InsiderBusinessReal estate transactions in 2022 approached €6 billion

Real estate transactions in 2022 approached €6 billion

The value of real estate transactions in 2022 was €5.85 billion, a press release by the Cyprus Real Estate Registration Council on Monday said.

According to the data, 22,129 transactions with a total value of €5.85 billion were recorded throughout Cyprus in 2022.

In the fourth quarter of 2022 properties worth €1.7 billion were sold in a total of 5,883 transactions.

In the third quarter of 2022 transactions worth €1.65 billion were recorded, in the second quarter transactions of €1.2 billion and in the first quarter transactions of €1.3 billion.

In a press release, the president of the Registration Council of Real Estate Agents, Marinos Kineyirou, said that “the real estate sector in an extremely difficult period managed to grow and develop.”

“However, a series of challenges related to inflation, rising interest rates, the cost of construction materials and the new realities concerning the reduced 5% rate of VAT for the main residence, are expected to affect demand,” he added.

Cities

The largest volume of sales was recorded in Limassol with 6,945 real estate transactions worth €2.86 billion.

Nicosia followed with 6,237 transactions with a total value of €1.2 billion.

The real estate sector in the city and district of Paphos grew significantly in 2022. This is reflected both in the total number of transactions (3,593) and in their total value, which reached €890.4 million.

In Larnaca, 4,160 transactions with a value of €666.2 million have been recorded, while in Famagusta 1,194 transactions with a total value of €238.4 million have been completed.

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