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What is Changing the Cyprus Real Estate Market?

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The gap between potential house and apartment buyers is growing.

The growing inequality in the level of wealth is changing the Cyprus real estate market, which leads to an increase in the gap between potential buyers of houses and apartments. Analysts believe that the trend will continue, as the situation in the economy is hitting the standard of living of the population.

The main trends. Real estate agents report a large number of Cypriots who purchase houses and apartments without a mortgage, which contributes to an increase in residential real estate sales.

The real estate market is experiencing a mini-boom, as Cypriots rush to buy housing before the rising cost of construction and the situation in Ukraine affect the market. According to the Land Registry Office, the first five months of 2022 had the largest number of transactions since 2008.

From January to May, 5,090 real estate transactions were carried out compared to 3,577 for the same period last year, which means an increase of 42%. And compared to the same period of pre-crisis 2019, the indicator increased by 5%.

Quote. "We should also be concerned about the growing demand for rent, indicating that many young couples and families cannot afford to enter the real estate market at the moment," says Eleni Averkiou, real estate consultant at Danos/BNPRE Group.

According to her, the growing demand for rental housing has pushed up rental rates.

"Although we cannot quantify the increase in demand, we can say from experience that we are seeing an unprecedented increase in demand for rental housing," she adds.

The expert noted that families are increasingly looking for smaller and cheaper housing, and most of them choose one- and two-bedroom apartments.

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Apartment for 56 342 euro in Iskele, Cyprus
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Villa for 850 000 euro in Limassol, Cyprus
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Apartment for 330 000 euro in Limassol, Cyprus
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Modern minimalistic architecture with a high level of home comfort. The residential building, consisting of 12 apartments, offers magnificent views stretching from Limassol to the Mediterranean Sea. The main amenities, with easy access to the tourist area and Limassol city center, are less than a 5-minute drive away. The public schools of Agios...
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Villa for 210 000 euro in Limassol, Cyprus
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Detached house with 3 bedrooms for sale in Laneia, Limassol. It is located in a complex with 10 more objects sharing a common pool. The surroundings are quiet and peaceful with a wonderful view of the mountains. The bonus of this villa is that it will be finished according to your choice.  The house consists of 3 bedrooms, an open plan kitchen...
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Villa for 4 750 000 euro in Limassol, Cyprus
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Luxury 4 bedroom villa located in a quiet residential area not far from Papas. Feature: 4 bedrooms, 5 bathrooms, 2 Jacuzzis, , all furniture, all appliances, fully equipped kitchen, air conditioning in all rooms, alarm system, smart home system, central heating, private heated pool, barbecue area, covered Parking for 2 cars, within walking...
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Townhouse for 599 950 euro in Paphos, Cyprus
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Apartment for 191 830 euro in Paralimni, Cyprus
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Villa for 325 000 euro in Protaras, Cyprus
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Villa for 450 000 euro in Paphos, Cyprus
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Located on a gated community of only 8 private villas, which are a stones throw to the coastline of Kissonerga walking distance to bars & restaurants, plus on a bus route to Paphos or Coral Bay. Private driveway with a pergola carport. Enter into an open plan lounge/ dining/ kitchen with a guest WC, understairs storage and there is a double...
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Apartment for 550 000 euro in Limassol, Cyprus
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Flat for 240 000 euro in Limassol, Cyprus
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GREKODOM DEVELOPMENT A.E

Source: Cyprus Property News

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