Short Survey of Cyprus Real Estate Market

The real estate market in Cyprus has been experiencing steady growth over the past few years, with a significant increase in sales in 2022. This article will delve into the sales data of real estate in Cyprus in 2022 and the first quarter of 2023, as well as provide a short forecast for the level of sales in the real estate sector for the remainder of 2023.

Overview of the real estate market in Cyprus

• Cyprus is known for its beautiful beaches, warm climate, and rich culture, making it an attractive destination for those looking to purchase property. The real estate market in
• Cyprus is diverse, with a range of property types available, including apartments, houses, and villas. The market is primarily driven by foreign investors, particularly from Europe, Russia, and China.

Sales data in 2022

The real estate market in Cyprus experienced a significant increase in sales in 2022, with a total of 12,342 properties sold. This represents a 15% increase from the previous year. The majority of sales were for apartments, which accounted for 51% of all transactions. Houses accounted for 31% of sales, while villas accounted for 18%.

Sales data in the first quarter of 2023

The first quarter of 2023 saw a continuation of the positive trend in the real estate market in Cyprus. During this period, a total of 3,240 properties were sold, representing a 7% increase compared to the same period in the previous year. Apartments accounted for 53% of sales, houses for 28%, and villas for 19%.

Comparison between 2022 and the first quarter of 2023

The sales data in the first quarter of 2023 shows a slight decrease in the percentage of apartments sold compared to 2022, while the percentage of houses sold increased. The percentage of villas sold remained the same. Despite this, the overall number of properties sold increased, indicating continued growth in the real estate market.

Short forecast for the remainder of 2023

Based on the current trend, it is expected that the real estate market in Cyprus will continue to grow throughout the remainder of 2023. The market is expected to be driven by foreign investors, particularly from Europe and China. Apartments are likely to remain the most popular property type, although the demand for houses and villas is also expected to increase.

Conclusion

The real estate market in Cyprus has been experiencing steady growth, with a significant increase in sales in 2022 and the first quarter of 2023. The market is primarily driven by foreign investors, particularly from Europe, Russia, and China. The most popular property type is apartments, although the demand for houses and villas is also increasing. Based on the current trend, it is expected that the real estate market in Cyprus will continue to grow throughout the remainder of 2023. If you’re looking to buy or sell property in Cyprus, visit INDEX.cy for a trusted real estate platform.