Property sales in Cyprus up across the board

Property sales in the first nine months of 2022 are up by 37.2 per cent, recording the most activity in the real estate market since 2008.

Limassol continues to lead the pack with 3,315 sales so far – compared to 2,221 last year –an increase of 49.3 per cent. 

But Paphos roared ahead with a whopping 69 per cent rise in sales as it recorded 2,028 transactions in the first nine months – compared with 1,200 last year. 

The latest data from the land registry department, published on Tuesday, showed that Larnaca has the second highest rate of increase at 53 per cent, with 1,734 sales this year.  

Nicosia (3.8 per cent increase at 2,043 sales) and Famagusta (1.9 per cent and 490 sales) recorded the lowest rates. 

Indeed, there have been 9,610 sales so far this year compared with 7,003 last year, an increase of 37.2 per cent. 

The increase compared to the first nine months of 2019 is at 24.2 per cent. 

August saw a considerable increase in sales at 34 per cent, while September saw 1,157 sales (compared with 914 last September) – an increase of 27 per cent. 

Stockwatch cited experts in the real estate sector who see demand remaining strong despite the fallout following Russia’s invasion of Ukraine and concerns over a looming financial slowdown. 

After the previous report from the land registry, released in mid-July, sources from the department told media that the rise in sales was mainly due to domestic demand.  

They said that people were investing in property due to the inflation crisis, while also hoping to get ahead of the increased lending rates.  

The July report, however, showed that sales in Paphos were up 72 per cent which have since decreased slightly to 69 per cent.  

A similar trend is evident across the board: Larnaca was at 57.8 per cent (now 53 per cent) and Limassol was at 53.9 per cent (now 49.3 per cent). 

The same is true for Famagusta which as of July recorded an increase of three per cent but this has since dipped to 1.9 per cent. 

Nicosia was an outlier as it notched a small rise from its 3.1 per cent in July to 3.8 per cent in October.