Cyprus Property Market Continues to Actively Recover

Рынок недвижимости Кипра продолжает активно восстанавливаться
2 November 2021 Liza Medvetskaya

The Cyprus real estate market continues to recover actively.

According to data published by the Department of Lands and Surveys on Tuesday, November 2, real estate sales in Cyprus increased by 22% in October 2021 compared to the same period last year.

In total, from January to September, 7914 contracts for the purchase and sale of residential and commercial real estate, as well as land plots, were concluded. Last year, this figure was 6508.

This increase is partly due to the low figures of last year due to quarantine, which significantly reduced economic activity, as well as the work of the land cadastre. By the way, in 2020, the volume of trade documents fell to the lowest level since 2016. 7968 housing units were sold, compared to 10366 in 2019. The annual decrease was 23.1%.

It is noteworthy that for several months now, the leader in the number of real estate sold in Cyprus has become Nicosia.

From January to October 2021, 2,215 properties were sold in the capital compared to 1,660 for the same period last year and 1,610 in 2019. The increase was 33% and 38%.

Sales in all other cities of Cyprus also increased compared to 2020.

In Limassol, home sales increased by 24% from January to October 2021. In total, 2,525 purchase and sale transactions were concluded compared to 2,036 last year.

In Larnaca, 1,277 real estate purchase and sale transactions were registered compared to 1,057 for the corresponding period last year, which is 22% more. 

In the controlled areas of Famagusta, 527 real estate purchase and sale transactions were registered compared to 470 for the corresponding period last year, an increase of 12%.

In Paphos, from January to October 2021, 1,370 properties were filed compared to 1,291 last year, which is 6% more.

However, compared to 2019, the number of transactions decreased in all cities except Nicosia.

The largest drop of 40% occurred in Paphos, while a decrease of 18% was recorded in Limassol. In Larnaca, the number of transactions fell by 37%, in the controlled areas of Famagusta - by 3%, in Nicosia - they increased by 38%.

As indicated by the Central Bank in its new report, Cypriots began to invest more often in small houses and apartments in all cities, thereby maintaining prices at a stable level. According to the Central Bank, the increase in the cost of building materials also plays an important role in maintaining the price level in the country. At the same time, the demand for real estate from foreign investors is showing signs of stabilization. Many foreigners are willing to invest in Cyprus housing in order to get permanent residence in the country.

Рынок недвижимости Кипра продолжает активно восстанавливаться

If you are looking for a property in Cyprus, then contact the DOM Real Estate portal.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.
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