Cyprus property prices rose 8.7%

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The Central Bank of Cyprus states that property prices in Cyprus must be carefully monitored. At least, this has to do with a certain region of the island.

Basically, the value of Cyprus real estate is growing moderately, with the exception of Limassol, where external factors influence the market. They include the presence of a marina, a satellite casino, a casino resort under construction, as well as investments in the framework of the citizenship scheme.

A warning from the Central Bank was published after the housing price index for the IV quarter of 2018 showed steady growth. Although, it is worth noting that prices are still below the level of housing prices before the financial crisis.

In fact, apartment prices throughout Cyprus rose by 8.7% in the first six months of this year compared with the historically lowest level in the fourth quarter of 2015. And housing prices as a whole rose 1.6% compared with the historically lowest level in the fourth quarter of 2016, but still remain 30% below their highest level. In the regions of Nicosia, Limassol and Paphos, quarterly growth rates were recorded, while in Larnaca and Famagusta there was a slight decrease.

The Statistics Service also announced that the number of building permits approved by the municipal authorities and regional administrations in May 2019 was 709. The total value of these permits reached 287.9 ​​million euros, and the total area – 258.5 thousand square meters. m. These building permits provide for the construction of 907 residential buildings, the report said.

Along with the growth in demand, the annual growth of issued building permits is also noted – by 45% in the first five months of 2019. According to the Cyprus Statistical Service, between January and May 2019, 2,820 building permits were issued, compared to 2,596 in the corresponding period of the previous year. “The total cost of these permits increased by 128.2%, and the total area – by 53.8%. The number of residential units increased by 45.2%, ”the statement said.

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