08.05.2023
The annual volume of real estate transactions in Cyprus continued to grow in the first quarter of the year according to the submitted sales documents, up 26.6% compared to the same period last year, according to the Real Estate Registration Board.
The Council’s latest quarterly report showed that there were 6,188 real estate transactions registered in the first quarter of this year, totaling €1.7bn, compared to €1.3bn in the first three months of last year.
The latest boom in the island’s real estate sector has been associated with the relocation of high-tech firms and their employees.
At the district level, only in the capital there was no significant increase in real estate sales.
Nicosia remained at the same level as in the first quarter of 2022, with the volume of transactions slightly increased to 1597. However, the value of transactions decreased, as properties sold in the first quarter of this year were worth 257.5 million euros, compared to 313 million for the same period last year.
In Limassol, the value of purchase and sale transactions in the first quarter of 2023 exceeded 908 million euros for 2097 transactions, which is significantly increasing year on year.
In the corresponding quarter of 2022, properties worth €587 million were sold in Limassol.
Paphos appears to be maintaining the momentum of recent years as both the volume and value of transactions increased significantly in the first quarter of the year, both year-on-year and quarterly.
The value of properties sold in the reporting period in the Paphos area remains above 250 million euros for the third quarter in a row.
Accordingly, the real estate market in Larnaca also saw a significant year-on-year increase in the volume and value of transactions. The value of properties sold in the first quarter of 2023 was just over 200 million euros, while in the corresponding quarter of 2022 it was 145 million euros.
Famagusta area also saw an increase in the value of properties sold in the first quarter of the year, which reached 57.3 million euros compared to 54 million euros in the corresponding quarter last year.
In terms of property categories, the Real Estate Registration Board noted that the housing market is gaining momentum, as reflected in the 931 sales registered in the first quarter of this year. It is noted that for the whole of 2022, 2175 houses were sold.
Chairman of the Board Marinos Kineiro warned that inflation, rising lending rates and rising building material costs are putting downward pressure on demand.
