In advance of its Real Estate Index, the firm of Antonis Loizou & Associates has released some interesting facts and figures about the Cyprus property market.
The statistics show that:
Around 20% of the total real estate demand in Cyprus comes from overseas property buyers. Bearing in mind that non-Cypriots favour certain areas, this is a high percentage. Of the non-Cypriot residents, approximately:
- 45% live in the Paphos area
- 20% live in the Limassol area.
- 20% live in the Larnaca area
- 14% live in Famagusta
- 1% live in Nicosia
Since 2002, Larnaca’s share has increased from 5% to 20%; mainly due to the higher property prices elsewhere. Over the same time period, the demand in Limassol and Paphos has declined from 30% to 20% and 55% to 45% respectively.
A similar share increase is being experienced in the Famagusta area. Much of this is due to overseas estate agencies directing clients to the area. One of these overseas estate agencies openly admits to getting a 15% commission from the Famagusta developers; it’s no wonder he’s pushing his clients there!!
(Antonis Loizou anticipates that this trend will change after 2008/9. But this assumes that the new marinas and golf courses currently being planned are available by that time).
Another interesting statistic is the budget of the non-Cypriots buying property here.
You can read the full report on Antonis Loizou’s website by clicking here.
