Cyprus has been one of the most sought after overseas property buying destinations for many years.
And while the popular citizenship program was suspended in 2020, home buyers still have the option of obtaining permanent residency. Therefore, houses and apartments in Cyprus continue to attract citizens of other countries.
The demand for real estate in Cyprus from foreign investors is gradually recovering, but still remains at a fairly low level.
Restrictive measures and lockdowns on the island negatively affected the activity of the real estate market. Although it should be noted that after the resumption of air traffic, there is a positive trend.
According to the latest data from the Department of Lands and Surveys, the number of transactions for the purchase and sale of housing to foreign buyers in June 2021 increased by 74.6% compared to the same month last year.
The total number of transactions was 344 versus 197 last year.
At the same time, if you look at the indicators for the first half of the year, the sales of real estate to foreigners decreased by 7.6%. 1,277 housing units were sold to foreign investors in Cyprus in the first half of 2021 (1,382 in the same period of 2020).
If you look by city, then from January to June 2021 with citizens of foreign countries:
- In Limassol, 345 real estate purchase and sale transactions were concluded versus 329 in the same period in 2020 (+ 4.9%).
- In Nicosia, 164 real estate purchase and sale transactions were concluded versus 82 in the same period in 2020 (+ 100%).
- In Larnaca, 274 real estate purchase and sale transactions were concluded versus 305 in the same period in 2020 (-10.2%).
- In Paphos, 384 real estate purchase and sale transactions were concluded versus 558 in the same period in 2020 (-31.2%).
- In the free areas of Famagusta, 110 real estate purchase and sale transactions were concluded versus 108 in the same period in 2020 (+ 1.9%).
It should be noted that the preferences of foreign investors today have shifted towards less expensive real estate than in previous years, when they had the opportunity to obtain Cypriot citizenship by investing in housing.
At the same time, citizens of Israel and Lebanon, as well as England and Germany, are interested in Cyprus real estate to a greater extent. But the citizens of Russia, who traditionally were one of the main investors on the island, on the contrary, began to massively get rid of their Cypriot assets.
At that time, as external demand recovered, the interest in housing in Cyprus among local buyers was growing significantly. As you may know, thanks to this, the total number of real estate sales in the country from January to June 2021 increased by 38% - from 3272 last year to 4501.
If you are looking for real estate in Cyprus, then contact DOM Real Estate. The website contains a large selection of real estate objects, both residential and commercial. Experienced agency specialists will be happy to help you make the right choice.