Cyprus Real Estate Market Puts Reies on Foreign Buyers
January 06, 2023
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Real estate agents and developers say that increased demand from foreign investors will balance the gap caused by the loss of local buyers.
The real estate market of Cyprus is under the burden of high construction costs and interest rates, as Cypriots see that their dream of owning their own home has not come true, and real estate stakeholders are pinning their hopes on foreign buyers.
Real estate agents and developers say that increased demand from foreign investors will balance the gap caused by the loss of local buyers.
Numbers. According to the latest data from the Statistical Service, the price index for building materials in November reached 133.94 units, an increase of 12.65% compared to the same month in 2021.
Quote. In comments to the Stockwatch news site, Michalis Zavos, CEO of D. Zavos Group, said that two trends will shape the market: the loss of local buyers and an increase in the number of foreigners looking for investment opportunities or eyeing a move to the island.
"Unfortunately, the number of Cypriots who can buy a house or an apartment will decrease due to the increase in interest rates, which will make it almost impossible to get a loan," Zavos said.
He added that, on the contrary, the market would see increased interest from foreigners coming to Cyprus to do business within the framework of tax benefits provided by the government or wishing to invest in the real estate sector.
"The high yield real estate in Cyprus can still offer is much higher than in their home country, where prices no longer have the opportunity to grow and make a profit... For example, a property worth from €250,000 to €300,000 is rented at a price from €1,700 to €2,000 per month", said Zavos.
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