2022 was a good year for the real estate market, as the volume reached 6 billion euros, but sales are expected to decrease in 2023.
The Cyprus Real Estate Registration Council has published data in its quarterly "Real Estate Market Bulletin" on the sale of real estate for 5.85 billion euros in 2022 .
The council assured that the real estate market is developing, especially in the field of comparative sales, even despite the difficult economic situation.
The Land Registry has published data on the registration of 22,129 contracts for the purchase and sale of real estate for 2022.
The best indicators were achieved in the fourth quarter. During this period, 5883 transactions were concluded for a total of 1.7 billion euros .
In the first quarter, the amount amounted to 1.3 billion euros; in the second quarter, 1.2 billion euros . In the third quarter, the amount reached 1.65 billion euros .
Marinos Kineyirou, president of the Registration Council of Real Estate Agents, announced not only the stabilization, but also the growth of the real estate market, despite the difficult economic period.
He noted that next year we should expect a drop in indicators due to several factors: rising inflation and interest rates, as well as rising prices for building materials.
The highest figures were recorded in Limassol, where 6945 transactions totaling 2.86 billion euros were concluded.
In second place was Nicosia, with 6237 transactions worth 1.2 billion euros.
The growth of the real estate market has been recorded in Paphos. In 2022, 3,593 transactions worth 890.4 million euros were officially registered.
In Larnaca, the amount amounted to 666.2 million euros for 4160 transactions, and 1194 transactions for 238.4 million euros were recorded in Famagusta.
Panos Danos, CEO of DANOS International Property Consultants & Valuers, said that stocks of real estate assets will help the economic market not only survive 2023 but also remain stable.
Inventories make it possible to offer various options for customers, which does not allow prices to rise.
It should also be noted that mortgage rates remain at a high level. In addition, banks are not so active in issuing loans for the purchase of housing.
This fact will affect the sellers' profits, but they can still count on receiving income.
We should not expect drastic changes in the field of real estate in 2023.
Thanks to the seller's decision to restrain prices, consumer demand will remain at its usual level.
Panos Danos stated that the other factors affecting the real estate market and prices will be supply and demand. Although many believe that real estate is the most reliable type of investment.
But in 2023, buyers and sellers will have to get used to changes, including changes in real estate prices.
Danos suggests that no forward-looking forecasts should be expected in 2024.