24.10.2022
Despite unfavorable economic conditions, in the Cyprus real estate market in the third quarter, the value of real estate transactions increased by 34%, increasing to 1.65 billion euros from 1.2 billion euros in the second quarter.
Real estate expert Marinos Kinaigirou said interest from Cypriot buyers remains stable, while demand from foreign companies is growing.
According to the Department of Land Resources and Geodesy, in the third quarter (July-September) there were 5,566 transactions worth 1.65 billion euros, from 1.2 billion euros in the second quarter to 1.3 billion euros in the first quarter.
“Despite the persistence of strong inflationary conditions, the sector further increased its momentum in the third quarter of the year,” the Real Estate Agents Registration Board said in a statement.
Limassol was the leader both in terms of total sales (1781) and their value (762 million euros), with increased interest in the fields (879).
In Nicosia, there were 1,442 transactions for 363 million euros. The largest volume of transactions concerned fields (485) and land plots (430).
Paphos recorded 876 sales in the third quarter, worth € 276m.
In the third quarter, Agia Marina recorded four major land transactions worth more than 65 million euros.
In Larnaca, there were 1,147 property sales valued at €188m and Famagusta had 320 transactions valued at €63m with high interest in apartments (114).
Real Estate Agents Registration Board Chairman Marinos Kinaigirou said: “We estimate that at some point inflation, rising construction costs and higher lending rates will affect the market; however, there seems to be increased demand from foreign companies, mainly for large first class plots in Limassol, Larnaca and Paphos.”
The Council provides access to Department of Lands Comparative Real Estate Sales to all licensed real estate agents as part of its efforts to increase transparency and information for professionals and the public.
The Council presents sector data every quarter.
