Doing Business in Cyprus (Saudi edition)

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DOING BUSINESS C YPRUS 46 SAUDI ARABIA EDITION SPOTLIGHT Cyprus Real Estate The Cyprus real estate industry has proven its resilience with 2022 so far exhibiting dynamic momentum in the sector underlining strong confidence of both Cypriot and foreign property buyers. First quarter sales reached €1.3 billion, with coastal business hub Limassol and capital city Nicosia taking the lion’s share of contracts.
DOING BUSINESS C YPRUS 47 SAUDI ARABIA EDITION C yprus has long been a firm favourite for property buyers worldwide thanks to its high quality of life, safe environment and Mediterranean climate. In addition, the country’s EU membership, its thriving international business centre and strategic position at the crossroads of three continents remain key pull-factors for residential buyers, relocating companies and investors alike. Property sales have bounced back post-pandemic and have remained strong in the last year. In the second quarter of 2022 real estate sales in Cyprus rose year on year by a robust 29.3%. This was slower than the 51.6% recorded in the first quarter and analysts say this is likely related to the end of lending subsidies for first-time buyers. In terms of absolute volume, the largest increase in sales was in Limassol, where sales rose by 293 to 1,130, marking a year-on-year increase of 35%. However, the fastest pace of growth was in Paphos, where sales rose by 229 or 54.1% to 652. Sales to Cypriots continue to dominate, accounting for 58.5% of the total in the second quarter of 2022 and 58% on average in the first half of 2022. This was lower than in 2020-21, when sales to Cypriots averaged 65%. However, the years 2021-22 were somewhat unusual given pandemic-related travel restrictions. In 2018-19 the proportion of sales to Cypriots was 55%, therefore closer to the average in the first half of 2022. Sales to Cypriots are driven both by the abovementioned subsidies but also growth in population size. According to the latest Labour Force Survey the number of private households rose year on year by 1.4% in the first quarter of 2022 to 347,650. REAL ESTATE SALES BY REGION Contracts of sale unless otherwise indicated 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Nicosia 690 632 856 673 705 % change year on year 118.4 4.8 37.8 4.2 2.2 Limassol 837 825 1,118 1,019 1,130 % change year on year 116.8 17.9 32.2 82.3 35.0 Larnaca 396 422 541 512 610 % change year on year 106.3 26.0 35.9 62.5 54.0 Famagusta 170 181 211 152 157 % change year on year 80.9 14.6 8.8 16.9 -7.6 Paphos 423 442 618 653 652 % change year on year 44.4 17.6 32.9 94.9 54.1 All Cyprus 2,516 2,502 3,344 3,009 3,254 % change year on year 96.4 15.2 32.5 51.6 29.3 Source: Department of Lands and Surveys. © Sapienta Economics Ltd.
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Doing Business in Cyprus (Saudi edition)

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