06.01.2023
Sales in the Cyprus real estate market last year exceeded all expectations. Amid inflation and amid rising property prices and wider economic uncertainty, property sales recorded a 30% increase in January-December 2022 compared to the corresponding period in 2021.
In particular, according to the Land Registry, during 2022, 13,409 sale documents were submitted to the provincial Land Offices, compared to 10,347 in 2021.
However, in December 2022, there was a slight increase in property sales in Cyprus of only 4%, which amounted to 1335 from 1284 in the corresponding month of 2021.
Sales growth in Limassol and Paphos
Sales in Limassol grew by 10% in December last year, reaching 497 compared to 453 in December 2021, and in 2022 the growth reached 40%, with 4665 sales documents compared to 3339 in 2021.
After Limassol , the second place in the ranking of cities in the Cypriot real estate market is Paphos with 2876 property sales in 2022 from 1818 in 2021, with a growth of 58%. As of December 2022, the number of trade documents in Paphos has increased by 7% to 262 compared to 245 in December 2021.
The property market in Nicosia said goodbye to last year with a slight decline (only 2%), sales fell to 2773 compared to 2824 in 2021. In the last month of 2022, real estate sales in the capital fell by 13% to 267, compared to 307 in the corresponding month of 2021.
Larnaca property sales reaching 2402 compared to 1674 in 2021, and in December the number of sale documents reached 230 compared to 199 in the corresponding month of 2021, a 16% increase.
Unchanged compared to 2021 were property sales in Free Famagusta , which remained at 693 in 2022, while they also remained stable in December of the previous year, as they were 79 from 80 in December 2021.
