The Cyprus real estate market enjoyed a strong second half of the year, pushing the total value of all property sales to €5.8bn for 2022, according to a report by the Council for Registration of Real Estate Agents. 

According to the report, there were 10,680 real estate transactions in the first half of the year, with a total value of €2.5bn. In the second half of 2022, the number of transactions increased to 11,449, while the total value of all real estate sold amounted to €3.3bn. Limassol and Nicosia both saw the most property transactions in Cyprus last year.   

Meanwhile, according to a report by Cypriot fintech Ask WiRE, property prices in Cyprus increased by 9.9% year-on-year for apartments during the fourth quarter of 2022, followed by 1.0% for houses, and 0.3% for offices. 

In addition, holiday apartments rose by 4.7% year-on-year, followed by holiday houses by 0.9%. Conversely, retail property prices decreased by 1.4%, while warehouse prices fell by 3.7%.

Regarding rental values, compared to the final quarter of 2021, there was an increase of 18.2% for apartments, 11.6% for houses, 0.9% for retail, 6.3% for offices, 16.9% for holiday apartments and 12.8% for holiday houses.