Cyprus Property Trends
Staying Ahead of Cyprus Property Trends as a Buyer or Seller
Property markets can sometimes be unpredictable, and leave buyers and sellers feeling unsure of when the right time may be to buy or sell their properties.
Let’s have a look at some of the current property trends in Cyprus.
Property sales increased by 15% in September 2023, reaching 1,336 compared to 1,157 in the corresponding month of 2022. Residential Real Estate dominates the property market. Based on current trends and past growth, it is expected that this increase will continue into 2024.
Since Covid-19, there has been a visible shift in buyer preferences, with people wanting to buy properties that have home offices, or outdoor spaces. There has also been a high demand for properties, and a limited supply; because of this the property prices have been steadily rising, which is great news for sellers.
It’s not all bad news for buyers though. If you invest in a property now, it gives you a unique opportunity to benefit from potential future appreciation, especially in high-demand areas.
Hand-in-hand with rising property prices, the rental market has experienced significant growth, which is driven by both expatriates and locals. This is a prime opportunity for buy-to-let investors to get their foot in the proverbial property door.
Why the demand for property in Cyprus? There are many reasons, but notably, the Cypriot government has introduced various incentives to attract foreign property buyers, including generous permanent residency programs as well as a number of personal and business tax benefits.
Apart from the generous government incentives, Cyprus has much more to offer too. It has world-class beaches, mouth-watering Mediterranean cuisine and a rich cultural and historical background. It also boasts some top-tier Private schools, some of which offer the English National Curriculum, American Curriculums and Greek Curriculums.
Whether you’re looking to buy your first property in Cyprus or whether you’re looking to sell your existing Cyprus property to up or downscale in Cyprus, one thing is for sure, Cyprus offers a diverse range of options, from rural villas, to coastal apartments; rooftop penthouses, to beachfront bungalows; new developments to traditional rustic resales, offering you the flexibility to choose properties that align with your personal preferences and investment goals.
There has been no better time than NOW to buy or sell in Cyprus!
