The Cyprus real estate market is one of the most flourishing markets in the world.
New opportunities for investments are arising every day. Investing in real estate in Cyprus is an incredibly rewarding decision – but how can you ensure that your investments go off without a hitch?
Navigating the world of Cyprus real estate is possible when you understand the market, how it influences the economy, and how CENTURY 21 Cyprus can help you succeed.
This article will explore everything to know about the real estate market in Cyprus to start your journey of Cyprus property investment today.
The World of Cyprus Real Estate
The Cyprus real estate market offers many emerging opportunities for you to create your wealth, especially in Limassol.
Historically, real estate has contributed significantly to the Cyprus economy. Throughout history, the real estate and construction sector has contributed between 13.5% and 16.5% of Cyprus’s gross value added (GVA). This sector is the highest contributor to Cyprus’s GVA, accounting for 14.6% of the country’s GVA in 2022.
Foreign and Domestic Buyers
Cyprus real estate is packed with foreign and domestic buyers, making it a perfect opportunity to invest no matter where you’re from.
Nicosia and Limassol currently maintain the highest volumes of domestic real estate buyers.
However, due to more affordable property prices in areas like Larnaca and Paphos, domestic buyers are increasingly turning to these regions, indicating potential market growth.
Among foreign buyers, Limassol and Paphos stand out as the top choices, driving significant purchase volumes. According to research, Paphos primarily attracts tourism-related investments, while Limassol draws a more balanced mix of tourism and commercial ventures, enriching both cities’ real estate markets.
Real Estate Transactions in Cyprus
The Cyprus real estate market shows several promising trends to watch out for in upcoming years.
Limassol is the frontrunner in transaction value in Cyprus’s real estate market, accounting for 50% of the transaction value increase noted in 2022.
2022 also saw a massive change in transactions from foreign buyers in Cyprus, increasing 61% from 2021. This change promises more opportunities for foreign investors in the future of Cyprus’s real estate.
The biggest contributor to real estate transactions in Cyprus is related to the booming apartment market in the nation.
If you’re seeking apartments for sale in Cyprus, the numbers are promising: 9,000 apartments were transacted in Cyprus during 2022, a 29% increase from 2021. Additionally, apartment market transaction value in 2022 increased by 42% compared to 2021, showing a growing interest in this segment of Cyprus real estate.
How CENTURY 21 Cyprus Can Help You
Navigating the world of real estate in Cyprus is possible if you know where to look.
CENTURY 21 Cyprus is the premier place for people to sell or buy real estate properties in Cyprus to profit.
Whether you’re seeking help from Cyprus real estate agents or looking for properties in certain areas of Cyprus, you’ll find the guidance and resources you need from CENTURY 21 Cyprus.
Are you interested in learning more about selling or purchasing properties in Cyprus?
Then the C21 team is the team for you!