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New trends in the Cyprus property market

15.12.2020

 

By the end of 2020, the Statistics Service of the Republic of Cyprus published data on the issuance of building permits from January to September this year. It can be unambiguously stated that the new decade begins with new trends in the Cyprus property market. Local developers, for the next couple of years, are planning to build less and in a lower price category, focusing primarily on third-country nationals wishing to obtain a permanent residence permit in Cyprus, as well as local residents. Last year, Cyprus became the second largest residence permit issued, after Malta.

 

Contrary to the global trend, the number of building permits for office buildings increased by 139.7%. Real estate appraiser Polis Kurusoulides stated:

“Stabilization is observed in all sectors of the industry. The exception is office buildings, where significant growth has been recorded. There has been no growth for many years and there is a shortage of good quality offices in the market”.

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