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Nearly half of real estate ventures in Cyprus come from overseas

Posted by harps@themediapeople.co.uk on July 26, 2023
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Foreign sales accounted for 46% of the property sales in 2023

As property sales continue to rise, it’s clear that real estate in Cyprus is having a bit of a moment. Drawing in both holiday goers and real estate investors, Cyprus real estate has experienced a level of growth not seen since 2008.

However, what you might not know is that foreign investment has come to account for nearly half of all real estate ventures in Cyprus. A recent study showed that foreign sales accounted for 46% of the property sales in 2023, the highest proportion since 2007.

Apart from the years 2006 and 2007, when foreign investment reached 49% and 53% respectively, this is the highest percentage of foreign investment ever recorded on the island.

The city most popular with foreign investors was Paphos, followed by Limassol, Larnaca, Nicosia and Famagusta. Altogether, this amounted to 1,069 sales in the first 2 months – a 31% increase on the numbers recorded in the previous year.

This comes at a time where house prices and interest rates have risen all over Cyprus. According to the Central Bank of Cyprus, house prices increased in Nicosia (2.9%), Limassol (7.1%), Larnaca (3.3%), Paphos (10.4%) and Famagusta (4.2%) in 2023. In spite of this, the appetite for foreign investment in Cyprus shows no signs of slowing down.

Wondering what countries were most involved in the surge of foreign investment? In a fascinating trend, it was revealed that property sales to non-EU citizens had risen, while sales to EU citizens had gone the other way.

Property sales to non-EU citizens more than doubled in the first 2 months of 2023, compared to the same period in 2022. At the same time, sales to EU citizens in February 2023 fell by 42% compared to the same period in 2022.

The study also found that Russia and the UK were the two most dominant groups of foreign nationals looking to buy property in Cyprus.

Given the increased price of property in Cyprus, you may have expected foreign investment to taper off on the island. However, with its attractive tax system, sunny locales, and great work opportunities, Cyprus remains an immensely popular place to invest in real estate.

Looking to take advantage of the vast real estate opportunities in Cyprus? At Chris Michael Property Group, you can choose from a luxury range of villas, homes and apartments in Cyprus. Whether you want a home in Paphos, or a villa in Limassol, we’ve got everything you need to get involved in this booming real estate market.

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