HQ and Ukrainian refugees bolster property market - Financial Mirror

Despite high inflation, the Cypriot real estate market continued to grow steadily in 2022 thanks to demographic changes driven by the influx of high-tech companies and Ukrainian refugees who fled due to Russia's invasion, real estate analysts said.

According to PwC Partner Cyprus Constantinos Savvides, market growth last year was driven by an influx of foreign high-tech employees moving to Cyprus and Ukrainian refugees. According to PwC's in-depth analysis, the total value of real estate sold in Cyprus reached a record €5.2 billion in 2022, an annual growth rate of 27%. The number of properties sold amounted to 22,500, an increase of 12% over the previous year and 31% above levels'The 'shift is evident in the real estate and rental market. He argues that it will cause widespread direct positive effects on the Cypriot economy. "These are people who are contributing to the real economy by renting and buying property, shopping in local markets and visiting local restaurants," Savvides said. He noted that demographic changes are underpinning the sector's recovery, with foreign nationals preferring mainly apartments in Limassol and Paphos.

In 2022, foreigners purchased 5,928 properties in different parts of Cyprus (according to concluded sales contracts), compared to 3,691 properties in 2021, an increase of 61%. Approximately 57% of the properties sold to foreigners''properties in 2022 refer to buyers from outside the EU (2021: 50%, 2020: 61%).