Cyprus was claiming 19th place in the table of the top countries according to PIRI 100 index.
This is the Prime International Residential Index, which records fluctuations on the price change in luxury homes each year.
According to the international consulting company Knight Frank, Cyprus is competing with Paris, as they both had a 4.3% increase in luxury real estate prices.
And now Cyprus is competing with Italy in prices, but are starting from a low base and are about 35% away from the peak recorded in 2008. Cyprus and other countries, in 2019 made changes to investment programs for naturalization, which resulted in the shift of wealth.
According to the report, in Cyprus in 2019 there were 297 Ultra-high-net-worth individuals, ie people who have assets worth more than 30 million USD including the main residence or people of the highest net worth.
It is noteworthy that experts predicted growth in the number of Ultra-high-net-worth individuals by 10.4% between 2019 and 2024. And all the in-pre-coronavirus pandemic, when the economies of the countries showed positive signs in their development. Therefore, this forecast may be inaccurate.
Many other EU countries and cities still show good results.
Good dynamics show in Frankfurt with 10.3%. Below, in two positions – Lisbon (9.6%), Athens (7%), then Berlin (6.5%), and Stockholm (5.2%). Among them are Asian cities (Taipei, Seoul) and cities in America (Houston, Mexico City).
A total of 78 of the 100 countries/cities listed on the index saw an increase in luxury real estate prices.