17.01.2023
The Real Estate Agents Registration Board released a statement on Monday saying that the total value of all properties sold in Cyprus in 2022 reached approximately 6 billion euros.
“Among many challenges, the Cypriot real estate sector has shown resilience and dynamism, which is most clearly reflected in the comparative real estate sales data released by the Department of Lands and Surveys,” the council said in a statement.
According to the data, 22,129 properties were sold in Cyprus last year for a total of 5.85 billion euros. Moreover, the fourth quarter of 2022 was the busiest period of the year, with real estate sales reaching €1.7bn with a total of 5,883 transactions.
In comparison, real estate sales in the third quarter of 2022 reached a total of 1.65 billion euros, after sales of 1.2 billion euros and 1.3 billion euros in the second and first quarters, respectively.
President of the Board of Registration of Real Estate Agents Marinos Kineiro said that it is very important that “the real estate sector is able to strengthen and grow during an extremely difficult period. However, a number of issues, including inflation, rising interest rates, the cost of building materials and the situation following the introduction of a reduced VAT rate of 5% for homebuyers for the first time, are expected to impact demand.”
Limassol recorded the largest volume of sales, with 6,945 real estate transactions registered in the previous year, valued at €2.86 billion .
Nicosia followed with 6,237 transactions totaling €1.2 billion.
“The real estate sector in the city and region of Paphos has strengthened significantly in 2022,” the council said in a statement. “This is reflected both in the total number of transactions, which amounted to 3,593 real estate sales, and in their total value, which reached 890.4 million euros,” the department added.
In Larnaca , 4,160 transactions were registered in 2022, totaling 666.2 million euros.
In addition, 1,194 real estate transactions were completed in the Famagusta area for a total of 238.4 million euros.
“The four main property categories reflect the trends that prevailed in each province in 2022,” the council said in a statement. “In particular, the total number of real estate transactions related to houses reached 2,175, with about a third of them in the Paphos area,” the department added.
In addition, a total of 5,568 transactions involved the sale of apartments, with the majority of them in the Nicosia and Limassol areas .
The largest volume of property sales occurred in Limassol , followed by Nicosia and Larnaca .
