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Increases to property prices and sales in Cyprus property market

Monday 4th December 2017

Written by Mark Burns, Hopwood House

Recent figures have shown that the Cyprus property market is on the up, having experienced somewhat of a boom over the summer months. Reports have suggested that the Cyprus property market is set to see a recovery, with higher demand and further development expected in the near future. Recent sales and property price figures also support this.
An increase of sales in the Cyprus property market
As reported on by the Department of Lands and Surveys (DLS), sales increased by at least 18% each month throughout the summer. The growth over the summer now means that there was an increase of 19% to transactions in the first nine months of 2017, when compared to the first nine months of 2016. 
There has also been growth in the number of overseas investors buying in the Cyprus property market, with an increase of 24% in September when compared to September of last year. Larnaca, Nicosia, Paphos and Famagusta all saw increases in sales to overseas investors, resulting in an overall increase of 42% throughout the first nine months of 2017, compared to the first nine months of 2016. Despite decreases in Larnaca and Nicosia, the market also saw more Cypriot investors buying property on average.
Cyprus property prices on the rise
As well as this, according to the Republic of Cyprus Statistical Service, there was an average increase of 3.1% to property prices throughout the second quarter of 2017 when compared to the same period in 2016, as well as a 3.6% yearly increase. The fourth quarter of 2016 saw an increase to property prices, and since then, the trend has continued.
House prices – Prices in Limassol and Famagusta remained consistent during the first quarter of 2017, with Larnaca seeing a 0.1% increase and Paphos a 2.6% increase, whilst Nicosia fell by 0.7%, compared to the same period of 2016. When looking across the whole year, house prices in Nicosia and Famagusta fell by 0.1%, and by 2.3% in Larnaca, whilst Paphos and Limassol both experienced slight increases.
Apartment pricesIn the first quarter of 2017, apartment prices fell by approximately 1% in Larnaca and Paphos, whilst Nicosia, Famagusta and Limassol all saw increases of approximately 2% over the same period in 2016. When looking across the whole year compared to 2016, apartment prices increased by 6.1% in Limassol, 2.7% in Nicosia, 0.9% in Larnaca and 2.3% in Famagusta, whilst Paphos saw a decrease of 3.2%.
EU Citizenship scheme
Another big factor in the resurgence of the Cyprus property market is their EU Citizenship Scheme, offering investors EU visas as a way to entice them to invest in property in the country. Investors are offered an EU passport for investments which total over €2 million and are fast tracked so that the investor receives their visa within 3 months of their property purchase. This scheme has proved popular with investors around the globe and in particular with Chinese and Middle Eastern investors.
Cyprus is ideally located for international business for a number of reasons, including the time zone and a range of flights which connect it to many destinations around the world. Many areas of Cyprus have also seen prices begin to rise and the country’s economy is likely to experience a boom in the near future due to its work with many different industries.

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Editorial Contact Details - Conor Shilling
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