There will be no decrease in prices for buying and renting apartments and houses in Cyprus in 2024. However, in some cities of the island state it will still be possible to find profitable for investment objects.
Such conclusions were reached by experts of Danos & Associates.
In particular, according to international consultants and real estate appraisers, prices for housing in Cyprus will vary depending on its location, type, age and other qualitative characteristics. If we look in more detail by city in Cyprus, then:
- In Nicosia, the sale prices of apartments and houses will remain between 3 thousand euros and 4.5 thousand euros per 1 m2, as in the previous three years.
- In the free areas of Famagusta the average selling price of apartments and houses will not exceed the level of 2023, i.e. 3-4 thousand euros per 1 m2. At the same time, this value remains unchanged in the region since 2020.
- In Limassol in 2024 the sale price of apartments and houses will be between 4 thousand euros and 5.5 thousand euros per 1 m2, as in 2023.
- In Larnaca in 2024, the sale price of apartments and houses will increase to 3.5-4 thousand euros per 1 m2 from 2.5-3.5 thousand euros in 2023.
- In Pafos in 2024 the sale price of apartments and houses will increase to 2,5-3,5 thousand euros per 1 m2 from 2-3 thousand euros in 2023.
As far as rental property prices in Cyprus are concerned, no major surprises are expected in 2024. Although there are cities where rental rates will not remain stable, but will increase in 2024, according to the office of Danos & Associates.
Earlier, consultants Danos & Associates said that the cost of offices in Cyprus will continue to grow.
By the way, rental rates will increase most of all in Larnaca and Limassol, and less - in Nicosia, Paphos and free areas of Famagusta.
Interestingly, despite the growth in the cost of real estate in Cyprus, prices for many objects in the island state still remain favorable compared to the prices for similar housing in neighboring European countries.
Thus, among the main trends for 2024 are:
- Increased interest in sales and rentals by foreigners.
- Slight increase or stabilization of prices for new and secondary residential real estate.
- Increase in rental prices.
- Due to price increases, new rules for VAT exemption and interest rates, there will be a stabilization or even a decrease in the interest of Cypriots to buy housing. Increased interest in buying secondary apartments cannot be ruled out.
- Increased investor interest is expected as rental income continues to remain at a satisfactory level.