Century 21 CEO Tony Costa said the Cyprus property sector is on a steady upward trend. At the same time, not only the number of new objects in the construction segment is increasing, but also the number of purchase and sale transactions.
Costa stressed that in the first eight months of 2021, the volume of trade documents grew the most in Limassol district (+38%). He noted that this trend is mainly due to increased demand in the domestic market due to incentives provided by the government and low interest rates.
The CEO of Century 21 also mentioned that the coronavirus pandemic has affected the Limassol property market, especially in terms of property sales to foreign buyers. The volume of investment in real estate by Russian investors and investors from the Middle East has declined.
At the same time, according to him, there is now a sharp increase in interest in investment in real estate in Cyprus from Israeli buyers. Over the past month, their number has grown by 19%.
Costa explained the increased interest of Israelis in housing on the island by the proximity of Cyprus to Israel and the fact that the return on real estate in Limassol is 6%, while the return on investment in real estate in Israel is only 3%.
At the same time, the most popular with them are apartments with 1 and 2 bedrooms. It is noteworthy that out of the total number of transactions, 32% accounted for the purchase of real estate exclusively for investment purposes.
As for the demand for rental real estate, now there is an increased demand for apartments with 1-2 bedrooms, as well as class A office space and luxury office space from the citizens of Israel, Lebanon, Russia, the USA and the UK.
Prices for renting offices of category A in Limassol start from 20-30 euros per 1 m2, and the cost of renting fully equipped 1-2-room apartments varies from 1200 to 1500 euros.
Recently there has been an increased demand for real estate in the districts of Limassol, where the construction of a new casino is underway. So, the same citizens of Israel prefer to settle mainly in the area of the old city and the new casino. Russians are still looking for property by the sea, while locals are looking for housing north of the highway.
You can find profitable options for buying real estate in Cyprus on the DOM Real Estate portal. The website also has a large number of rental properties - both residential and commercial real estate. Choose and contact professionals who will help you make the right choice!