The generally accepted trends in the Cyprus property market are gradually changing. While in the past, people between the ages of 25 and 35 were more likely to buy a home on the island, the average age of buyers has now shifted to 40.
This was recently announced by the head of marketing at Danos International Property Consultants & Valuers, Kyriakos Kyiliaris.
According to him, buyers consider several factors when choosing a property. The main criteria are proximity to work, kindergartens and schools. At the same time, investors prefer to invest in apartments rather than houses in Cyprus. In the last year alone, demand for this type of property has increased by at least 20%. But prices have remained stable. In some cases, there has even been a fall of 1-2% in the last two quarters.
According to Kiliaris, a new two-bedroom apartment of about 100m2 in the capital's prestigious Engomi district can be bought for 300,000 euros. In the suburbs of the Cypriot capital, prices are slightly lower, with similar options going for 230-240 thousand euros. In Limassol, the cost of housing is much higher. For example, in the area of Agios Athanasios a flat can cost 500 thousand euros, although you can find options and for 350 thousand euros. As for houses, the interest in this type of housing is there, but not as high as for apartments. This is due to the fact that there are few good options and prices are very high.
Thus, the increase in the average age of property buyers in Cyprus confirms the transformation of the market, which is now focused on a mature, more solvent audience. Although this limits the participation of younger buyers, this trend is helping to strengthen the market in the long term, thanks to stable investments and high construction standards. At the same time, it is important for Cyprus to maintain a balance between luxury and affordable housing in order to meet the needs of different age groups and ensure the sustainable development of the island's economy.