The best year for real estate sales since2008.

The number of real estate purchase and sale agreements registered in the offices of the Real Estate Registry significantly increased in 2022 compared to 2021. According to official statistics from the Department of Land and Survey, the total number of registered agreements amounted to 13,409 in 2022, which is 30% more than in 2021, and is the highest number since 2008 (when 14,667 purchase and sale agreements were registered).

In December, the number of real estate sales reached 1,335, which is 4% higher than in December 2021. Although this is the highest figure for December since 2008, it is only 4% different from the 1,284 sales made in December 2021.

The highest increase in real estate sales is in December.

The highest increase in real estate sales in December was recorded in Larnaca, where sales rose by 16% compared to December 2021. There was also an increase in sales in Limassol (10%) and Paphos (7%). However, sales in Nicosia, which began to slow down in October, fell by 13% compared to December 2021, while sales in Famagusta decreased by 1% after a 14% drop in November. The slowdown in sales in December, which started in November, is likely a result of the geopolitical situation, rising interest rates, increased construction material costs, and inflationary pressures, which are now reflected in the island's real estate market. As we reported earlier this month, market experts expect the real estate market to stabilize in the coming years.

The total number of registered sales contracts for the years 2021 and 2022 by month.

Market segment analysis

In December 2021, local (Cypriot) buyers accounted for 690 (52%) of property sales, while 645 (48%) were purchased by foreigners. Out of the 645 properties bought by foreigners, 236 (37%) were acquired by EU citizens, and 409 (63%) were purchased by non-EU citizens.

Sales in the local market

Local real estate sales in December, measured by the number of registered purchase agreements in the Real Estate Registry offices, decreased by 9% compared to December 2021, with sales in Nicosia, Famagusta, and Limassol showing a decline. The highest number of sales was recorded in Limassol, followed by Nicosia, Larnaca, Paphos, and Famagusta.

Sales in the local market - comparison of 2021/2022.

Sales in the local market during 2022 reached 7,481, which is 12% more than in 2021, when 6,656 properties were sold.

Sales in the foreign market

Sales to foreigners (non-Cypriots) increased by 24% compared to December 2021, with sales growth in all areas. The highest number of sales was made in Limassol, followed by Paphos, Larnaca, Nicosia, and Famagusta.

Sales in the foreign market - comparison of 2021/2022.

Sales to foreign buyers in 2022 amounted to 5,928, which is 61% more than in 2021, when 3,691 properties were sold.

Sales to EU citizens

Sales to EU citizens decreased by 11% compared to December 2021, with a decline in sales across all areas except for Limassol, where they remained stable, and Famagusta, where they increased by 11%. The highest number of sales was recorded in Paphos, followed by Limassol, Larnaca, Famagusta, and Nicosia.

Sales to EU citizens - comparison of 2021/2022 years

Sales of foreignreal estate to EU citizens in 2022 amounted to 2,545, which is 39% more than in 2021, when 1,836 properties were sold.

Sales to non-EU citizens

Sales to non-EU citizens increased by 59% compared to December 2021, although sales in Famagusta remained stable. The highest number of sales was made in Limassol, followed by Paphos, Larnaca, Nicosia, and Famagusta.

Sales to non-EU citizens - comparison of 2021/2022.

Sales of foreignreal estate to non-EU citizens in 2022 amounted to 3,398, which is an 82% increase compared to 2021, when 1,855 properties were sold.