27.10.2022
Real Estate Agents Registration Board President Marinos Kineiro said this week that the domestic real estate market continues to show great resilience, although he acknowledged that various concurrent adverse economic indicators will inevitably leave their mark at some point in the future.
“We estimate that at some point the real estate market will be affected by inflation, rising construction costs and rising lending rates,” Kineiro said, commenting on the latest data released by the land registry department.
“However, it appears that there is an increased demand for real estate, especially from international companies, mainly for large first-class plots, primarily in Limassol, Larnaca and Paphos,” he added.
According to the land registry report on the property sector in Cyprus in the third quarter of 2022, during this time there were 5,566 real estate transactions for a total of 1.65 billion euros. For comparison, the total value of transactions in the second and first quarters of this year amounted to 1.2 billion euros and 1.3 billion euros, respectively.
“Despite still having to contend with strong inflationary conditions, the real estate sector further increased its momentum in the third quarter of the year,” the Real Estate Agents Registration Board said in a statement.
In the Paphos area, 876 properties were sold in the third quarter for a total of 276 million euros. During this time, four major land transactions have been completed in Ayia Marina, totaling more than 65 million euros. A total of 1,147 properties were sold in Larnaca for a total of 188 million euros.
There were 320 real estate transactions in the Famagusta area, totaling €63 million, with high interest in apartments reflected in the types of properties sold during this time.
The council said that it had previously “provided access to comparative land registry real estate sales data to all licensed real estate agents as part of its ongoing efforts to increase transparency and information for both professionals and the public.”
“The Council presents quarterly data on the sector as they become available from the relevant report, so that interested parties are constantly informed about the state of the property market in Cyprus,” the council concluded.
