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Real estate: Rally in sales, better than before covid o June

Real estate: Rally in sales, better than before covid o June

06.07.2022

Beyond any optimistic scenario, the real estate market is in motion, which recorded a continuous upward trend in the last quarter.

According to the Department of Lands and Surveys, property sales reached 1,173 in June this year, making it the best figure for 2022.

In fact, compared to June 2021 (924 sales), an increase of 27% was recorded. As for the first half of the year, the growth reaches 40% with 6,263 trade documents compared to 4,501 in the first half of 2021.

Limassol recorded the bulk of the sales, with 391 sales documents in June 2021 compared to 310 in June last year, representing a 26% increase. From January to June 2022, sales in Limassol increased by 54%, reaching 2,149 compared to 1,396 in the corresponding period last year.

Nicosia is picking up new momentum with 264 properties sold in June compared to 226 in the same month in 2021, representing a 17% increase. As for the first half of the year, sales records in the capital registered a slight increase of 3%, reaching 1,378 compared to 1,336 in the corresponding half of last year.

This June in Larnaca, sales grew by 56%, reaching 226 from 145 in the same month of 2021, and for the first half of 2022, the growth was 58%, with 1,122 sales documents compared to 711 in the first half of last year.

Property sales in Paphos also moved at the same level, reaching 225 in June 2022 from 157 in June last year, up 43%. For the period January to June 2022, Paphos has 1,305 sales documents out of 758 for the corresponding period last year, representing an increase of 72%.

On the other hand, this June saw a 22% decline in real estate sales in free Famagusta, which amounted to 67 compared to 86 in June last year. On the contrary, in the first half of the year, sales documents in this province rose by 3% to 309 from 300 in the corresponding period of 2021.

Real estate sales in June 2022 (1173) rose to higher levels than even after the pandemic.

Recall that in June 2019, sales reached 714 (an increase of 64.2%), and in June 2018, sales reached 858 (an increase of 36.7%).

In fact, if we compare the sales of the first half of 2022, which reached 6,283, with the corresponding sales of 2019, which reached 5,560, then the growth reaches 13%, and in relation to the first half of 2018 (4,470 sales documents), growth exceeds 40%.

Source and photo: inbusinessnews.reporter.com.cy, Editor estateofcyprus.com
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