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REAL ESTATE MARKET REPORT- 2019

Posted by Vlad Stoletniy on 30/12/2019
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We are pleased to present to you the Real Estate Market report. The report provides an outline of the significant factors and major drivers of Cyprus’ Economy and Real Estate Market for the period January-September 2019.

  • Real Estate Market continued its upward trend, with contracts of sales recorded a 15% increase during the period of Jan-Sep 2019 (7,736) compared to the same period of 2018 (6,706);
  • 2019 is expected to be the year that the number of sales will pass the 10,000 sales threshold for the first time since 2008;
  • Overall, month-on-month sales were at the same levels as last year, posting a slight increase with the exception of the months April and May where there was an important increase;
  • Limassol continues to be the district with the biggest share (35%) of the market, while Paphos recorded the biggest increase (+26%) in sales transactions;
  • Positive economic conditions and low-interest rates from the banking institutions improved domestic confidence levels and increase domestic transaction by 22% (4,306 sales transactions) compared to the same period of last year (3,520 sales transactions);
  • Demand by overseas buyers continued its upward trend, with contracts of sales exhibiting an increase of 8% compared to the equivalent period of last year. The highest share relating to overseas sales was in Paphos (42%) followed by Limassol (28%);
  • Almost 70% of properties acquired by foreigners relate to non-EU buyers;
  • Residential property prices grew further in 2019, with the CBC index demonstrating a YoY growth of 1.5% (Q4 2018). Prices in Limassol outperformed all other districts in terms of annual growth (CBC Index: 7.5%)

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