The year 2021 is coming to an end. Many residents of Cyprus are concerned about what will happen to the prices for renting and buying real estate in 2022.
According to most experts, the cost of buying and renting housing in Cyprus will remain stable, at the price level of 2021.
Statistics by city:
Nicosia: the average cost of renting an apartment or house for 1m2 in 2022 will be from 8 to 10 euros. So you will have to pay from 800 to 1000 euros for a 100 m2 apartment or house. In other words, next year, the prices for renting apartments and houses in Nicosia will return to the level of 2019-2020.
Controlled areas of Famagusta: the average cost of renting an apartment for 2022 will be at the level of 2020-2021, from 4 to 5 euros per 1m2. For a 100 m2 apartment or house, the average rent is 400 - 500 euros. It should be noted that compared to other cities in the controlled areas of Famagusta, there have been no significant price fluctuations since 2013.
Larnaca: the average rent for apartments in 2022 will remain stable at the level of 4 to 5 euros per m2, as it was in 2021, 2020 and 2019. For housing of 100 m2, you will have to pay from 800 to 1000 euros.
Paphos: prices for renting apartments and houses in 2022 will remain at the level of 2021.
Limassol: the average cost of renting apartments and houses in the city will increase in 2022 compared to 2021. For an apartment of 100 m2, the average rent will vary from 700 to 1400 euros, depending on the area and condition of the premises.
As for real estate sales prices, according to current data, they will not present any surprises in 2022 compared to 2021. Even despite some nuances, you should not expect a sharp jump in the cost of housing in Cyprus.
If you look at sales by city:
Nicosia: the average cost of 1 m2 will remain in the range of 3000 to 4500 euros, as it was in 2019 and 2018. By the way, in 2020 there was a slight decrease, and the average figure was from 3,000 to 4,000 euros.
Famagusta: the cost of 1 m2 in 2022 will remain at the same level as in 2021. The average price will be 3,000 - 4,000 euros per 1 m2, remaining stable since 2019.
Larnaca: the average cost of selling apartments and houses in 2022 will be at the level of 2,300 to 3,000 euros. The maximum price will be slightly lower than 2021 and will return to the levels of 2019 and 2020.
Paphos: the average cost of 1m2 of housing will be at the level of 2021 and 2020, from 1,500 to 2,500 euros.
Limassol: a slight decrease in apartment prices is predicted in 2022 compared to 2021. It is expected that the average sale price will be from 3,500 euros to 5,000 euros from 6,000 euros per 1 m2, which was the maximum in 2021 and 2020.
It is worth noting that a positive aspect when buying an apartment or house in Cyprus is a significant drop in mortgage interest rates.
In 2021, the average rate was 2.50%, while last year in September it was 2%, and in 2019 it was 2.59%. Many residents of Cyprus have also taken advantage of the government interest rate subsidy program.
It should be mentioned that those who plan to buy an apartment or a house in the near future should take into account that this program ends at the end of this year. It is not yet known whether it will be extended further. And this means that the expenses of some segments of the population for the purchase of housing may still grow a little.
Have you decided to buy an apartment or a house in Cyprus? Contact DOM! The website has a huge selection of real estate - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.