The dynamics of the real estate market of the Republic of Cyprus.

  • 05 февраля 2018 в 13:09:01

In 2017, sales of real estate in Cyprus increased significantly. Also, sales are forecast to increase in 2018 as well.

The Department of Land Resources reports an increase in sales of real estate in the Republic by 36%, which is the highest since July 2008. Foreign citizens get 25% of the sold property. At what growth in sales is observed in all regions of Cyprus. The growth in sales of real estate since November 2017 was as follows:

Nicosia — + 113%;
Famagusta — + 94%;
Limassol — +23;
Larnaca — + 18%;
Paphos — + 10%.

In the same annual expression, the following situation is observed:

Pharmacist — + 44%
Nicosia — + 42%;
Limassol — + 27%;
Paphos — + 23%;
Larnaca — -1%.
Sales of real estate for foreigners in December 2017 (compared with December 2016), however, decreased by 2%. Despite the growth in the cities of Famagusta, Nicosia and Larnaca, negative sales figures in Limassol (by 17%) and Paphos (by 5%) affected the total figures.

Nevertheless, the increase in the total annual number of real estate sales for foreigners was + 33%. This growth was observed in all regions of the republic.

The increase in demand therefore led to an increase in the value of real estate (an average of one and a half percent).

Also, the cost of renting apartments and houses increased (on average by 8.3% and 10.2%, respectively).
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