Cyprus’ property sales trends are looking positive, and now the country is bustling commerce and high demand with real estate investors. During the financial crisis that peaked in 2013, Cyprus was at the end of its rope, but within three years, the island country bailed itself out and is now experiencing a financial boom. Here are a few property sales trends of 2019 in Cyprus.
BETTER ECONOMY, IMPROVING REAL ESTATE MARKET
The Cyprus economy and real estate market have stabilized and are improving. Home sales increased by 46% in February, and in March, sales rose by 29%. In April, sales transactions saw a 29% increase. According to the Land Registry Office, in May, property sales increased by 23% compared to a year ago.
OPTIMISM AND APARTMENT PRICES GOING UP
This optimism is fueled by its burgeoning property market, with several new residential projects underway and more in the planning stages. The prices of apartments rose by 7.4 percent in a year. This is good news for current and future property investors.
PRIME AND ULTRA-PRIME ON THE RISE
Cyprus property sales trends 2019 is not just about how cheap you can buy a property in Cyprus. Prime and ultra-prime developments are also underway and in the pipeline. These ultra-prime developments are targeting high net worth buyers from all over the world. It is unchartered land for real estate investors in search of high returns and beautiful property. The tax advantages and dual citizenship perks are just a few things that attract foreign investors.
PROPERTY PRICES INCREASING
Limassol and Larnaca are experiencing a hub of activity according to the property sales trends 2019. Due to a surge in demand, about 14 percent have increased property prices in the last year, although affordable. Therefore, this is one of the main reasons real estate investors flock to Cyprus and its stunning beauty. Property prices are around €1,300-1,800 per square meter. Even though rental returns are moderate, the low prices make up for this. An apartment with 120 square meters may cost around €700-€800 per month to rent in Larnaca.
Currently, there are around 30 luxury residential projects with commercial space and leisure amenities underway in Cyprus. Prices in Limassol usually start at €750,000 for a two-bedroom apartment, and most of them have ocean views. Some villas even have private moorings for yachts. This is a rare luxury in the Mediterranean.
Larnaca is experiencing a housing boom, too. Several successful large-scale developments have been or are underway. There are plans for even more in Larnaca, including shopping malls and hotels.
Related: Cyprus Investment Market 2020