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A recent article released by the Cyprus Business News (CBN) discussed the resilience of the Cyprus economy in 2022, which beat the odds despite the concerns about the impact from the pandemic and war in Ukraine.
The Real Estate sector seems to have done exceptionally well, with the Danos Cyprus Real Estate Market Report, reporting that the property market had its best performance since 2008, with a 33% increase in sales documents filed with land registry offices in the first eleven months of the year compared to the previous year.
Foreign investment in real estate also increased significantly, with a 66.7% increase in sales documents issued to foreigners. Paphos recorded the highest increase in sales documents, followed by Larnaca, Limassol, and Famagusta.
There was a steep 66.7% increase in the number of sales documents issued to foreigners (to 5,283 from 3,169 in 2021), while sales to locals increased by 15.2% to 6,791, from 5,894 in 2021. Compared to the eleventh month of 2019, real estate sales have increased 27.7%.
Paphos recorded the highest increase of 66.2%, with sales documents amounting to 2,614, from 1,573 in 2021. It was followed by Larnaca, where sales increased by 47.3%, reaching 2,172 from 1,475. Property sales in Limassol rose 44.4% and 0.3% in Famagusta.
Overall, the Cypriot economy proved to be resilient in 2022, despite the challenges posed by the pandemic and the war in Ukraine. However, inflation has risen, which has had a severe impact on vulnerable groups of the population.