- January 19, 2018
- Posted by: CIP Journal
- Category: Real estate
The Central Bank of Cyprus has published its property price index report for Q2 2017. The report says that, The stable recovery of Cyprus economy, the fall in unemployment and the gradual restoration of confidence in the market, provide evidence for positive trend in the real estate market.
According to the property price report
- Residential property prices increased marginally by 0,2% on an annual basis in 2017Q1.
- Apartment prices recorded increases on an annual basis in Nicosia (0,2%), Limassol (2,1%) and Larnaca (3%) in 2017Q1.
- Residential property prices registered quarterly increases for the third consecutive quarter in Nicosia (0,2%), Limassol (0,9%) and Famagusta (0,1%).
- In Paphos and Famagusta, the apartment prices decreased by 3,1% and 2,6%, respectively.
Cyprus runs citizenship by investment programme, requiring foreign investors 2 million euro investment in real estate, provided a boost to economy and property market. Cyprus citizenship scheme pumped €3.3 billion euros into economy
Cyprus also offers Golden visa scheme, offering residency to investors who buy immovable property worth 300,000 euros, which is a cheaper version of CBI program.
According to Global property guide , After eight long years of house price falls, Cyprus’ housing market is now stabilizing, amidst an improving economy. Demand is now rising sharply. During the first seven months of 2017, property sales in Cyprus rose by 19.6% to 4,349 units from a year earlier.
In Cyprus, the real estate market of Nicosia, Limassol and Larnaca, primarily driven by local demand, whereas seaside resort areas of Paphos and Famagusta, mostly driven by foreign demand.