Cyprus is renowned for its mild climate, delicious cuisine and the simplicity of the real estate purchase process. According to data from the independent company WIRE, over 100,000 properties have been sold in Cyprus over the past five years, most of which have been acquired by foreigners. Limassol is the leader in real estate sales: in its three municipalities, more than 14 thousand transactions were concluded for a total amount of more than 6 billion euros.
The average purchase price of real estate in Cyprus varies from 110 thousand to 314 thousand euros. In Limassol, the average price is about 179 thousand euros. According to the company's report, the demand for real estate in Limassol is growing every year. In the city of Limassol alone, about 8 thousand real estate transactions were completed in 5 years.
Despite the ongoing pandemic, 2021 has proven to be an extremely successful year for the Cyprus property market. Experts believe that the upward trend in demand will continue the following year. In general, the demand for Cyprus real estate is now at its highest level for the last 10 years. Although it was larger until 2008, it holds out hope for growth over the next few years. Sales growth is mainly driven by apartments located in city centers. Cypriots have also become more active in buying houses in the suburbs. The number of sales was increased by the incentive program for young couples, which allows them to receive a housing purchase subsidy of 1.5% for four years. Real estate prices are rising both due to the rise in prices of building materials and due to the improvement of the financial condition of the island's residents.
The main buyers of real estate in Cyprus are Cypriots, as well as citizens of the UK and EU countries. The interest from third-country nationals has slightly decreased due to the cancellation of the citizenship by investment program.
The statistics of real estate sales in Limassol for 2021 confidently speak of the growing demand, which is more likely to continue in 2022. Cyprus real estate today is a pretty good way to invest your funds: over 10 years, prices have risen by 85%. In 2021, many new, interesting projects have appeared from leading European construction companies. When buying an apartment under construction, you can save a significant amount.