Apartment and House Prices Rise in 2021 in Cyprus

В 2021 году цены на квартиры и дома Кипра выросли
5 October 2021 Liza Medvetskaya

Prices for apartments and houses in Cyprus have increased in 2021.

In some cases, they even exceeded the indicators of 2019, just before the worst negative climate in the country's real estate sector after the 2013 financial crisis.

By the way, the latest data from the Central Bank of Cyprus regarding the housing price index shows a trend towards an increase in the cost of housing in the country.

As you may know, in the first quarter of 2021, the house price index in Cyprus rose to 79.3, which is the highest figure since 2013. By type of property, the apartment price index rose to 84.1, which is the highest value since 2012, and 77.5 for houses, which is the highest figure since 2014.

Most of all in 2021, housing prices rose in Limassol - here the real estate price index was 86.8. It is followed by Nicosia (77.9), Paphos (76.5), Famagusta (72.9) and Larnaca (72.5).

The head of the Real Estate Owners Association (KSIA), George Mouskides, noted that the increased demand from buyers for real estate in Cyprus was the reason for the rise in housing prices in the country.

In many cases, prices in 2021 have surpassed those of 2019, when the real estate market was booming. Mouskides stressed that in 2020, due to the pressure exerted on the market as a result of the pandemic crisis, prices for new properties fell by 5-10%. However, today they have returned to their former indicators.

It is noteworthy that if earlier developers bargained with buyers, now they are less willing to make concessions. But in the case of resale, property owners in Cyprus are more loyal to potential buyers.

Mouskides said that new two-bedroom apartments in the center of Nicosia now range from 180 thousand euros to 250 thousand euros, while small houses and apartments in the wider part of the city ranging from 180 m2 to 200 m2 are available at prices from 270 thousand euros up to 400 thousand euros, depending on the footage and location. In the districts of Agios Dometios, Tymbos, Lakatamia and Latsia, the price per 1 m2 in apartments ranges from 2 thousand euros to 2.5 thousand euros.

Commenting on the increase in the number of trade documents filed with the land registry last month, he mentioned that no concrete conclusions can be drawn yet as to how much property sales in the country have increased. He explained that the sale documents filed with the land registry do not reflect actual sales in the real estate market, because it is unclear if this is property sold on the real estate market or through banks, or if it is a loan restructuring where documents are resubmitted. By the way, this year the number of trade documents has increased by 50% compared to 2020. By August 2020, 881 trade documents had been submitted to the land registry, and by August 2021 - 1343.

As far as Limassol is concerned, the city is experiencing an upward trend in property prices for the domestic market. The interest rates of local residents are quite high. The only exceptions are luxury apartments and villas built as part of the investment program. Due to their high cost, they are of little interest to local buyers. Therefore, the housing market has a good supply of real estate in this segment.

Young couples continue to show the greatest interest in buying housing among the local population. Most often they are interested in apartments ranging from 230 thousand euros to 260 thousand euros.

It is noteworthy that local developers are actively building housing in the Neapolis, ​​Limassol. This property is mainly aimed at foreigners who want to get permanent residence in Cyprus, so the prices for apartments here vary on average from 300 thousand euros to 330 thousand euros.

If you look at other cities, then the interest from buyers in real estate in Paphos is quite high, but the offers are limited.

In 2020, property prices in Paphos fell by 10-15%, depending on the object and its location, but this year prices have returned to the level of 2019 again, Mouskides said.

For example, an apartment with two bedrooms in a house that is about 20 years old or older can be bought for 80-85 thousand euros, and apartments aged from 10 to 15 years - from 110 thousand euros to 130 thousand euros. At the same time, the cost of housing in new buildings in Paphos starts at 160 thousand euros plus VAT.

Interestingly, housing prices have increased the most this year in Larnaca and the controlled areas of Famagusta. In general, the value of real estate here exceeded the indicators of 2019. The prices for new apartments are about 2 thousand euros per 1 m2, depending on the area.

For example, on the outskirts of Larnaca, prices for apartments and houses under construction today, oriented to the domestic market, amount to about 2-2.2 thousand euros per 1m2.

Young couples with a budget of less than 300 thousand euros prefer houses ranging from 130 m2 to 150 m2. Big houses are a thing of the past, Mouskides said.

Finally, in the free areas of Famagusta, housing prices are about the same. The final cost depends on the size of the property. At the same time, there is no affordable housing for the domestic market, since developers practically do not build new buildings. In the region, mainly villas with sea views are offered for sale, the price for 1 m2 of which starts at least from 4-5 thousand euros.

В 2021 году цены на квартиры и дома Кипра выросли

Interested in housing in Cyprus? Visit the DOM Real Estate website. The portal has the largest database of real estate in the country - from residential to commercial. Choose and contact professionals who will help you make the right choice!
Source: stockwatch.com.cy
Photos: DOM
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