Larnaca: over 145 million for property sales in the first quarter of 2022.

May 26, 2022 | Cyprus Economy

According to the data, a total of 5,258 sales worth €1,272,553,880 were recorded nationwide. “As expected, Limassol and Nicosia gather the lion’s share while the rest of the provinces are moving quite positively”, observes the real estate registration council.

“The data show the great interest that exists for land acquisition, since fields, plots and other pieces are particularly high in buyers’ preferences, possibly as an alternative source of investment. At the same time, the data reflect the significantly increased demand for apartments. With the exception of the province of Paphos, in all other provinces the apartments sold were more than the houses”, it is noted in the announcement, analyzing the data of the cadastre.

In Nicosia, a total of 1,574 transactions were recorded, with a total value of €313,076,363. The largest volume of operations concerned flats and fields. In Limassol, both total sales but mainly their value, which amounted to €573,192,094, were greater than any other province. Particular interest was recorded for Fields, but also for plots.

In Paphost, sales in the first quarter reached 887 and their total value was €186.819.085. “Remarkable is the fact that Paphos has recorded the most house sales, more than any other city,” notes the real estate registration council. In Larnaca, sales amounted to 958 and their total value to €145.264.178.

Finally, in the province of Famagusta, 258 operations were implemented with a total value of €54.202.160 with the interest being intense for Fields.

The president of The Real Estate Registration Council, Marinos Kineyirou, noted that the data show that the market continues to show an upward trend, despite the intense challenges recorded in recent months. “It proves once again the resilience of the market, but also the confidence shown in the sector by Cypriot and foreign buyers of real estate”, he commented.

The council secured for the first time access to the comparative property sales of the Department of Lands and surveys to all licensed real estate agents “as part of its ongoing effort to increase transparency and information for both professionals and the public”. According to the announcement, the council will present the data of the sector as they emerge from the data, quarterly, so that there is a constant update of interested parties on the course of the real estate market in Cyprus.

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