Apartments in Cyprus Raise Property Prices
/The Central Bank of Cyprus recorded a 1.2% property prices increase in the third quarter of 2021 (compared to the same quarter in 2020). This is mainly due to the purchase of apartments.
If we take a closer look at growth quarterly, it is 0.5% compared to 0.3% growth in the second quarter of 2021.
As for apartments price, it was increased by 1% per quarter and by 4.5% per year. This may be due to the fact of new market realities and subsidizing the interest rate on mortgages from the government with rising rental prices, which attract households more.
According to experts, the demand for real estate from foreign investors is still stable, despite the rise in the price of building materials and flats’ rising prices. As for the domestic demand for housing, it is growing.
If we consider the areas separately, then property prices have increased over the year in Limassol, Larnaca, and Paphos. In other areas, the price has decreased.
“External demand stabilises, although it remains low and concerns lower value real estate.”
“The demand from foreign investors may be due to the promotion by the state of international headquartering for high-tech companies, which concerns investors who wish to move their headquarters to Cyprus, and the permanent residency program,” the Central Bank of Cyprus said in a statement.
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Source: financialmirror
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