04.10.2022
The Cyprus real estate sector has proven to be resilient as it recorded the best nine months of sales since 2008, according to the Land Registry.
In the first nine months of 2022, 9,610 sale documents were filed with the Land Registry, up from 7,003 last year, an increase of 37.2%, according to the latest data. This is a record number of sales from January to September in 14 years. In 2008, there were 12,245 real estate sales in the first nine months.
Compared to the first nine months of 2019, real estate sales increased by 24.2%. Paphos recorded the biggest growth of 69% with sales documents reaching 2028 compared to 1200 last year. Next comes Larnaca, with sales up 53% to 1,734 from 1,133. Property sales were also up 49.3% in Limassol and 3.8% in Nicosia. In Famagusta, sales increased by 1.9%.
In September alone, 1,157 sale documents were filed, up from 914 in September 2021, representing a 27% increase. In August, the growth was 34%.
In 2021, 10,347 sales documents were submitted, up from 7,968 units in 2020, representing a 29.9% annual growth.
Real estate stakeholders are evaluating the dynamics of the real estate market after two years of lockdown and Covid restrictions, having survived the cost of living crisis and rising commodity prices caused by the war in Ukraine.
Marinos Kineiro, chairman of the Council of Real Estate Agents, argues that high demand to buy and rent, combined with limited supply, is pushing property prices up.
Much of the demand comes from the domestic market, with local buyers eyeing older properties unaffected by rising raw material costs.
“In addition, we have a lot of interest from Ukrainians and Russians, and the number of buyers from Israel and Lebanon is also increasing,” Kineiro said.
He said the next few months could be difficult for the market if the international financial and energy crises worsen. However, property prices are not expected to fall.
