassol. The average value of the 35 sales in Famagusta was €273,028 and in Larnaca €205,035.

It is recalled that the figures relate to transfers of real estate property ownership made throughout the district, including municipalities, and not only in urban centres.

The Nicosia district dominated land sales, based on the sample of transfers from the second quarter Comparative Sales, with 273 of the 666 transactions completed in the second quarter, the press release continues, adding that in terms of average values the highest were in the Paphos districts (€265. 884) and Limassol (€260,613), followed by Nicosia district with an average value of €198,737, Larnaca district with €173,220 and the free district of Famagusta with €151,103.

It should also be noted that many land plots may have quite a large area while others may include buildings hence the high value recorded.

Finally, the Council notes that the districts of Nicosia (435) and Limassol (417) together recorded the most (852) of the 1,501 transactions completed in the first quarter nationwide.

In average values, fields were more expensive in Paphos district (€170,873) and cheaper in Larnaca district (€96,255). In the other three districts, average field values were €144,359 in Famagusta, €135,392 in Limassol and €104,752 in Nicosia. It should be clarified that even in this case some properties registered as fields may include buildings.

The press release also includes statements by the president of the Real Estate Agents Registration Council, Marinos Kineyirou, who noted, among other things, that market conditions have now turned the interest of buyers to the acquisition of apartments.