Cyprus property market dynamics
Real estate in the Republic of Cyprus traditionally attracts investors from various countries. The most popular are Paphos and Limassol, where it grows annually not only the number of transactions, but the price per square meter of housing in Cyprus. The dynamics of the Cypriot market is often the focus of specialists and experts.
In 2019, Cyprus continued to grow in the number of contracts for the purchase and sale of real estate in comparison with previous years. According to the Land Department of Cyprus, in 2019, 10,367 transactions were concluded, while in 2018 it was equal to 9,242. The growth was 12%.
In the segment of purchases Cyprus real estate foreign investors also observe positive dynamics. This is primarily due to the success of Cyprus in the fight against COVID-19 and the attractive EU passport program.
Cyprus property sales statistics
In 2017, a total of 8,734 properties were sold in the amount of 4,045,726,759 euros, an increase of 24% compared to 2016. In 2018, 9,242 transactions were concluded for a total of 3,613,030,374 euros. In 2019, 10,366 properties were sold for 3,095,123,631 euros.
The growth in the number of concluded contracts with a simultaneous decrease in the amount of transactions is explained by the fact that investors began to buy houses and apartments in Cyprus not on the first line from the sea, but at some distance from it. The price per square meter in a house on the beach and literally 1 kilometer from the sea may differ in repeatedly.
2017 - total transactions 3,167 for the amount of 1,208,388,768 euros (+ 27%)
2018 - 3 411 transactions in the amount of 988 815 788 euros (+ 8%)
2019 - 3,517 transactions in the amount of 925,178,369 euros (+ 3%).
2017 - total transactions 1,340 for 356,870,232 euros (-1%)
2018 - 1345 transactions in the amount of 341 130 090
2019 - 1568 transactions in the amount of 400 146 701 (+ 17%).
2017 - total transactions 2,135 for the amount of 515,250,493 euros (+ 23%)
2018 - 2,242 transactions in the amount of 422,730,302 euros (+ 5%)
2019 - 2630 transactions in the amount of 288,038,482 euros (+ 17%).
2017 - 1,464 transactions in the amount of 1,235,896,158 euros (+ 42%)
2018 - 1 606 transactions in the amount of 985 242 884 euros (+ 10%)
2019 - 1,998 transactions in the amount of 1,173,666,958 euros (+ 24%).
2017 - 628 transactions in the amount of 390 442 740 euros (+ 44%)
2018 - 638 transactions in the amount of 382 982 970 euros (+ 2%)
2019 - 653 transactions in the amount of 289,375,017 euros (+ 2%)
Forecast from the European Commission
The increase in demand for properties Cyprus real estate in recent years is associated with the development of the European Union in general, and the islands in particular. In 2019, Cyprus' GDP increased by 3.3%. According to forecasts of officials from the European Commission In 2020, the Republic of Cyprus is expected to fall in GDP by 7.5%, and in 2021 it is expected to increase by 6.2%. Low inflation combined with cheap mortgages should quickly lead to higher prices per square meter and an increase in demand for houses and apartments for Cyprus.