Property sales in Cyprus in 2018 are growing at an unprecedented rate. In February, sales grew by 46% YoY. In March and April combined, sales increased another 58%. In May, the number of real estate transactions increased by 23% compared to the same period last year.
Over the year, the value of real estate in Cyprus, thanks to the stability of the economy and an increase in the tourist flow, increased by almost 7.5%. Almost 50% of housing transactions in Cyprus are carried out with the involvement of foreign capital. In total, 828 real estate transactions have been registered since the beginning of the year. Experts on the Cyprus property market believe that interest in housing, especially luxury housing, is largely fueled by the government's passport-for-investment program. It is she who attracts an increasing number of investors from countries that are not members of the European Union. Recall that for some time now, a restriction on obtaining citizenship by investment has been introduced in Cyprus: no more than 700 people can obtain a country's passport per year. But even this did not dampen the interest of buyers. Only in May of this year, after this decision was made, the market experienced a slight drawdown in sales in Limassol and Larnaca (no more than 5%), while sales in other regions grew very seriously. For example, in Famagusta the increase was 108%, in Nicosia 30%, and in Paphos 10% year on year. Experts believe that in Limassol, the decrease in the number of sales contracts in May is due to a serious increase in prices this year. But prices in Limassol are constantly growing - under the pressure of an influx of investors from abroad. The latter are very attracted by the development of the infrastructure of Limassol, where new modern facilities for various purposes are being opened.
Cyprus property market experts also note that the preferences of potential home buyers have changed significantly. It is noted that buyers in Cyprus are now primarily interested not in cheap housing near the sea and the beach, but in quality real estate, in a modern complex located in a convenient location, next to developed infrastructure. At the same time, despite the fact that the group of less wealthy investors has decreased, it is still possible to find housing in Cyprus at an affordable price. In the suburbs of Limassol and Paphos, for example, apartments for sale from 100,000 euros and villas from 160,000 euros. You can also find more affordable property in Cyprus. In recent years, the foothill regions and rural areas of the Troodos mountain range have been seriously developing. These are somewhat remote corners, located away from the sea, but with a car and thanks to good roads, this will not be a problem for many. But here you also need to understand one simple thing: these regions are also dynamically developing and prices there will also grow.
