24.06.2023
The recovery of Cyprus from the recession and triggered by the cancellation of the Cyprus Investment Program (CIP) in November 2020 has led to a notable rise in luxury real estate. It is predicted that in 2022 there will be a significant number of transactions for the acquisition of houses and apartments in excess of one million euros, representing an increase of 76% compared to the previous year. This indicates the revival of the real estate market and the interest of investors in this sector.
In particular, according to the 12th KPMG Real Estate Report, the total number of transactions in Cyprus for the purchase of property, houses and apartments in the amount of more than a million reached 405 last year. This number reflects an upward trend compared to previous years, as from 252 transactions in 2020 and an even lower number in 2021 (228), they increased in 2022, as mentioned above, to 405. This is an increase of 76% compared to 2021, which, as the report highlights, indicates a partial recovery in the sector and demonstrates that activity in this particular market is not only maintained, but even growing.
Painting by districts
As can be seen from the data presented in the KPMG report, the areas of Limassol and Paphos recorded the largest recovery in real numbers in 2022, as the number of real estate transactions worth more than one million approximately doubled.
In particular, in Limassol, from 167 in 2021, they increased to 301 in 2022, and in Paphos, from 30 in 2021 to 62 in 2022.
As for the rest of the districts, in Nicosia they reached 23 in 2022 compared to 18 in 2021, in free Famagusta to 10 in 2022 compared to 4 in 2021 and in Larnaca to 9 in 2022 compared to 2021 .
The table below shows the picture of real estate transactions worth more than one million by area and their fluctuations over the four-year period 2019-2022.
Documents for apartments
Of the total number of 405 transactions with a property value of over a million in 2022, 217 were for apartments, and in 2021 the number of transactions was 115.
The total number of transactions with all types of apartments was 9.015 in 2022, compared to 6.451 in 2021, and their total value was 2.1 billion euros, compared to 1.3 billion euros in 2021.
Documents for houses
At the same time, out of a total of 405 transactions with a real estate value of over a million in 2022, 188 concerned houses, and in 2021 – 113.
The total number of transactions across all home types was 4,460 in 2022, up from 3,622 in 2021, with a total value of $1.6 billion last year. A slightly increased amount compared to 2021, when their value, also in total, was 1.1 billion euros.
