10.02.2023
According to a report published this week by the Real Estate Agents Registration Board, the Cyprus property market performed well in the second half of the year, pushing the total value of all property sales in 2022 to €5.8 billion.
According to the report, 10,680 real estate transactions were completed in the first half of the year, totaling 2.5 billion euros.
In the second half of 2022, the number of transactions increased to 11,449, and the total value of all properties sold was €3.3 billion.
Marinos Kineiro, President of the Board of Registration of Real Estate Agents, said that the dynamics of the real estate sector over the past year have made a decisive contribution to the positive growth of the Cypriot economy.
“It is very important that the next government takes seriously the parameters affecting the market and the real estate sector in general, so that it can be maintained and continue to work both in the difficult year that we are now going through and in the long term,” said Kineiro .
Limassol and Nicosia occupy a leading position in the real estate market, both in terms of transaction volume and value. According to the Land and Geodetic Department, the market in both districts performed better in the second half of 2022 compared to the first two quarters.
In Nicosia, the volume of transactions completed in the second half of the year was lower compared to the first, but the value of the property sold was higher. On the contrary, in Limassol in the second half of the year there was an increase in both the volume of transactions and their total value.
Limassol’s performance strengthened in the second half of the year, taking into account the fact that the value of sales transactions exceeded the value of transactions in the first half by almost 0.5 billion euros.
“2022 has been one of the best years in recent memory for the property sector in the city and region of Paphos,” the council noted in its report.
“The momentum of the first half of the year was greatly strengthened in the second half of 2022, when the value of all real estate sold exceeded 0.5 billion euros,” the company added.
Moreover, in the second half of the year, the volume of transactions and the value of real estate sold both in Larnaca and Famagusta increased.
In terms of trends in each district, the report notes that the four main property categories reflect the trends that prevailed in each district in the first and second half of 2022.
Nicosia stood out in the first half in apartment sales since 1098, Limassol in land sales since 1098, Paphos in house sales with 357 and Larnaca in residential plot sales with 682.
