The report delves into the key real estate indicators, aiming to outline an overview of the Italian real estate market. It further provides valuable insights about the Italian economy & the banking sector. The report also provides certain observations portraying 2022 conditions and the effects of the Russia’s invasion of Ukraine, the energy price shock and the mounting inflation.
2021 was a year defined by the many ongoing consequences of COVID-19. The world got vaccinated, but not in equal measure. The island of Cyprus was suffering from multiple waves of COVID-19 infections, however, the housing market of Cyprus gradually returned to pre-COVID level. In particular, the transfers of sales increased slightly by 5.1% in 2021 compared to 2019. Likewise, the amount of mortgages totaled €5,492 bn, up by 77.4%.
After the last year’s major pause due to the coronavirus outbreak, Cyprus’ housing market sees first signs of recovery. In particular, the transfers of sales increased slightly by 3.4% y-o-y in November 2021 compared to the same period in 2019. Likewise, the amount of mortgages totalled €5,093 bn, up by 82.2%. However, even if the Cypriot real estate market is recovering, the amount of mortgages dropped slightly by 4.4%, whilst, the contracts of sales fell by 4.2% over the same period compared to 2019.