Limassol and Paphos are2 cities that attract the majority of real estate investments (70% of foreignbuyers), but Nicosia is gaining momentum, according to Fileleferos.
Capital is formed and gaining momentum in the real estatesector, both in sales and in the construction of residential buildings. Theseindicators reflect the current mobility in the real estate market and the trendtowards the construction of houses and apartments.
Limassol currently ranks first in the list of real estatesales. The number of contracts for sale, deposited in the district land officeof Limassol over the past nine months, increased to 2488 against 2 008 in thecorresponding period of 2017, which is 24% more. On the other hand, Nicosiarecorded an increase of 34%, while the number of sales contracts reached 1,169compared to last year's 871, which is in third place (after Paphos). Rentalprices have risen sharply in both Nicosia and Limassol.
As for foreign buyers, Nicosia is behind Limassol; thecapital 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 thesecond place in the rating: 29.7% of sales to foreigners, with 949 salescontracts.
As for the future development of the real estate industry,Nicosia quickly rose, and Limassol stabilized. Nicosia ranks first in thenumber of building permits. Between January and July, permits were issued for1,185 units in Nicosia, which is 74% more and 1,153 in Limassol, compared with1.053 in the same period last year.