Investments in Cyprus real estate has always been considered a good option.
The last year has proved that anyone who buys a house on the island was moving in the right direction, since keeping money in banks has become not only unprofitable, but also useless in some cases.
According to the latest data from the Central Bank of Cyprus, published on Friday, July 2, in the first quarter of 2022, the Cyprus residential real estate price index (HRC) rose again.
Compared to the same period in 2021, it increased by 3.2%.
At the same time, comparing to the fourth quarter of 2021, an increase of 1.1% was recorded. As for the categories of real estate, the prices of houses in Cyprus in the first quarter of 2022 increased by 0.7%, and the prices of apartments – by 1.7%. On an annualized basis, house prices increased by 1.5%, and apartment prices increased by 6.8%.
At the same time, prices of aparments in the first quarter of 2022 increased in all cities of Cyprus. House prices recorded a smaller increase in all regions, but Nicosia, where they fell by 0.2%. This confirms the fact that local and foreign investors now prefer to invest their money more often in apartments than in houses.
The Housing Price Index in Cyprus (HPI) It is a quarterly index that measures the change in average prices for residential real estate. It covers all types of residential properties, both new and secondary. The source of the data used to set the indices is the Department of Lands and Surveys of the Ministry of the Interior. The data covers all areas that are under the control of the Government of the Republic of Cyprus.
The report adds that foreign investors are increasingly considering options for buying real estate with a lower cost because of the closure of the Citizenship by Investment program.
In addition, many foreign investors are more focused on a new program to attract foreign companies to work or expand their activities to the island, as well as a permanent residence program.
In conclusion, the Central Bank of Cyprus noted that the housing price index in the country continues to record the dynamics of growth due to the purchase of apartments. The fact that a wave of rising prices for basic building materials raises real estate prices regardless of demand makes it necessary to constantly monitor the market to see if this will affect demand.
Any impact on demand will correct the current growth trend in the sector, despite various other problems facing the market, for example, pressure from existing efforts to sell collateral from the portfolios of banks and private companies.
You can find profitable options for buying real estate in Cyprus on DOM. The website also presents a large number of objects for rent – from residential to commercial real estate. Choose and contact professionals who will help you make the right choice!