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Annual Increase Of Property Sales By 18% So Far In 2022, Land Registry Director Tells CNA

Annual Increase Of Property Sales By 18% So Far In 2022, Land Registry Director Tells CNA

Property sales increased by 18% during the first nine months of 2022, compared to the corresponding period in 2021. Also, the number of sale agreements submitted to the Land Registry Department, increased by 36%, Director of the Department, Elikkos Elia, has told Cyprus News Agency.

Elia said that 10,000 sale agreements are submitted annually, as well as the exchange of 16,000-17,000 properties as a gift. He also pointed out the significant role of the Department to the economy of the country, saying that 18,000-19,000 property sales are registered each year, with their value amounting to €3-4 billion.

According to the Department’s data, 18,463 property sales valued at €3.19 billion, were registered in 2021, 15,406 of which were sold to Cypriots, 1,987 to EU citizens and 1,070 to third country citizens.

In 2020, 14,663 properties were sold, valued at €2.73 billion, in 2019 17,988 properties valued at €3.55 billion and in 2018 8.336 properties valued at €3.61 billion. There were 10,347 sale agreements submitted in 2021, 7,968 in 2020, 10,366 in 2019 and 9,242 in 2018.

Elia said that these numbers appear to be greater in 2022, as the data for the first nine months show an increase of 18%, compared to 2021.

He also noted that visitors to the Land Registry Department web portal increased to 4.83 million in 2021, compared to 3.95 million in 2020 and 3.85 million in 2019. Digital applications in 2021 were 179,141, compared to 112,943 in 2020 and 65,381 in 2019.

Source: CNA

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