Russians Are Main Players in Cyprus Property Market

Граждане России – главные игроки на рынке недвижимости Кипра
2 June 2021 Liza Medvetskaya
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Danos & Associates conducted a survey on “Real Estate Market Sentiment in Cyprus”, which generated considerable interest from professionals in the field (real estate agents, appraisers, developers, investors).

According to the results of the study, 77.8% of Cypriot investors prefer to buy real estate in the country through liquid funds and bank lending, 16.7% use only credit and 5.5% rely only on their debit.

Real estate experts agreed that the most underestimated regions for buying a home in Cyprus are still Larnaca - 66.7% and Paphos - 33.3%.

As for foreign investors, the survey showed that most often Cyprus property is purchased by Russian citizens - 44.4% of all transactions. This is followed by citizens of EU - 22.22%, the Middle East region - 16.7% and Asia - 5.6%. Other regions account for about 16.7%.

When asked whether buyers interested in obtaining permanent residence in Cyprus, 61% realtors answered 'yes', and 38.9% said 'no'. When asked if there is any interest from local buyers, 94.4% of realtors answered in the affirmative and only 5.6% answered in the negative.

Граждане России – главные игроки на рынке недвижимости Кипра

The survey data also showed that most of the transactions and sales of real estate are for buying houses/apartments in Cyprus - 83.3%, the remaining 16.7% are divided between offices, shops, industrial facilities and land.

Interestingly, when asked "which cities in Cyprus will experience the greatest growth in house prices in 2021," 38.9% of respondents answered 'Limassol', 27.8% - 'Larnaca', 11.1% - 'Paphos', and the remaining 22,2% said 'Nicosia' and 'Famagusta'.

Further, when asked “in which cities of Cyprus it is now possible to buy housing at a lower cost” 38.9% of respondents indicated Larnaca, 33.3% said Paphos, 16.7% - Famagusta and 11.1% - Nicosia. To the question "how Covid -19 affects the Cyprus property market" 66.7% answered significantly and 33.3% insignificantly.

Finally, when asked about the level of sales, 50% of respondents answered that the number of transactions in the country decreased over the year, 33.3% said that they remained at the same level and 16.7% - increased.

If you are looking for real estate in Cyprus, then contact DOM Real Estate! The website has a large selection of real estate objects - both residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
Source: philenews.com
Photos: pixabay.com
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