Annual property sales jump 18%

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Property sales increased by 18% during the first nine months of 2022, compared to the same period last year.

Also, the number of sale agreements submitted to the Land Registry increased by 36%, Director of the Department, Elikkos Elia, has told Cyprus News Agency.

Elia said that 10,000 sale agreements are submitted annually and the exchange of 16,000-17,000 properties as a gift.

He also pointed out the Department’s significant role in the country’s economy, saying that 18,000-19,000 property sales are registered yearly, with their value amounting to €3-4 billion.

According to the Department’s data, 18,463 property sales, valued at €3.19 bln, were registered in 2021, 15,406 of which were sold to Cypriots, 1,987 to EU citizens and 1,070 to third-country nationals.

In 2020, 14,663 properties were sold, valued at €2.73 bln; in 2019, 17,988 properties were valued at €3.55 bln; in 2018, 8,336 properties were sold, valued at €3.61 bln.

There were 10,347 sale agreements submitted in 2021, 7,968 in 2020, 10,366 in 2019 and 9,242 in 2018.

Elia said these numbers appear to be greater in 2022, as the data for the first nine months show an  18% increase compared to 2021.

He also noted that visitors to the Land Registry Department web portal increased to 4.83 million in 2021, compared to 3.95 mln in 2020 and 3.85 mln in 2019.

Digital applications in 2021 were 179,141, higher than the 112,943 in 2020 and 65,381 in 2019.