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7th October 2022
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HomeProperty SalesBest eight months for real estate since 2008

Best eight months for real estate since 2008

According to official figures from the Department of Lands & Surveys, 972 real estate sale contracts were deposited at Land Registry offices in August compared with 724 during August last year; an increase of 34%.

The first eight months of 2022 have been the best eight-month period for the property market since 2008 (when 11,088 sales contracts were deposited in the first eight months.)

With the exception of Famagusta, where property sales fell by 17% in August, sales rose in the remaining four districts.

Limassol saw the greatest number of sales followed by Paphos, Nicosia, Larnaca and Famagusta.

Total Property Sale Transactions
Total Property Sale Transactions – 2021/2022 Comparison

Real estate sales during the first eight months of 2022 reached 8,453; a 39% increase on the 6,089 achieved in the same period last year and the highest number on record since 2008.

Total number of real estate sale contracts for years 2021 and 2022 by month
Total number of sale contracts for years 2021 and 2022 by month

Market segment analyses

Domestic real estate sales

Domestic real estate sales in August, as measured by the number of sale contracts deposited at Land Registry offices, rose 28% compared to August 2021. The only district recording a fall in sales was Famagusta.

Limassol saw the greatest number of sales followed by Nicosia, Larnaca, Paphos and Famagusta.

(In an unexpected turn of events, President Nicos Anastasiades signed a bill extending the moratorium on real estate foreclosures by several months; a measure proposed by MPs that was earlier condemned by Finance Minister Constantinos Petrides.)

Domestic Sale Transactions – 2021/2022 Comparison
Domestic Sale Transactions – 2021/2022 Comparison

Sales to the domestic market during the first eight months of 2022 sales reached 4,089, a 19% increase on the 4,089 achieved during the same period last year.

Sales to the overseas market

Sales to foreigners (non-Cypriots) were up 76% compared to August 2021 with sales rising in all districts with the exception of Famagusta, where sales fell by 17%.

Paphos achieved the greatest number of sales, followed by Limassol, Larnaca, Famagusta and Nicosia.

Total Overseas Sale Transactions
Total Overseas Sale Transactions – 2021/2022 Comparison

Foreign real estate sales during the first eight months of 2022 reached 3,578; a 79% increase on the 2,000 achieved in the same period last year.

Overseas sales to EU nationals

Sales to EU nationals rose 34% compared to August 2021. Although sales in Famagusta fell and sales in Nicosia remained steady, these were outweighed by increases in Paphos, Limassol and Larnaca.

Overseas (EU) Sale Transactions – 2021/2022 Comparison
Overseas (EU) Sale Transactions – 2021/2022 Comparison

Foreign real estate sales to EU nationals during the first eight months of 2022 reached 1,657; an 69% increase on the 981 achieved in the same period last year.

Overseas sales to non-EU nationals

Sales to non-EU Nationals rose by 117% compared to August 2021. Although sales in Famagusta fell, these were outweighed by increases in Limassol, Paphos and Nicosia and Larnaca.

The highest number of sales were recorded in Limassol, followed by Paphos, Larnaca, Nicosia and Famagusta.

Overseas (non-EU) Sale Transactions – 2021/2022 Comparison
Overseas (non-EU) Sale Transactions – 2021/2022 Comparison

Overseas sales to non-EU nationals during the first eight months of 2022 reached 1,921; an 89% increase on the 1019 achieved in the same period last year.

Cyprus real estate contracts deposited between 2000 and 2021

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