- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Cyprus real estate insight (apartments)

cyprus real estate (apartments)APARTMENTS proved to be the most popular purchase for those buying property in Cyprus during the first three quarters of 2014 with 1,948 transactions taking place according to Cyprus Economic Intelligence (CEI).

The median price of apartments at the top-end of the market rose from €166,634 in the first quarter of 2014 to reach €235,000 in the third quarter of 2014 due to the large number of high value transactions that took place in the second and third quarters.

CEI considers that this increase in prices is probably related to government incentives for multi-entry visas and naturalisation.

The CEI newsletter also notes that a total of 1,317 houses were transacted during the same period.

Meanwhile, sales of land (fields and building plots) accounted for 24% of all transactions, while sales of other types of real estate (including offices, warehouses and shops) accounted for just 4%.