Market confidence returning to Cyprus
Two recent surveys published in 2017 point to a shift in momentum regarding the Cyprus property market. After a decade of falling property values, prices have shown signs of stabilisation and the roots of a recovery.
Based on the 28th edition of the RICS Cyprus Property Index to Q3 2016. Across Cyprus, residential prices for both houses and apartments increased by 0.6% and 0.9% respectively, with the biggest increase being in Limassol (1.4% for apartments) and Paphos (1.8% for houses). This is the second successive quarter of price increases following similar results in Q2 2016.
This shift in momentum has historically been a good time to return to the market.
In a further sign of improving sentiment, data released from the Ministry of Interior showed that the volume of property transactions increased by 43% in 2016 compared to the previous year. This is the third successive year of increased transactions from the lows of 2013. As a further positive sign, sales volumes were up from both domestic and foreign buyers. Again, the main areas of interest were Paphos and Limassol followed by Larnaca.
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