Cyprus Property Market

Cyprus real Estate Market 2022: The real estate market in Cyprus has been on the rise in recent years, and this trend is expected to continue in 2022. According to data from the Cyprus Department of Lands and Surveys, property prices in the country have been increasing at a steady rate since 2016. In 2021, the average sale price of a house in Cyprus was €256,000, a 4.5% increase from the previous year.

One of the main drivers of the real estate market in Cyprus is the increasing number of foreign buyers. In 2021, around 45% of all property sales in the country were made to non-Cypriot buyers, with the majority of these buyers coming from Russia, the United Kingdom, and Greece.

The most popular areas for foreign buyers in Cyprus are the coastal regions, particularly the cities of Limassol and Paphos. These areas have seen the largest increases in property prices, with Paphos seeing a 5.8% increase in average sale prices in 2021, and Limassol seeing a 5.2% increase.

The demand for holiday homes in Cyprus has also been on the rise, with many buyers looking to invest in properties that can be rented out to tourists during the summer months. This has led to an increase in the construction of new holiday homes and apartments in popular tourist areas such as Ayia Napa and Protaras.

In addition to the increasing demand for properties in Cyprus, the country's economy is also expected to grow in 2022. According to the European Commission, Cyprus's GDP is expected to grow by 2.8% in 2022, which will further boost the real estate market.

Overall, the real estate market in Cyprus is expected to continue to grow in 2022, with increasing demand for properties from foreign buyers and a strong economic outlook.

What is install for 2023? It is difficult to provide a precise forecast for the Cyprus real estate market in 2023, as it can be influenced by a variety of factors such as economic conditions, interest rates, and government policies. However, based on current trends and the overall outlook for the economy, it is likely that the real estate market in Cyprus will continue to grow in 2023.

The demand for properties in Cyprus is expected to remain strong, particularly from foreign buyers. The country's warm climate, beautiful beaches and historical sites, as well as the citizenship by investment program, will continue to attract investors from all over the world.

In terms of prices, it is expected that they will continue to rise in 2023, although at a slower pace than in the past few years. The increase in construction of new properties, especially in tourist areas, is likely to help keep prices in check.

The development of infrastructure projects, such as the new marina in Limassol, the new airport in Paphos, and the expansion of the Larnaca port, will also contribute to the growth of the real estate market in 2023.

In summary, the real estate market in Cyprus is expected to remain strong in 2023, with increasing demand for properties from foreign buyers, a positive economic outlook, and new infrastructure projects that will boost the market. However, it is worth noting that the real estate market can be unpredictable and subject to change based on various factors.