Cyprus Property Market on the Up!
10 November 2017
The number of property sales in Cyprus has seen strong growth year on year from 2016 to 2017. In all areas where Select Resorts list property there has been a very positive increase in 2017 compared to 2016 with numbers just published by Cyprus’s Department of Land and Surveys. This continues the strong upward trend seen in Cyprus’s booming property market in the past 18 months.
Source – Cyprus Department of Land and Surveys
Paphos and Limassol has shown very strong growth in 2017 year to date with a huge increase of 27.04 and 28.60 respectively in number of sales compared to 2016. Paphos has been a long term favourite with holiday home and short term rental investors due to the historic and picturesque city, which is the European City of Culture for 2017. Select Resorts has been listing property in this region for over 12 years and we have a comprehensive portfolio of properties to suite all budgets.
The most interesting trend from the figures released by the Department of Land and Surveys is the numbers increasing in Famagusta since the launch of Ayia Napa Marina, Select Resorts premiere development in Cyprus. Select Resorts pre-launched Ayia Napa Marina in July 2016 and sales in this area has seen huge growth compared to the start of the year, with an average 60% increase in the months from May to September 2017 compared to the same period in 2016. Ayia Napa Marina has been described as the most exciting development in the whole Mediterranean and having seen the site first hand, I could not agree more.
This increase in number of property sales has translated to increase in property prices across the island. The Cyprus Property Price Index published by RICS has recorded increases in almost all cities and asset classes, with the value of holiday homes rising 2.3% for apartments and 2.2% for houses. Compared to the fourth quarter of 2015, apartment prices have risen 3.7%, house prices have risen 3.4%. This is not just seen in the residential market, prices for commercial space with offices, retail and warehouses rising 4.7%, 2.1% and 1.9% respectively. This is very positive news as commercial property prices being a very good indicator of the health and durability of the Cypriot economy as a whole.
2016 was a turning point in Cyprus’s property market and 2017 has now solidified the durability of the market. 2018 is projected to show this continued upward trend. If you are considering investing in Cyprus, it would be wise to invest sooner rather than later and maximise the capital appreciation of this booming property market.
If you would like to speak to me directly about the Cyprus property market and would like some advice on where and how to buy, please do contact me and I would only be too happy to hear from you.