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The Demand for Cypriot Real Estate is Growing

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Analysts are optimistic and believe that current trends will continue in 2022.

According to the latest edition of the RICS Cyprus Real Estate Price Index, prepared by KPMG, the driving force behind the increase in prices for Cypriot property is an increase in demand for apartments and commercial real estate in coastal areas.

In January, a record number of real estate transactions were concluded in Cyprus. Partly thanks to foreigners who are returning to the island en masse. In 2021, the sale of real estate in Cyprus to third-country nationals soared by almost 80%.

Quote. Commenting on the results, Christophoros Anayiotos, Head of Real Estate Sector at KPMG, said: "In the last quarter of 2021, there is an increase in prices for apartments (most areas), commercial real estate (Paphos), warehouses (Larnaca) and offices (Limassol, Paphos)."

Anayiotos said that holiday homes are experiencing a slight decline, but prices for tourist apartments in Paphos are rising. And it assumes that the trends will continue this year.

RICS Chief Economist Simon Rubinson commented: "Real estate trends in Cyprus remain generally positive, reflecting the resilience of the economy in the face of various Covid strains. This is especially noticeable in the growth of apartment prices, which at the national level have increased by about 4% over the past year. Although the demand is increasing for all types of real estate on the island."

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What else? The improvement of the situation in the real estate sector was also recorded by the Central Bank and statistical services.

The central bank noted that strong demand mainly supports the continued increase in apartment prices recorded in the third quarter of 2021. Prices rose by 0.5% from the second to the third quarter, and on an annualized basis, apartments rose by 1.2%.

According to data published by the Statistical Service, housing prices in Cyprus in the third quarter of 2021 increased by 2.4% from the second quarter and by 2.2% year-on-year.

Source: Financial Mirro

Quoting conditions of Prian.info materials

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