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Cyprus Property Market Overview

16.12.2019

A review of the PwC real estate market in Cyprus for the first half of 2019 shows that a quarter of all real estate transactions took place in April, shortly before more stringent criteria were introduced for those who apply for citizenship. The value of real estate transactions (sales contracts) for the reporting period increased by 25% and reached 2.5 billion euros compared to the same period last year. The number of real estate completed during this period also rose to 7,900.

PwC reports that significant growth "appears to have been caused by a growing flow of foreign capital into residential real estate and that there should be a clear slowdown in growth in the third quarter of 2019."

Limassol had the lion's share of transactions; 44% of the value of transactions and 33% of the number of properties sold.

Paphos took second place with 25% of the value of transactions and 22% of the property sold.

Nicosia had 15% of the value of transactions and 21% of real estate sold.

 Larnaca has 10% of the value of transactions and 18% of the sold real estate.

Famagusta - 6% of the value of transactions and 6% of real estate sold.

April was the strongest month; transaction value reached approximately 600 million euros; a quarter of the total.

Transactions by type of property:

Apartments - 3600 units sold € 1.1 billion.

Houses - 1,900 units sold € 0.9 billion.

Land - 2,000 units sold € 0.4 billion

Commercial real estate - 300 units sold worth € 0.1 billion.

Others - 100 units sold worth 0.05 billion euros.

In the first half of 2019, the number of objects acquired by foreign buyers reached 2482. About 70% of these buyers were citizens of countries outside the EU. In value terms, buyers from non-EU countries accounted for approximately 45% of all transactions in the first half of 2019.

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