03.11.2022
Despite the energy and cost-of-living crisis, the Cyprus property market is seeing rapid growth amid economic uncertainty. In the first ten months to October 2022, real estate sales were the best since 2008, according to land registry sales documents.
Sales documents filed with the Land Registry from January to October reached 10,781 from 7,914 in the same period last year, an increase of 36.2%. This is the best ten-month period since 2008, when sales reached 13,261.
WiRE FS Managing Director Pavlos Loizou said Nicosia was the slowest market with significant transaction volume. At the same time, significant growth was recorded in Limassol, Paphos and Larnaca (mainly due to foreign buyers). He argues that the distribution of interests has changed compared to 2019 and 2021 due to an increase in the number of foreign property buyers in coastal cities.
