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Cyprus cities for real estate investments

17.11.2018

Limassol and Paphos  are 2 cities that attract the majority of real estate investments (70% of foreign buyers), but Nicosia is gaining momentum, according to Fileleferos.

Capital is formed and gaining momentum in the real estate sector, both in sales and in the construction of residential buildings. These indicators reflect the current mobility in the real estate market and the trend towards the construction of houses and apartments.

Limassol currently ranks first in the list of real estate sales. The number of contracts for sale, deposited in the district land office of Limassol over the past nine months, increased to 2488 against 2 008 in the corresponding period of 2017, which is 24% more. On the other hand, Nicosia recorded an increase of 34%, while the number of sales contracts reached 1,169 compared to last year's 871, which is in third place (after Paphos). Rental prices have risen sharply in both Nicosia and Limassol.

As for foreign buyers, Nicosia is behind Limassol; the capital remains the last, and only 168 properties have been sold to foreigners, of which 88 are for non-EU buyers and 80 for EU buyers. Limassol takes the second place in the rating: 29.7% of sales to foreigners, with 949 sales contracts.

As for the future development of the real estate industry, Nicosia quickly rose, and Limassol stabilized. Nicosia ranks first in the number of building permits. Between January and July, permits were issued for 1,185 units in Nicosia, which is 74% more and 1,153 in Limassol, compared with 1.053 in the same period last year.

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