The real estate sector is showing its strength

11.07.2022

The real estate sector maintained its momentum in the second quarter of 2022, according to comparative real estate sales data from the Department of Land and Geodetic Works, which was processed and presented in the Real Estate Registration Board’s second quarterly Real Estate Market Bulletin.

According to the data, 5,442 sales worth €1.2 billion were registered in Cyprus. During the next quarter, despite the conditions of strong uncertainty and rising inflation, interest in apartments, as well as plots and other plots of land, was especially high.

In the province of Nicosia, 1620 transactions were recorded for a total of €268 million. The largest volume of transactions concerned apartments (562) and plots (409). In the province of Limassol, both the total sales volume (1641) and in general their value (587 million euros) were higher than in any other province. Particular interest was noted in the fields (410).

In the Paphos area, sales in the second quarter reached 832 for a total value of €174 million. Paphos had the highest number of houses sold (154) in the following quarter, with most of these being detached houses. In Larnaca, there were 1,034 sales for a total value of €173 million. Finally, in Famagusta, there were 295 transactions for a total of €59 million , with interest in fields still strong for the quarter (174).

Real Estate Agents Registration Council President Marinos Kinaigiro commented that the data shows that despite challenges, the market is showing resilience and adaptability. “We believe the coming months will be more challenging as household purchasing power continues to be under pressure and businesses may delay investment decisions. At the same time, the forthcoming increase in lending rates will also serve as a deterrent to real estate acquisition decisions.”

For the first time, the Council has provided access to Cadastre and Land Management Department comparative real estate sales to all licensed real estate agents as part of its ongoing efforts to increase transparency and information for professionals and the public alike. 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 state of the property market in Cyprus.

Volume and value of the deal

Transactions by property type, by province (Q2 2022)

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