Property sales and new construction projects are on the rise in Cyprus

The Cyprus property market is actively developing.

The Cyprus property market is actively developing. In September this year, according to statistics, 588 construction permits were issued. This is 15% more than in September last year. The bulk of building permits involves the construction of new houses and apartments - 402 such permits. This figure exceeded the last year's by 59%. The value of real estate, for the construction of which permits are issued, grows from year to year. The total cost of the current facilities is estimated at 160 million euros, and their area should be 155,000 square meters. m. Most of the houses and apartments will be commissioned in Limassol and Nicosia (191 and 183 objects, respectively), in Famagusta it is planned to build 82 objects, in Paphos - 76, and in Larnaca - 44.

The growth of the construction market is seriously stimulated by demand. The volume of real estate sales in Cyprus is growing steadily, but the demand for real estate on the sunny island continues to seriously exceed the supply, forcing developers to develop new construction projects.

Data from the Department of Lands and Research shows an increase in sales on the island for the last 19 months in a row. In August and September, the number of contracts increased by 14%, in October - by 6%. In November, the registration authorities recorded 925 transactions for the purchase and sale of land plots, commercial properties and residential real estate. Let's remind that in November last year this figure was equal to 906 contracts. As before, the number of deals made by Cypriots is slightly higher than the number of contracts concluded by visitors. In November, 53.7% of real estate acquisition transactions were executed by citizens of this country, and 46.3% - by foreigners. The majority of foreigners are residents of countries outside the European Union. These indicators, on the one hand, indicate the high purchasing power of local residents who can afford to buy housing, as well as the constant growth in demand from foreign investors, both average and those who expect to obtain a Cyprus passport under the Golden Visa program. ". The economic situation in the country contributes to the growth of the real estate market: excellent indicators in terms of employment, a decrease in unemployment, an increase in the purchasing power of the population, cheap and transparent credit schemes of the island's banks. The country's authorities continue to provide support to various sectors of the country's economy, which along the chain leads to improvements in related sectors.

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