Apartment Prices Reach House Prices: New Trends in Cyprus Property Market

Квартиры по цене дома: новые тенденции на рынке недвижимости Кипра
23 September 2021 Liza Medvetskaya

The cost of apartments in Cyprus in some cases is comparable to buying a house.

Panos Danos (Danos Group Managing Director) said this at the 15th Land Development Conference, which was recently held in Cyprus.

According to Danos, buyers can find a house in Cyprus for the same money for which elite apartments are sold, since prices per square meter have leveled off. A buyer who intends to purchase a luxury apartment in Cyprus must pay a considerable amount of money for it. For example, prices in Nicosia range from 2,500 to 3,500 euros per m2, depending on the condition of the apartment. This means that for an apartment of 100 m2 you need to pay a minimum of 250,000 euros to 350,000 euros.

Moreover, the larger the footage, the higher the cost of the purchased apartments. By the way, the cost of an elite new building with an area of ​​150 m2 can start from 375,000 euros and go up to 525,000 euros. If the area of ​​the apartment is 200 m2, then you will have to pay at least 500,000-700,000 euros for them.

According to Danos, if there is a strong desire, buyers can find a good house in Cyprus for the same money. Prices for mansions in the country now range from 3000 euros to 3500 euros per meter. In other words, the minimum price for a “good” house of 200 m2 is 600,000 euros, and the maximum price is 700,000 euros.

Danos noted that one of the most expensive areas in Nicosia to buy a quality apartment is Engomi with a price per square meter from 3000 euros to 3500 euros.

Квартиры по цене дома: новые тенденции на рынке недвижимости Кипра

In terms of buying activity, Danos noted that many high-value projects have appeared on the Cyprus property market in recent years, whose value was due more to the opportunity to obtain a Cyprus passport than to real market factors.

The main buyers of these properties were Russians and Chinese, but their number has dropped significantly over the past 12 months.

Chinese activity has been near zero since the outbreak of the coronavirus pandemic in December, as potential buyers were restricted from entering the island and many were unable to transfer money to complete the deal. Quarantine in Cyprus has led to a slowdown in the entire property market. Many deals have been postponed or frozen.

Those developers who had their finger on the pulse began to reduce their activity last year. The rest, who did not have time to offer buyers the objects that give them the opportunity to obtain citizenship (especially in mixed-use complexes), were left with a huge stock of unsold housing. And now developers are shifting from the residential sector to the office or hospitality sector, which they believe will be in high demand when the crisis ends.

The expert notes the gradual stabilization of prices in the market and even growth. Nonetheless, Danos points out the evidence that real estate appraisal is now an extremely difficult task.

According to the expert, the commercial real estate sector suffered the most from the crisis. This is due to the fact that the authorities announced a reduction in rental rates in order to help the representatives of the trade in quarantine survive. But the housing sector will also be on the sidelines, as foreign investors will be reluctant to invest in foreign markets in the face of global uncertainty and problems in their own home country, as well as in connection with the revision of investment plans. And in Cyprus, Panos Danos recalls, the share of foreign buyers reaches 50%.

The expert stressed that 2020 and 2021 have been difficult years for the Cyprus property market. In the future, the country's authorities will have to work hard to create an attractive investment environment for the return of previous demand.

Квартиры по цене дома: новые тенденции на рынке недвижимости Кипра

If you are looking for real estate in Cyprus, then contact DOM Real Estate portal. The website has a large selection of real estate objects - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
Source: philenews.com
Photos: pixabay.com
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