Real estate entrepreneurs are betting on the resumption of naturalizations at a high rate, also expecting that the reopening of airports and the gradual flow of tourists will reverse the investment stagnation that exists, mainly from March onwards.
The data of the Land Registry until August 2020 refer to the long and difficult period of recovery of external demand, both from buyers within the EU and from third countries. Market participants told that they are optimistic that after October there will be a decline in foreign investors, which will bring mobility to the luxury housing market and throw fresh money in the market. The influx of foreign investors is expected at a time when the naturalization investment program has become stricter in terms of criteria.
The data of the Land Registry confirm the blow that the coronavirus caused to the real estate market, in combination with the international uproar for the granting of nationalities. In 2020, from the first of the month, it seemed that it would not have the dynamics of 2019.
According to the data, the number of buyers who submitted a sales document in January 2020 was 118 from EU countries, a number decreased by 15.71% compared to January 2019. The number of buyers from third countries was 235 in January this year, lower by 5.24% compared to last year. In February, the number of buyers from the EU was 165, a decrease of 2.94% compared to 2019. Buyers of real estate from third countries were 205, down by 22.64% compared to the same month last year.
In March, the severe pandemic due to the pandemic caused a decrease in the interest of foreign investors.
The number of buyers who submitted a sales document from EU countries was 96, reduced by 31.15% compared to March 2019. The number of buyers from non-EU countries was 136, 37.32% lower than in 2019.
From April onwards, the differences compared to last year become even more visible. Buyers from EU countries who submitted a sales document were only 57, 63.92% less.
The decline in buyers from third countries was even greater, reaching 76.28%.
In May the situation became more worrying. The number of buyers from countries within the EU who filed a sales document was 78, 57.37% less than in the corresponding month of 2019. Buyers from third countries were 100 and the decrease was 78, 16%.
In June, the number of buyers from EU countries was 75, down by 56.14%. Buyers from third countries were 119 less by 39.28%.
In July, the number of buyers from European countries was lower by 27.36% and from third countries less by 40.49%.
A trend that continued in August. Buyers from EU countries who filed a sales document were down 29.28% from last year and third countries were down 30%.
Limassol and Paphos almost monopolize the interest of foreign buyers.
Photos: DOM LiVE, Yandex.ru