Cyprus recorded a significant increase in house sales to foreign buyers last year, a new report shows.
The newly released Cyprus Real Estate Market Report from PwC Cyprus, shows that sales to foreign buyers increased by 33 per cent last year.
Paphos and Limassol were the two most popular locations for overseas buyers, with sales in the two regions accounting for 70 per cent of Cyprus’s total foreign transactions. In Limassol, overseas buyers predominately purchase apartments with 66 per cent buying flats. However, in Paphos foreign buyers prefer villas – particularly at the high end of the market.
“Cyprus has one of the highest home ownership rates in Europe and there is a significant overseas market for holiday and second homes,” the report noted, adding that buyers from Russia, China, India and the United Arab Emirates are particularly attracted by visa incentives.
The surge in foreign buyers has helped fuel a significant property price increase. Cyprus’s residential property market saw prices increase by more than 30 per cent last year, the report states.
The rise has been particularly steep for the island’s prime property market. There was significant growth (45 per cent) of sales of properties worth 1.5 million euros and above.
What’s more, due to continued property demand and a rise in new building permits, the report predicts that the Cyprus property market is likely to remain healthy for the foreseeable future.
Article published 12th April 2018