The Cyprus real estate market continues to recover.
According to data published by the Department of Lands and Surveys on Friday, January 7, real estate sales in Cyprus in December 2021 increased by a record 74%, which was the highest figure in the last four years.
In total, in the last month of 2021, 1,284 contracts for the purchase and sale of residential and commercial real estate, as well as land plots, were concluded in the country. Compared to last year, this figure was equal to 737.
Such a jump at the end of the year is most likely due to the desire of the Cypriots to take advantage of the interest rate subsidy program, which was in effect until December 31.
In turn, over the year, real estate sales in Cyprus increased by 30%. From January to December 2021, 10347 housing units were sold in the country compared to 7968 in the same period of 2020.
The annual indicators of housing sales in Cyprus have almost returned to the pre-pandemic level (10,347 vs. 10,366).
Limassol became the leader in the number of properties sold in Cyprus in December.
The city has concluded 453 transactions of purchase and sale of housing compared to 217 in December 2020. The increase was 109%. In 2021, 3339 objects were sold in Limassol, compared to 2480 for the same period in 2020. The annual increase was 35%.
In Nicosia, real estate sales increased by 58% in December. In total, 307 purchase and sale transactions were concluded compared to 177 a year earlier. In 2021, 2824 objects were sold in the capital of Cyprus compared to 2054 for the same period in 2020. The annual increase was 37%.
In Larnaca, 199 real estate purchase and sale transactions were registered in December 2021, compared to 132 for the corresponding period in 2020, which is 51% more. In 2021, 1,674 objects were sold in the city compared to 1,296 for the same period in 2020. The annual increase was 29%.
In Paphos, 245 real estate objects were sold in December 2021, compared to 148 in the same month of 2020, which is 66% more. In total, 1,818 housing purchase and sale transactions were concluded in Paphos in 2021, compared to 1,554 for the same period in 2020. The annual increase was 17%.
Finally, in the controlled areas of Famagusta, 80 real estate purchase and sale transactions were concluded in December 2021, compared to 63 in the same month of 2020. The increase was 27%. In 2021, 692 objects were sold in this province, compared to 584 for the same period in 2020. The annual increase was 18%.
If you are looking for a property in Cyprus, then contact DOM. The website has a large selection of real estate - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.