The dynamics of the real estate sector in the first quarter of 2022 is reflected in the Department of Cadastre and Land Management data on comparative real estate sales processed and presented in the first quarter of “Real Estate Market Information”. Council for the registration of realtors.
According to the data, 5258 sales were registered in Cyprus for the amount of 1,272,553,880 euros. As expected, Limassol and Nicosia are getting the lion’s share, while the rest of the provinces are also moving very positively. The figures also indicate a strong interest in land acquisition, with fields, plots and other parcels of land being the most sought after by buyers, perhaps as an alternative source of investment. At the same time, the figures reflect a significantly increased demand for apartments. With the exception of the province of Paphos, all other provinces sold more apartments than houses.
In the province of Nicosia, 1,574 transactions were registered for a total of 313,076,363 euros. The largest volume of transactions concerned apartments (536) and plots (472). In the province of Limassol, both total sales (1581) and their value (573,192,094 euros) were higher than in any other province. Particular interest was noted in fields (688) as well as plots of land (439).
In the Paphos area, sales in the first quarter reached 887, with a total value of 186,819,085 euros. Notably, Paphos recorded the most home sales (247), more than any other province. In Larnaca, sales amounted to 958 units, and their total cost is 145,264,178 euros.Finally, in the province of Famagusta, 258 operations were carried out for a total of €54,202,160, with high interest in the fields (162).
President of the Real Estate Agents Registration Council Marinos Kinaigiru commented that the data shows that the market continues to show an upward trend despite serious problems recorded in recent months. “This once again proves the resilience of the market, as well as the confidence shown in this sector by Cypriot and foreign property buyers,” he commented.
As a reminder, for the first time, the Council has provided access to Department of Land and Land Management Comparative Real Estate Sales to all licensed real estate agents as part of its ongoing efforts to increase transparency and information for both professionals and the public. The Council will present sector data as it becomes available on a quarterly basis to ensure that stakeholders are kept up to date on the progress of the property market in Cyprus.