Real estate sales in Cyprus are growing along with prices

30.01.2018 01:00
Articles about real estate | Real estate sales in Cyprus are growing along with prices Sales of residential property in Cyprus in 2017 increased for the fourth year in a row, prices also grew, due to which the forecast for 2018 was one of the most positive for many years. The latest data from the Department of Land and Research shows that during December 2017, sales increased by 36%, reaching its highest level since July 2008, with 25% of purchases made by foreigners, according to PropertyWire.

And transactions with local investors grew by 53% in December 2017 compared with the same month in 2016 in all regions of the state. In Nicosia, the most significant increase was observed - by 133%, in Famagusta by 107%, in Limassol by 39%, in Pafos by 22%, and in Larnaca by 18%.

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During 2017 domestic sales grew by 21% compared to 2016. Although the number of transactions in Larnaca fell by 7%, in other regions there was a recovery. In Nicosia - 44%, in Famagusta - 38%, Limassol - 25%, and in Pafos - 14%.

Sales to foreign buyers fell in December by 2% compared to December 2016. They grew by 33% in Famagusta, 29% in Nicosia and 21% in Larnaca, but this rise was outweighed by a 17% drop in Limassol and 5% in Paphos.

Prices and rents are also increasing. According to the latest report of the Royal Institute of Certified Appraisers (RICS), which covers the second quarter of 2017, throughout the island the cost of houses and apartments has increased in three months by 1.6% and 1.5% respectively.

The greatest increase was observed in Limassol with a quarterly growth of 3.8%. In Larnaca, prices remained stable. Meanwhile, the cost of holiday homes in Cyprus increased by 2.6% for apartments and 1.9% for homes. Limassol recorded the highest quarterly growth for holiday apartments (4.2%), and Paphos - for holiday homes (3%).

In Cyprus for the quarter, the rental price increased by 3% for apartments and 1% for houses. Compared to the second quarter of 2016, rental rates increased by 8.3% for apartments and by 10.2% for cottages.

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Content tags: Overseas property
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