Cyprus real estate market will recover by 2023; conclusions yet to be drawn - Cyprus Mail.

According to the president of the Cyprus Council for the Registration of Estate Agents, Marinos Kineirou, the local real estate market has shown better results for 2023, but final conclusions can only be drawn after the year is over.

"Obviously, this year's data is much better than the results of the first half of 2022," Kineiru said. He urged not to forget that the first half of 2022 was particularly challenging due to pandemic measures, as well as the outbreak of war in Ukraine and increased economic uncertainty, which limited the market. "I believe that more meaningful conclusions will be drawn once the second half of 2023 data is available," he added.

Despite''Challenges arising from the economic environment, the Cyprusreal estate market has shown strength and resilience in the first half of 2023, recording a significant increase in both volume and value of sales compared to the same period in 2022. According to data from the Land and Cadastre Agency provided by the CyprusReal Estate Agents Registration Board, the total number of completed real estate transactions in the first half of 2023 amounted to 12,162, with a value of €3.2 billion. Compared to the same period in 2022, when 10,700 properties with a total value of almost €2.5 billion were sold, this represents an astonishing increase of 28% in terms of sales volume and 13.6% in terms of the number of transactions.

"If we compare, for example, the data from the second half of 2022 with the first''Half year 2023, we are seeing an increase in the number of transactions but a decline in the overall value of sales,' Kineiru said. "We look forward to seeing how the market will develop in the second half of the year as loan rates continue to rise, which inevitably affects the demand for mortgages," the council president added.

While the capital Nicosia experienced a slight decline in sales in the first quarter of this year compared to the same period in 2022, other regions in Cyprus showed positive growth in both volume and value of sales. Especially Limassol, Paphos and Larnaca have recorded significant increases.

The Cyprus Council for the Registration of Estate Agents said they remain optimistic about the outlook for the market in the coming months. They predict an increase in sales activity in the summer, especially in August, mainly due to the influx of Cypriot tourists during the summer vacation period. In addition, the council expressed confidence that the upcoming months of September and October will offset any stagnation in the market that was experienced at the beginning of the year. The council noted that the overall resilience of the market is due to the efforts of the Cypriot government, which is trying to attract more tourists, especially from Central European countries, which have historically supported tourism''Cyprus' real estate sector. The Council concluded its statement by saying that various government initiatives and measures will help strengthen the real estate market and contribute to its further growth.