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€17 bln of properties sold in five years

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Property sales worth €17 bln have been recorded by the Land Registry since 2018, with 2022 being the best year, according to the latest data.

The value of the property sold between 2018 to 2022 will increase as transactions for some sales documents submitted have yet to be completed.

According to Land Registry data, the total value of the properties sold amounted to €17.3 bln, with the largest amount recorded in 2022 and the smallest in 2020.

Specifically, the value of properties sold in 2022 was €4.18 bln, compared to €3.19 bln in 2021, with €2.73 bln in 2020, €3.55 bln in 2019 and €3.61 bln in 2018.

The amount of €17.3 bln corresponds to 90,251 real estate sales over five years, for which a title deed has been issued, and the transfer has been registered with the Land Registry.

Last year, real estate sales reached 20,799 from 18,463 in 2021, 14,663 in 2020, 17,988 in 2019 and 18,336 in 2018.

Total real estate sales, with or without titles issued, were 148,689, of which 41,146 took place in 2022, 28,810 in 2021, 22,631 in 2020, 28,354 in 2019 and 27,578 in 2018.

Foreign buyers

European and foreign property buyers saw a sharp increase in 2022.

For the five years, Cypriot buyers were 79,287, Europeans 6,750 and from third countries 4,003.

Of the 20,799 sales made in 2022, 16,676 buyers were Cypriots, 2,645 were from the EU, and 14,78 were from outside the bloc, compared to 2021, where 15,406 properties were purchased by Cypriots, 1,987 properties by EU citizens and 1,070 from non-EU countries.

In 2020, Cypriot buyers were 12,231, Europeans 15,59 and foreigners 873, compared to 17,076, 524 and 388, respectively, in 2019.

At the same time, 78,502 property donations were made, of which the largest number was in 2022 and the smallest in 2020.

In 2022, 17,283 property donations were made from 16,781 in 2021, 12,952 in 2020, 15,947 in 2019 and 15,539 in 2018.