25.12.2022
According to the Land Registry, foreign investors have not lost interest in Cypriot property and are not discouraged by rising interest rates as sales doubled in the third quarter of 2022 compared to last year.
Speaking at the annual general meeting of the Cyprus Real Estate Agents Association (CREAA), Elikkos Elia , Senior Land Registry Officer, confirmed that foreign investors are still the driving force behind the Cyprus property market.
“Real estate remains a sound investment even as returns decline due to international events, while the sector can offer opportunities even in the harshest of circumstances,” said Elia , who reported a 100 percent increase in transactions involving foreigners.
“The increase in interest rates has not affected the real estate market as the latest statistics show that the number of documents for sale increased by 36% compared to the same period last year and by 26% compared to 2019.”
Elias noted that the demand for real estate has increased due to “major foreign IT companies moving their headquarters to Cyprus, which has led to a sharp increase in demand for office and residential space, especially in Limassol .” He added that the demand for luxury real estate is also increased.
Elia argued that “the data of the past two years, despite revealing a trend of uncertainty due to the pandemic and the ongoing war in Ukraine, show that investments in the sector act as a counterbalance and protect the Cypriot economy.”
He added that the pressure of international events on the island’s real estate sector will depend on the length of the war.
In the first eleven months of 2022, 12,074 sale documents were filed, up from 9,063 last year, a 33% increase, according to Land Registry data.
This is the best eleven-month period since 2008, when sales reached 14,043 units.
