Buying property in Cyprus is the right investment
Buying a property is still the most profitable investment in Cyprus. This is because local residents have no other alternatives where they could invest money.
By the way, interest rates on deposits remain at a very low level: 1.29% for individuals and 1.27% for legal entities. In turn, the Cyprus Stock Exchange also offers a low yield of about 2% per annum, and government bonds are not the most profitable option.
But investing in housing in Cyprus, even taking into account the constant rise in prices, remains the most popular and safest way to save money. By the way, the demand for real estate in Cyprus remains stable, especially for secondary apartments and houses.
According to RICS, the average return on property in Cyprus is:
- apartments – 5.3%;
- at home – 2.8%;
- shops – 5.7%;
- storage facilities – 4.3%;
- offices – 5.3%;
- holiday homes – 5.4%.
The best evidence of the popularity of real estate investment in Cyprus is the volume of residential transactions, which in 2022 reached the mark of 6 million euros. Interestingly, most often investors invest in apartments in Cyprus. Thus, the total sales of apartments in Cyprus last year not only reached the level of 2018, but also surpassed it (20,799 sales in 2022 against 18,336 sales in 2018), with more than 80% coming from local buyers, about 13 % for EU citizens and 7% for third-country nationals.
A recent report from the Land Registry states that the war in Ukraine did not have a significant impact on real estate values in 2022, while sales contracts increased by about 30% (10,347 in 2021 and 13,409 in 2022).
If you look at the cities of Cyprus, then the highest profitability is brought to the owners of apartments in Limassol (7%), Paphos (5.5%) and Nicosia (5%). In turn, having apartments in Larnaca or free areas of Famagusta, you can have a profit of 4% and 4.2%, respectively.
In second place are holiday apartments. The yield in Limassol is 6.7%, in Paphos – 4.8%, in Larnaca – 4.7%, in the free areas of Famagusta – 5%.
In third place are stores. The yield in Limassol is 5.9%, in Paphos – 6.3%, in Nicosia – 5.8%, Larnaca – 6.3%, in the free areas of Famaguta – 4.3%.
If you want to profitably invest in real estate in Cyprus, contact one of the best companies that specializes in profitable real estate – our contacts!
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