Cyprus property market buoyed by corporate demand

Council for Registration of Real Estate Agents president Marinos Kineyirou this week said that the domestic property market continues to exhibit great resilience, although he conceded that the various concurrent adverse economic indicators will inevitably leave their mark at some point in the future.

“We estimate that at some point inflation, the rise in construction costs and the increase in lending rates will affect the property market,” Kineyirou said, commenting on the latest figures released by the land registry department.

“However, it appears that there is an increased demand for properties, particularly from international companies, mainly for large prime plots, primarily in Limassol, Larnaca and Paphos,” he added.

According to a land registry report regarding the real estate sector in Cyprus during the third quarter of 2022, there were 5,566 property transactions with a total value of €1.65 billion during this time.

For comparison, the total value of transactions during the second and first quarter of the current year amounted to €1.2 billion and €1.3 billion respectively.

“Despite still having to withstand strong inflationary conditions, the real estate sector further increased its momentum during the third quarter of the year,” the Council for Registration of Real Estate Agents said in a statement.

In the Paphos district, there were 876 property sales during the third quarter with a total value of €276 million.

During this period of time, four large land transactions were completed in Ayia Marina with a total value exceeding €65 million.

In Larnaca, there were 1,147 property sales overall with a total value of €188 million.

In the Famagusta district, there were 320 property transactions with a total value of €63 million, with a strong interest in apartments being reflected by the types of properties being sold during this time.

The council said that it has previously “ensured access to the land registry’s comparative real estate sales figures to all licensed real estate agents as part of its continuous effort to increase transparency and information for both professionals and the public”.

“The council presents the data of the sector as it emerges from the relevant report, on a quarterly basis, so that there is a continuous update of the interested parties on the course of the real estate market in Cyprus,” the council concluded.