Property sales in Cyprus are breaking records for the sixth month in a row.
In June 2022, 1,173 sales transactions were concluded on the island, which is 27% more than in the same month of 2021.
From January to June 2022, 6,263 units were sold in Cyprus compared to 4501 in the same period of 2021. The growth was 39%. According to the Cyprus Land Registry, this is a 14-year record (since 2008).
The leader in the number of properties sold in Cyprus in June 2022 was Limassol. The city had 391 new contracts (310 in June 2021). The increase was 26%. From January to April, 2,149 housing units were sold in Limassol, compared to 1,396 for the same period in 2021. The growth was 54%.
In second place was Nicosia. In the capital of Cyprus, 264 properties were sold in June 2022, compared to 226 in June 2021. The growth was 17%. In the six months of 2022, housing sales in Nicosia increased by 3% (1,378 transactions compared to 1,336 in the same period last year).
The third city was Larnaca. 226 contracts for the purchase and sale of housing were signed here in June 2022, compared to 145 in June 2021. The increase was 56%. From January to June, 1,122 housing units were sold in Larnaca, compared to 711 for the same period in 2021. The growth was 58%.
Then follows Paphos. In this city, 225 properties were sold in June 2022, compared to 157 in June 2021. The growth was 43%. From January to June 2022, housing sales in Paphos increased by 72% (1305 transactions compared to 758 in the corresponding period last year).
It is noteworthy that the free areas of Famagusta became the only region of Cyprus where negative sales dynamics were recorded. So, in June 2022, 67 properties were sold here compared to 86 in the same month of 2021. The decrease was 22%. From January to June, 309 housing units were sold in the free areas of Famagusta, compared to 300 for the same period in 2021. The growth was only 3%.
It is worth noting that the above figures include an unregistered number of "unsold" agreements, which include loan restructuring, debt collection and the exchange of debts for assets under contracts concluded between banks and insolvent borrowers in view of debt reduction.
The main factors that influenced the growth of real estate sales in Cyprus in June 2022:
- People are trying to buy a home before prices for building materials will affect real estate prices in the country.
- Currently, the Parliament is actively discussing changes the rules of usuing reduced VAT rates for new buildings, which worries many.
- Possible tightening of the criteria for granting a residence permit when buying real estate in Cyprus for foreign pensioners.
- Lifting of anti-covid restrictions.
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