31.03.2022
Significant mobility is recorded in the real estate sector in all provinces of Cyprus, as follows from the relevant data of the Land Registry, there is an increase in the filing of documents for sale in the first quarter of 2022 compared to last year.
Sales are also at a high level, exceeding half a million euros, while the number of buyers inside and outside the European Union has increased.
Sales documents +65%
In the first two months of 2022, there is a 65% increase in sales documents as we had a total of 1907 sales documents in the provincial land registers this year compared to the corresponding period last year with 1159 sales documents.
In particular, Paphos province as a whole saw the largest increase in trade documents of 126% as it had 192 trade documents between January and February 2021 and 433 in the corresponding months of this year. Limassol province was also significant with a total 98%. However, the biggest increase occurred in February of this year, when there were 377 trade documents compared to the corresponding month last year, when there were 171. In other words, there was a 120% increase.
It is worth noting that for the province of Famagusta, although there was a decrease of -16% in January this year, February filled this gap, showing a 28% increase in the number of trade documents submitted. Larnaca also significantly increased the movement of trade documents by 61% in the first two months, while in Nicosia the percentage remained stable with a slight upward trend.
Sales of half a billion euros
In terms of sales statistics, the Land Registry had 2,701 total cases and 2,995 plots, while the total declared amount was over 0.5 billion euros and the total amount accepted was 603 million euros.
Nicosia ranks first in the number of cases until February (851). It is immediately followed by Limassol (812), Paphos (467), Larnaca (461) and Famagusta (110). As for the figures, the picture is similar: in the first place is Nicosia (950), then Limassol (912), Paphos (504), Larnaca (501) and Famagusta (128).
The largest total declared amount was recorded in Limassol – 242,055,053.67 euros, and the lowest – in Famagusta (16,376,761.30 euros). The same happens with the total accepted amount: Limassol reaches 253,430,245.84 euros, and Famagusta – 18,505,625.13 euros.
Only February showed strong performance in the real estate market. According to the Land Registry, the total number of cases across Cyprus was 1,524 and the total number of cases was 1,694. The total amount claimed was close to 300 million euros, while the total amount accepted was just over 320 million euros. Limassol was the first in terms of deeds and sites, and the least was located in the province of Famagusta.
Inside and outside the EU
In total, 228 properties were sold to citizens outside the EU in the first two months of 2022, while almost twice (427) were sold to citizens inside the EU, according to the Land Registry.In both cases, comparing two months of last year with this year, we see that sales have doubled.
Something similar is observed in the number of buyers and transfers over the same period as in 2021 for citizens within the EU. 288, while this year they reached 549 for citizens outside the EU; last year there were 136, and this year 276.
