Wind in the sails of the Cyprus property market
It is very difficult to determine the best time from an investment perspective to buy into a specific property market. Nobody can accurately predict the bottom of the market and sentiment can often be quite fragile at these times with the market set to increase but only to suffer a further set back.
As such, we are very excited with the momentum that is being generated in Cyprus at present following the launch of our Cyprus investor pack six months ago. Recent figures from the Cyprus land registry show sales continue to climb and, at the half-year 2017, sales are some 20% ahead of the same period in 2016.
June 2017 is some 28% ahead of June 2016 with both figures suggesting that impetus continues to build with Limassol (37% of total sales year to date) and Paphos (25%) leading the way.
Having recently just returned from a trip to Cyprus, it was clear that activity is well ahead of last year with some developers and agents reporting 2017 activity levels at 100% over 2016. Given completions often lag sales activity by an average of three months, we expect sales at the end of 2017 to be much further ahead than 28%.
Sales continue to be broad based with increases in both domestic and foreign sales. With Brexit talks continuing to provide uncertainty, UK buyers are starting to focus on Mediterranean countries with a strong connection to the Commonwealth such as Cyprus and Malta.
Whilst it can be difficult to spot the ideal time to buy into a market, it can be a lot easier to see when you’ve missed the boat. Whilst the opportunity has not passed, it certainly feels like ‘anchors aweigh’.Back to news