11.07.2023
The value of real estate transactions in the second half of the year amounted to 1.52 billion euros, while the market was affected by inflation and rising construction costs.
According to data compiled by the Real Estate Agents Registration Board, real estate transactions in the previous two quarters amounted to 1.7 billion euros.
Marinos Kineiro, President of the Council, said that the real estate market has shown resilience, but “the challenges are getting worse and no one should underestimate them.” “The real estate sector is a big contributor to the economy and the government needs to strengthen the sector to keep its momentum going,” he added.
According to the data, there were 5,974 transactions totaling €1.52 billion, down compared to the first quarter of the same year in both value and number of transactions.
Compared to the second quarter of 2022, the number of transactions has generally remained the same, but the value has increased significantly due to price increases. The value of properties sold in the second quarter of last year was $1.2 billion.
