Cyprus Real Estate news

Statistics of real estate sales in the Republic of Cyprus in 2022

In 2022 in Cyprus, more than 22 thousand deals for the purchase of real estate worth 5.85 billion euros were carried out. A large proportion of sales were apartments and houses sold in Limassol. Real estate sales rose by 35% and the number of transactions with foreign buyers doubled compared with 2021. In 2023, experts unanimously predict a further increase in sales, mainly due to the ongoing infrastructure projects and foreign investors. Shipping and IT companies place their business on the island. Israeli businessmen showed great interest in Cyprus. They proposed large-scale projects in medicine, as well as residential and office construction.

More detailed statistics by regions of the Republic of Cyprus:
Limassol - 6,945 deals worth 2.86 billion euros
Nicosia - 6,237 deals worth 1.2 billion euros
Paphos - 3,593 deals worth 0.89 bn euros
Larnaca - 4,160 deals worth €0.67bn
Famagusta Free Territories - 1,194 deals worth 0.24 billion euros

In 2022, 2,175 houses, townhouses and private homes were sold, with a third in the Paphos area. Nicosia leads in transactions with apartments: 5568 apartments have changed owners. Limassol and neighboring villages have become the undisputed leader in deals with land, and a total of transactions with land for the year 2022 occurred 10 855 (with permission to build, farmland, etc.).

In 2023, experts expect that the upward trend in Cyprus will continue, predicting an increase in home sales in the following cities: Limassol - 5% a year, Nicosia - about 3%, Larnaca - about 1-2%, Paphos - about 5% and Famagusta area - 5%.

Marinos Kineiro, president of the Estate Agents Registration Board, said: "The property sector has been able to grow and develop during an extremely difficult period. However, factors such as inflation, rising interest rates on loans, the increasing cost of building materials, the likely tightening of the law on the charging of a reduced VAT rate for basic housing, are expected to affect demand in 2023."