Pre-pandemic rates in the real estate market
The property market has been moving at a pace that predates the Coronavirus crisis
The real estate market is moving at pre-coronavirus crisis rates in the four months of 2023, as demonstrated by data from the land registry department on sales documents.
According to the data also presented in StatWatch , the sales documents filed in the land registry in the fourth month of 2023 amount to 4766 units from 3947 last year, marking an increase of 20.7%.
Compared to 2019, real estate sales show a 39.2% increase.
Market players point out that the strong investment interest from abroad in the Cypriot real estate market, for the second year in a row, pushes the prices of real estate and rents to the heights.
On the contrary, according to industry professionals, the increase in interest rates works as a deterrent for the domestic market by "braking" sales.
Paphos recorded the largest annual increase of 38.5%, with sales documents rising to 1159 from 837. It was followed by Larnaca, where sales increased by 34.2% to 898 from 669.
A 24.4% increase was also seen in property sales in Limassol and 22.2% in the free area of Famagusta.
In Nicosia, sales showed a decrease of 11.7%.
Compared to 2019, all cities recorded an increase except Famagusta.
As for April, sales documents filed stood at 1192 compared to 938 in April 2022, registering an increase of 27%. In March, the increase was 23%.
Source: stockwatch.com.cy
Photo: stockwatch.com.cy
3 May 2023
