This article was edited by Liu Lanting-Katrina
2022
May Property Report
—— Cyprus report ——
Latest property situation in Cyprus
Based on the number of sales contracts deposited with the Cyprus Land Authority, property sales in April 2022 hit a 14-year high with a total sales volume of 938, an increase of 13% over 21 years.
According to the latest data, in May 2022, property sales in Cyprus reached a new high, with total sales reaching 1,143. This is a 50% increase from May 2021, setting a record for the fifth consecutive month.
overview
Is it abnormal for a property to grow against the trend?
2. Cyprus real estate domestic market
3 Cypriot real estate overseas market
Unconventional operations
01 Contrarian growth, abnormal performance? <<<<
1) Affected by the Russian-Ukrainian conflict and the epidemic, the annual inflation rate in Cyprus rose from 8.8% in April to 9.1% in May, the highest rate in nearly 40 years.
2) The government plans to purchase subsidies that have ended at the end of 2021. (A 1.5% interest subsidy for up to €400,000 on a home loan for a home purchase is provided for a period of four years.) ）
3) In November 2020, the project for foreign investors to obtain a Cyprus passport (known as the "Golden Passport") was discontinued.
Affected by the above three situations, the enthusiasm of customers to buy a house in Cyprus should be suppressed, but why is the Cypriot real estate market able to stand firm and continue to show an upward trend?
Let's look down together
Overall overview
Although sales in Nicosia fell slightly by 7% in May this year, sales in the remaining four regions increased compared to May 2021. Among them, Limassol had the highest sales, followed by Paphos, Larnaca, Nicosia, and Famagusta.
(Comparison of Gross Real Estate Sales Transactions 2021/2022)
Sales reached 5,090 in the first five months of 2022, up 42% from 3,577 units in the same period in 2021.
Cyprus property domestic market
28% yo-yoy in May
Domestic sales in May this year increased by an overall 28% compared to May 2021. Although Famagusta's sales declined, it was offset by growth in the remaining four regions. Among them, Limassol had the highest sales, followed by Nicosia, Larnaca, Paphos and Famagusta.
(These figures include unreported numbers of "non-sale" agreements, such as loan restructurings, recoveries, and swaps of debt assets between banks and defaulting borrowers.) Note: The Land Office does not record these)
(Domestic Sales Transactions – 2021/2022 Comparison)
Domestic sales in the first five months of 2022 reached 2,935, up 18 percent from 2,482 in the same period in 2021.
Cyprus overseas market sales
Overseas markets are great
Real estate sales to foreigners increased by 94% compared to May 2021, with sales growing in all regions except Nicosia.
Limassol had the highest sales, followed by Paphos, Larnaca, Famagusta and Nicosia.
(Total Overseas Sales Transactions – 2021/2022 Comparison)
Overseas sales reached 2,155 in the first five months of 2022, up 97% from 1,095 in 2021.
Foreign Sales (EU Nationals)
Sales to EU nationals increased by 48% compared to May 2021, with sales growing in all regions except Nicosia.
Paphos had the highest sales, followed by Limassol, Larnaca, Famagusta and Nicosia.
(Foreign (EU) Sales Transactions – 2021/2022 Comparison)
Sales to EU nationals reached 1,022 in the first five months of 2022, up 97% from 519 in the same period in 2021.
Foreign Sales (Non-EU Nationals)
Sales to non-EU nationals increased by 149% compared to May 2021, with sales growing in all regions except Nicosia.
Limassol had the highest sales, followed by Larnaca, Paphos, Famagusta and finally Nicosia.
(Foreign (Non-EU) Sales Transactions – 2021/2022 Comparison)
Sales to non-EU nationals reached 1,022 in the first five months of 2022, up 97% from 519 in the same period in 2021.
Cyprus real estate market, do not fall but rise operation
Is it to break the mold, or to hide business opportunities
What do you think?