Cyprus property market holding up despite economic sentiment

Association of Real Estate Agents and Entrepreneurs of Cyprus (Skek) president Andreas Kaouris on Thursday said that despite the challenges, combined with the decline in global real estate prices, Cyprus’ property market is holding up, with sales continuing their upward trend.

According to data that Kaouris’ provided during the association’s annual general meeting, real estate sales in the first ten months amounted to 10,781 in total, up 7,914 last year in the corresponding period of time, while the first ten months of 2022 were better than the corresponding period in 2008.

In addition, the sales documents filed with the Land Registry in November 2022 amount to 12,074, up from 9,063 last year, marking an increase of 33 per cent.

“This is the best eleven months since 2008 when sales reached 14,043 units,” Kaouris said.

The meeting, which took place on December 21, in Nicosia, was attended by the Disy president and presidential candidate Averof Neophytou, the president of the Parliamentary Committee on the Interior Aristos Damianou, the deputies of Diko Pavlos Mylonas and Panikos Leonidou, Edek’s Marios Hannidis, Land Registry officer Neoklis Neocleous, as well as the Cyprus Chamber of Commerce and Industry’s (Keve) Christos Petsides.

Kaouris also stressed that there is a steady upward trend in the demand for real estate from foreigners.

He described the situation with rental properties in both Limassol and Nicosia as “tragic”, before calling on the state to promote measures for affordable housing.

What is more, Kaouris made a special reference to the exercise of illegal real estate brokerage, stressing that illegal real estate agents, whose number is constantly increasing, are profiting at the expense of both buyers and the state.

“As an association, we are ready to cooperate with both the government and the House of Parliament and all the relevant bodies, in order to jointly find solutions to this perennial problem, which deprives the state of millions in legal revenues and at the same time discredits Cyprus internationally,” Kaouris concluded.