22.12.2022
The increase in interest rates did not affect the real estate market, as sales rose by 36% compared to the same period last year, according to Elikkos Elia , director of the Department of Lands and Surveys (DLS). He clarified that sales also rose by 26% compared to 2019, explaining that the increase in interest rates was offset by strong demand from foreign investors.
Investment from abroad is up 100% in the first three months of 2022 compared to last year, he said, pointing specifically to the headquarters of IT companies in Cyprus, mainly in Limassol , which is increasing the demand for office and residential space. “There is also an increased demand for residential lots or land suitable for development in better locations,” he added.
Until November 2022, 12,074 trade documents were submitted to the department, up 33% from last year. This will make the 2022 period the most active since 2008 with 14,043 sales.
Speaking at the annual conference of the Cyprus Association of Real Estate Agents (SKEK), Elia explained that the department is undergoing major changes as part of the EU recovery and resilience plan.
The main task of the department is to modernize the process of buying and selling real estate in such a way that “the public, the buyer and the investor are properly informed.” Elia said the department is working to simplify and expedite the process for issuing property rights.
Earlier this week, he said the department would upgrade and update its records so that each property was assigned to its owner with its identification number. He also praised Parliament’s decision late last month when it passed legislation extending until the end of 2022 the protections given to trapped property buyers.
