The Cypriot real estate market has always been a vibrant tapestry of investment potential. In 2023, this tapestry revealed patterns of growth and resilience that are both intriguing and informative. In this article, we'll walk through a series of graphs that depict the year's market dynamics and compare them with the previous year, 2022, to draw a clear picture of the market's trajectory. All the graphs have been created by Next Level Data, the leading Marketing Agency in Cyprus.
Total Transactions: A Comparative View
Continuing with a bird's-eye view, the total number of real estate transactions in Cyprus provides a barometer of the market's overall health. The graph above illustrates a stark comparison between the transaction volumes in 2022 and 2023. It’s evident that despite global economic headwinds, Cyprus has seen an uptick in real estate activity, especially notable in the 'Pancyprian' category, which encompasses nationwide data. Below we will also see the growth percentage-wise.
Total Cases: A Measure of Market Activity
The volume of transactions, or total cases, is a direct indicator of market activity. The graph provided visualizes the total number of real estate transactions per city in 2023. A high number of cases typically signifies a strong market demand and is often accompanied by an increase in property values. This year, Limassol and Nicosia have shown remarkable numbers, reinforcing their positions as market leaders in Cyprus's real estate sector. Famagusta is by far the city with the lowest number of transactions.
Year-Over-Year Growth: The Bigger Picture
To quantify the market's growth, the year-over-year percentage change in transactions is a key metric. The boxplot graph below represents this growth for each city, offering a clear depiction of the market's expansion or contraction. This visualization highlights the growth per city and Pancyprian. We see a down trend for Nicosia despite the big number in transactions, also the upwards trend of Larnaca is most probably related to the Marina been announced and to the over population in Limassol.
Nicosia and Limassol: The Market Leaders
Zooming into the monthly trends, we see Nicosia and Limassol leading in transaction volumes throughout the year. This graph showcases the monthly fluctuations and underscores the peak transaction periods. The upward trajectory in December aligns with end-of-year investment surges, a common trend across real estate markets worldwide.
Seasonal Patterns: The Peaks and Troughs
The seasonality in Cyprus's real estate market can be observed in this heatmap. The warmer colors indicate higher activity, particularly in the summer months and towards the end of the year. This pattern suggests a correlation with tourist seasons and perhaps tax-related deadlines, influencing investment decisions.
Transaction Values: The Declared vs. Accepted
When it comes to the value of transactions, the declared and accepted amounts give us insights into the negotiation dynamics. The above graph demonstrates that across all cities, the accepted amounts generally surpass the declared values, indicative of a seller's market where demand is strong enough to drive up final sale prices.
Boxplot Analysis: Understanding Price Dispersion
The boxplot provides a statistical summary of the transactions, giving us a glimpse into the dispersion and outliers within the data. Cities like Limassol show a wider interquartile range, suggesting a diverse market with a mix of high-end and more affordable properties. It is worth noting the similarities in prices between Nicosia and Limassol and also the low prices of Famagusta despite its incredible beaches.
Understanding the Transaction-to-Parcel Ratio
An intriguing aspect of the real estate market is the transaction-to-parcel ratio, which offers insights into market liquidity and property turnover. The bar graph above delineates the total parcels against the total transactions. A higher number of transactions relative to parcels can indicate a high turnover rate, suggesting a dynamic market where properties are being bought and sold frequently. In contrast, a lower ratio might suggest a more stagnant market or one where new developments are not keeping pace with transactions.
Conclusion
Through the lens of these graphs, the Cyprus real estate market's story in 2023 is one of robust activity and growing valuations. The data not only reflects the resilience of the market but also highlights the areas with the highest investment returns.
Engage with the Data
We invite you to explore these graphs and the stories they tell about the Cyprus real estate market. Whether you're an investor, a homebuyer, or a market analyst, there's value in these visual narratives.
For more detailed insights or to discuss how these trends might influence your real estate decisions, reach out to us at info@nextleveldata.info. Let's navigate the opportunities in Cyprus's real estate market together.
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