Cyprus’ real estate sector is proving to be resilient, as it has recorded its best nine months of sales since 2008, according to Land Registry data.
According to the latest data, sales documents filed with the Land Registry in the first nine months of 2022 amount to 9610, up from 7003 last year, marking an increase of 37.2%.
It is a record number of sales for January to September in 14 years. In 2008, the first nine months saw 12,245 property sales recorded.
Compared to the first nine months of 2019, real estate property sales marked a 24.2% increase.
Paphos recorded the biggest increase of 69%, with sales documents reaching 2028, compared to 1200 last year.
Larnaca followed, with sales increasing by 53%, reaching 1734, from 1133. A 49.3% increase was also seen in property sales in Limassol and 3.8% in Nicosia.
In Famagusta, sales improved by 1.9%.
For September alone, sales documents filed were 1,157 compared to 914 in September 2021, registering a rise of 27%. In August, the increase was 34%.
In 2021, the sales documents filed were 10,347 units compared to 7,968 in 2020, registering an annual increase of 29.9%.
Real estate stakeholders estimate the momentum in the property market after two years of Covid lockdowns and restrictions is surviving the cost-of-living crisis and raw material hikes powered by the Ukraine war.
Marinos Kineyirou, chair of the Real Estate Agents Council, argued that high demand for buying and renting, combined with limited supply, is pushing up property prices.
A big chunk of demand comes from the domestic market, with local buyers eyeing older properties that are not affected by the increased cost of raw materials.
“Additionally, we have much interest from Ukrainians and Russians, while buyers from Israel and Lebanon are also increasing”, said Kineyirou.
He said the next few months maybe be difficult for the market should the international financial and energy crises bite deeper. Still nevertheless, real estate prices are not expected to drop.