Prices of houses and especially prices of apartments continued to increase in the last year as the Cyprus Central Bank has announced. This is mainly due to the high demand by both Cypriots and foreigners.
Apartment prices increased by 10.1% and house prices increased by 5.6% in a year.
The increased demand from foreigners is mainly due to “headquartering policy” and the increased number of students and other investors in real estate. The demand from Cypriots is mainly due to investments for buy to let purposes.
In addition to the above, the Central Bank of Cyprus states that the increase in the basic interest rates of the European Central Bank does not seem to have affected the demand for houses and apartments which continues to increase.
On the yearly basis, the increase of prices of houses is as follows:
Nicosia 4.8%
Limassol 6.5%
Larnaca 6.3%
Paphos 4.7%
Famagusta 7.4%
On the yearly basis, the increase of prices of apartments is as follows:
Nicosia 4.2%
Limassol 13.9%
Larnaca 13.1%
Paphos 16.3%
Famagusta 2.5%
Increase of property sales according to the sale agreements
The Cyprus Central Bank also states the sale agreements have increased in the last year by 26.5% with a higher number of property sales in the last fifteen years.