Cyprus Property Prices and Sales rising as foreign investors return
- Feb 4, 2017
- 2 min read
The Cyprus property recovery is underway with the latest figures showing that prices for villas and flats are increasing and Cyprus property sales are also rising.
The latest figures from RICS shows that across Cyprus residential property prices for both houses and flats increase by 0.6% and 0.9% respectively in the 3rd quarter of 2016.
Meanwhile, data from Cyprus land registry show that Cyprus property sales increased by 121% year on year in December 2016, the largest annual increase for a decade. This followed increases of 50% in September, 37% in October and 46% in November.
Year on year Cyprus property sales rose across the island with transaction rising the most in Nicosia and Limassol with growth of 156%, followed by Paphos with growth of 137%, Famagusta up 107% and Larnaca up a more modest 18%.
A breakdown of the RICS data shows that the biggest increase in property prices was in Paphos where Cyprus house prices increased by 1.77% and in Limassol where Cyprus apartment prices were up by 1.4%.
Values for Cyprus holiday homes also increased, up by 1.6% for flats and 0.4% for houses. Compared to the third quarter of 2015, prices increased by 0.6% for flats, 0.9% for houses.
The RICS report points out that during the 3rd quarter of 2016 the Cyprus economy showed further signs of stability with the economy’s performance being better than expected and tourism outperforming forecasts.
Across Cyprus rents increased quarter on quarter by 0.7% for apartments and 3.3% for houses and were up 5.3% year on year for flats and 6.7% for houses.
Both reports suggest that it is foreign investors returning that are helping the Cyprus property market to recover. Cyprus land register figures show that 31% were buyers from overseas.
Cyprus property Sales to foreign buyers rose 162% in December compared with December 2015. They increased in all district compared with December 2015. In percentage terms Famagusta led the way with sales up 1,400%, (having sold just one property in December 2015, followed by Paphos where sales rose by 227%. Meanwhile, sales in Nicosia, Limassol and Larnaca rose by 180%, 172% and 18% respectively.
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