1 2.07.2022
The Cyprus real estate sector is showing resilience and adaptability, Marinos Kineiro, President of the Board of Registration of Real Estate Agents, said on Monday.
However, Kineiro warned that the market will become more difficult in the coming months as household purchasing power continues to decline and businesses are likely to delay any major investment until later.
“At the same time, the upcoming increase in lending rates will also serve as a deterrent to property acquisition decisions,” Kineiro explained in a council statement.
In its Real Estate Sector Update for the second quarter of 2022, based on recently released data from the Department of Land and Geodetic Works, the council noted that there were a total of 5,442 sales worth €1.2 billion.
“For another quarter, despite conditions of great uncertainty and rising inflation, interest in apartments, as well as in plots and other plots of land, was especially high,” the council said in a statement.
In the Nicosia region, there were 1,620 transactions totaling €268 million, with the largest volume of transactions involving apartments (562) and land (409).
In the Limassol area, both the total sales volume (1641) and their total value (€587 million ) were higher than in any other area, with strong interest in land plots (410 transactions).
In the Paphos area, there were 832 sales in the second quarter of the year, totaling 174 million euros.
“Paphos recorded the highest number of home sales in the following quarter (154), with most of them classified as detached houses, while Larnaca totaled 1,034 sales totaling €173 million . ” – said the advice.
“In the province of Famagusta, there were 295 transactions for a total of 59 million euros, and another quarter showed that there is a lot of interest in land (174),” it added.
