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23rd May 2022
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HomeProperty SalesReal estate sales approached €1.3 billion

Real estate sales approached €1.3 billion

The value of real estate sales across Cyprus during the first quarter of 2022 reached almost €1.3 billion, according to official data from the Department of Lands & Surveys.

Commenting on the figures, the Real Estate Registration Council (SEK) said that the Land Registry data reflect the dynamic momentum of the real estate sector.

According to the Land Registry figures a total of 5,258 real estate sales were achieved in the first quarter of 2022 with a total value of €1,272,553,880. Commenting on the figures, SEK said: “As expected, Limassol and Nicosia had the lion’s share, while the other districts are moving quite positively.

“The figures indicate there’s great interest in the acquisition of land, as agricultural fields and building plots, possibly as an alternative source of investment.

“The figures also reveal an increasing demand for apartments in all districts with the exception Paphos where houses were more popular.”

Nicosia recorded a total of 1,574 sales, with a total value of €313,076,363. The largest volume of transactions related to apartments (536) and agricultural fields (472).

Limassol recorded the highest number of sales (1,581) and the highest value of €573,192,094 of all the districts. Particular interest was recorded for agricultural fields (688) and building plots (439).

Paphos sales in the first quarter reached 887 with a total value of €186,819,085. SEC commented that “It is noteworthy that Paphos recorded the highest number of house sales (247) of all the districts.”

Larnaca sales amounted to 958 with a total value of €145,264,178.

Famagusta recorded 258 sale transactions with a total value of €54,202,160 with interest being focused on agricultural fields (162).

Real Estate Market Prospectus

The Greek language Phileleftheros reports that the comparative real estate sales data has been processed and presented in the first quarterly “Real Estate Market Prospectus” of the Real Estate Registration Council. It provides a chart of the sales achieved in each district, which is presented below.

Nicosia Limassol Paphos Larnaca Famagusta
Houses 108 55 247 45 22
Apartments 536 164 232 179 47
Plots 269 439 154 477 18
Fields 472 688 282 255 162
Offices 22 14 2 3 0
Stores 15 28 5 18 1
Land 72 107 36 50 2

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