Demand has fallen on the real estate of Cyprus among foreign buyers

Спрос на недвижимость Кипра со стороны зарубежных покупателей резко упал
12 May 2020 Liza Medvetskaya
2711

Cyprus has always attracted foreign investors to the island.

According to this, over the past few years, the property market has seen a significant increase in the number of transactions with foreign buyers.

Dramatic is the reduction in the number of properties for which sales documents have been submitted by foreign buyers in the first four months of 2020, as a consequence of the effects of the coronavirus pandemic on the economy.

As expected, a big drop was recorded in April 2020.

According to the Department of Land Registry and Spatial Planning, by April, 341 sales documents have been submitted by citizens within the EU and 657 by citizens abroad. These are reductions of 29.55% and 37.78% respectively if we calculate that for the same period in 2019, 484 documents were submitted by citizens from countries within the EU and 1056 from citizens abroad.

Спрос на недвижимость Кипра со стороны зарубежных покупателей резко упал

More specifically, in Nicosia, the first four-month sales documents were submitted in:

  • Nicosia for 33 properties by citizens within the EU and 33 from abroad (reduction of 41.07% respectively)
  • for Famagusta 33 from within the EU and 65 from abroad (reduction of 28.26% and 8.45%)
  • for Larnaca 45 from within the EU and 141 from outside the EU (reduction of 28.57% and 20.79%)
  • for Limassol 81 from within and 206 from outside the EU (decrease of 1.22% and 38.69%), * for Paphos 149 from within the EU and 212 from outside (a decrease of 37.13% and 48.54%).

According to the same data, in terms of real estate transfers, throughout Cyprus in the first four months of 2020, a total of 443 properties have been sold to buyers within the EU and 279 properties to buyers outside the EU. Compared to the first four months of 2019, these numbers are higher despite the downward trend recorded this year. More specifically, in 2019 a total of only 66 properties were transferred to buyers within the EU and 44 properties to buyers outside the EU.

Source: Philenews

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