'12,000 property sales in Cyprus in 2022.'

Read also:The Cyprus real estate market continues to recover strongly despite the uncertain economic environment caused by the energy crisis, with investors from Europe as well as Arab countries turning their attention to Cyprus.

The eleven months of 2022 were the most successful for the industry since 2008, according to data from the Department of Land and Cadastral Services on public sales. According to data reported in StatWatch, the number of sales documents filed with the Department of Land and Cadastral Services in the eleven months of 2022 totaled 1,274, an increase of 33% over last year (9,063). This is the best eleven month total since 2008 when''14043 real estate objects were sold.

Activity in the real estate market

Economist Tassos Yasemidis tells StockWatch that statistics released by the Department of Land and Cadastral Services show significant activity in the real estate market. He notes that there is a lot of interest from foreign investors in relatively small properties or apartments if rental income is currently quite high. "There is also growing interest from Europe and Arab countries in luxury homes, but perhaps less valuable compared to the last five years," he says.

Sales to foreigners and locals

The number of sales documents issued to foreigners is''5283 for the current year compared to 3169 last year, an increase of 66.7%, while sales to local residents are 6791 compared to 5894 last year with an increase of 15.2%.

The challenges of new construction

There are significant challenges facing new construction, such as significant increases in construction costs and aggressive interest rate hikes by Central Banks, which inevitably lead to higher lending rates. He also notes that there is an increased interest in office space, which has led to significant investment in Limassol and Paphos. "Technology companies and the financial sector are moving jobs and staff to Cyprus.

An increase in property sales

The biggest increase - 66.2% - was obtained this year in Paphos, where sales totaled 2,614 compared to 1,573 last year. This is followed by Larnaca, where sales increased by 47.3% to 2,172 compared to 1,475. Property sales in Limassol also increased by 44.4% and in Famagusta by 0.3%. There was a 0.4% decrease in Nicosia.

When it comes to November, the number of sales applications submitted amounted to 1,293 compared to 1,149 in November 2021, an increase of 13%. In October, the increase was 29%. According to the data, 10,347 applications were filed in 2021 compared to 7,968 in 2020, an annualized increase of 29.9%.

Source: stockwatch

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