30 Jan 2023

Expectations for the Cypriot Real Estate Market in 2023

A Particularly Profitable 2022

Expectations for the Cypriot real estate market are extremely high for the next four quarters, especially when considering the unforeseen profitability of the last year. Indeed, according to the Cypriot Department of Lands & Surveys, a 36% rise in property sales were reported within the year’s first 10 months, resulting in a total of 10,781 sales, marking the island nation’s highest number of sales in over 14 years.

Furthermore, figures released by the Cypriot Land Registry reveal that all Cypriot real estate sales registered in 2022 were valued at a total of €5.85 billion in a clear demonstration of the industry’s resilience, growth, and dynamism during a particularly troubled period for the international community.

The nature of this growth is also seen as a positive: the total value of transactions steadily increased over the year’s four quarters, with the fourth quarter being the most profitable at a value of €1.7 billion through 5,883 sales. Given the triumphant year of 2022 and its upwards trends, analysts predict a continuation of this upwards trend to carry into 2023.

Fuelled by Foreign Demand

The irresistible tax incentives offered by the Cypriot government are a major attraction for foreign investors, namely firms specializing in IT and shipping, who choose to make use of the unique benefits offered by the government by relocating their headquarters to the island. More firms are expected to make the island nation their home in 2023, combined with investments from private individuals who are enticed by the country’s strong service-based market, Eurozone membership, and status as a European Union member.

Paphos Will Lead Demand

All districts of the island nation are expected to grow in terms of consumer demand for housing. However, demand for Paphos property for sale is expected to grow the most at a predicted 5%, 2% more than the island’s capital Nicosia and 4% more than Larnaca, home to the country’s largest airport.

A Resilient Powerhouse

Despite difficulties on the world stage, the Cypriot housing market is constantly growing as is demand, especially in Paphos, proving that an investment in Cypriot real estate is one that can provide a return in investment, as well as evergreen profitability.

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