Cyprus Property Market Fell Sharply in 2020

За 2020 год рынок недвижимости Кипра резко просел
16 March 2021 Liza Medvetskaya

The Cyprus property market has dropped sharply by the end of 2020.

Property sales in the country fell by 23%, while the average cost of new buildings fell by 15-20%.

Property values ​​in Cyprus have shown negative dynamics for the first time since 2016. The average price of 1 m2 in the country fell by 0.2% in the third quarter of 2020.

The biggest negative dynamic was in new projects under construction. If at the beginning of the fourth quarter of 2019 the cost of 1 m2 of housing in Cyprus was around EUR 1,330, then in the same period of 2020 this figure was already EUR 1,150. Thus, prices for new buildings fell by 13.5%.

Many experts are of the opinion that in the medium term there will be no rise in housing prices in Cyprus, since the market is already 'overheated' due to the passport program, which was recently closed.

За 2020 год рынок недвижимости Кипра резко просел

The decision of the Cypriot authorities to suspend the investment scheme affected the local real estate market immediately.

Many developers are ready for a small price reduction and already foresee a long term revaluation of the entire real estate market.

In addition to the 'official price reduction' when buying real estate on the island, you can now count on an excellent discount from developers. The discount can range from 15 to 30% of the original cost of the object. We are not talking about official promotions, the possibility of a discount and its size are determined during negotiations.

It should be mentioned that in the third quarter of 2020, there was a slight increase in the number of issued construction licenses in Cyprus: about 9%. At the same time, the average area of ​​house projects decreased from 526 m2 to 390 m2 in 2020.

The highest demand in January-February 2021 in Cyprus was for real estate with the price of EUR 300 thousand to EUR 2 million. Despite the coronavirus pandemic and the closure of the passport program, the interest of some foreign investors in local housing has continued. Customers who, even before the pandemic, wanted to buy property on the island, have not gone. Especially wealthy people, owners of business, who are interested in their business development and ready to move to the island.

'They are ready to invest in big world projects, and when choosing housing for them or their children, they want the best quality and status of the property. At the same time, prices in the elite segment have already fallen and are likely to continue to decline, which makes a possible purchase more interesting,' experts say.

By the way, many Russians have stayed in Cyprus during the pandemic. Therefore, realtors expect that relatively low real estate prices will attract more buyers of secondary housing than in recent years, when development was on the rise and the supply of luxury real estate was at high.

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