The Real Estate Market Foresees Upward Momentum!
For the past five months of 2022, The real estate market has been breaking records each consecutive month reaching numbers that have not been seen in 14 years in regard to property sales.
With no signs of slowing down…
Despite the global inflation that has affected the prices of all the products and services, we consume on a daily basis.
As well as rising house prices over the past two Quarters, this has not slowed residential property sales one bit.
In May alone, the total property sales in Cyprus hit a whopping 1,143 which is a 50% increase from May 2021’s 760 sales and the highest number recorded since May 2008.
- There has been a rapid increase in Property Sales for Domestic as well as Foreign Property Buyers.
- Domestic Sales on average had an 18% increase in sales from 2021.
- Foreign Sales have seen a staggering increase of 97% going from 1,095 sales in the first 5 months of 2021 to over 2,150 sales in the same period of 2022!
The Market has been on fire and it will only continue to flourish over the next few Quarters!
We will also look at the outlook of the real estate market over the rest of 2022 and also how it is expected to behave in 2023 in a different blog post!
A more detailed overview is available down below providing more in-depth information regarding the other cities of Cyprus as well:
https://www.news.cyprus-property-buyers.com/2022/06/05/relentless-rise-in-property-sales/id=00166031
Future of The Real Estate Market In Cyprus over 2022-2023:
