Luxury Cyprus Property: Present

Elite real estate in any country is a special sector of the economy.

Elite real estate in any country is a special sector of the economy. Not every investor can afford purchases worth over 1 million euros, but potential buyers are not losing interest in expensive foreign housing.

Traditionally, the cost of real estate in itself makes the object in the list of elite and prestigious. The price is usually influenced by several factors. With regard to Cyprus, the following are worth highlighting.

First, the location of the object. Cities such as Paphos and Limassol have long been renowned as elite resorts. Moreover, if in Paphos the prices are more or less stable, and there are not so many new objects introduced, then Limassol and the territories next to it continue to actively develop and build up. Here you can find not only residential, but also commercial real estate, and very expensive. Secondly, the proximity of the facility to the sea. Having a villa or apartment next to the sea or with views of it (for example, in the hills of Cyprus) is real chic. Such facilities are the most expensive in any maritime country. Thirdly, the very limited supply affects the price of real estate on the island, which is Cyprus.

Over the past year, sales of luxury real estate in Cyprus have grown by 45%. The growth has been going on for 3 years, but if in 2016 179 contracts for the sale of prestigious housing were concluded, then last year there were already 260. More than half of all transactions were made in Limassol. A significant part of them are sales of elite apartments (over 65%). The remaining 45% of transactions are the purchase and sale of villas and houses. As a rule, experts in Cyprus refer to luxury real estate as housing, the cost of which exceeds 1.5 million euros. The largest number of transactions last year in Cyprus was concluded just for objects worth from 1.5 to 2 million (in relation to luxury housing).

After Limassol, Paphos (36%) and Famagusta (9%) are the leaders in luxury housing sales. Experts note the continuing increase in the number of real estate transactions concluded by foreign buyers. It is reliably known that the citizens of Cyprus have a significant impact on the real estate market of their country, since the purchasing power allows them to make up to 70% of all transactions. But the increase in interest from foreign investors should be noted. In Limassol, the share of home sales to foreigners increased by 33%, in Paphos - by 38%, and in Famagusta - by 61%.

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