The real estate market picked up speed in the 2nd half of 2022

08.02.2023

There has been a significant increase in real estate sales in the second half of 2022 compared to the first half, as can be seen from the comparative real estate sales data of the Department of Cadastre and Land Management, which the Council processes and presents in its quarterly report. The good performance of the first half of 2022 further strengthened in the second half of the year both on the transaction and value side.

In particular, in the first half of the year, 10,680 real estate transactions were made for a total of 2.5 billion euros, and in the second half of the year the number of transactions increased to 11,449, and the total value of real estate sold reached 3.3 billion euros.

The President of the Board of Registration of Real Estate Agents, Marinos Kinaigirou, notes that the dynamics of the real estate sector over the past year have made a decisive contribution to the positive growth rates of the Cypriot economy. “It is very important that the next government takes seriously the parameters affecting the market and the real estate sector in general, so that it can be supported and continue to work both during the obviously difficult year that we are going through, and in the long term. – comments Marinos Kinaigeiros.

Limassol topped the ranking

Limassol and Nicosia are leaders in the real estate market, both in terms of transaction volume and value. As can be seen from the Department of Cadastre and Land Survey data, in both provinces, the market moved better in the second half of 2022 than in the first. In Nicosia, the volume of transactions completed in the second half of the year was lower compared to the first, but the value of the property sold was higher. On the contrary, in Limassol in the second half of the year there was an increase in both the volume of transactions and the value. Limassol’s performance strengthened in the second half of the year, taking into account the fact that the value of purchase and sale transactions exceeded the value of transactions in the first half by almost 0.5 billion euros.

Volume and value of the deal

2022 has been one of the best years for the real estate sector in the city and province of Paphos. The dynamics of the first half of the year was significantly strengthened in the second half of the year, when the value of real estate sold exceeded €0.5 billion. An increase in the volume of transactions and the value of real estate sold was recorded in the second half of the year in both Larnaca and Famagusta, while the market in the city of Zenon shows a significant increase.

Volume and value of the deal

Trends by province

The four main property categories reflect the trends that prevailed in each province during the first and second semesters of 2022. Nicosia stood out in the first half for apartment sales (1098), Limassol for land sales (1098), Paphos for home sales (357) and Larnaca for land sales (682).

In the second period, Limassol excelled, regaining its place as the leader in apartment sales (877), while Nicosia fell in the ranking (819). Paphos ranked first in home sales (414), while Larnaca and Famagusta recorded a significant increase in home and apartment sales compared to the first half of 2022. It is noted that in many cases the objects categorized as fields or plots also include some buildings.

Transactions by type of property, by province 2022

Source and photo: inbusinessnews.reporter.com.cy, Editor estateofcyprus.com