Cyprus Property News logo
HomeProperty NewsCyprus real estate insight (apartments)

Cyprus real estate insight (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%.

4 COMMENTS

  1. Nigel

    Aren’t these “government incentives for multi-entry visas and naturalisation” reserved for purchases from developers: meaning that their stock increases in value and ‘desirability’ at the expense of all other apartments?

    • @Frank on 2015/01/29 at 3:36 pm – A residence permit for a non-EU national requires the purchase of one or two, new real estate properties in Cyprus with total purchase cost of at least €300,000 (excluding VAT). Properties can be 2 residences, or 1 residence & 1 office or 1 residence & 1 shop. At least €200,000 of the purchase cost must be settled. Etc.

      It is unlikely that this will affect the prices of holiday apartments as the price of a typical 70-80sqm holiday apartment falls well below €150,000.

  2. How many “top end” properties did they include, ten, one hundred maybe.

    €235,000 is a long way off from holiday apartment re sale values. I suppose the big boys will be able to put that spin to good use, come the tourist season.

    • @Andrew on 2015/01/29 at 12:24 pm – the “top end” is the upper quartile (or the 75th percentile) – 487 apartments out of the total of 1,948. Property transactions are property transfers NOT sales.

Comments are closed.

Sign up to receive our free Cyprus property newsletter

We guarantee that we do not spam and will not divulge your email address to any third party.

Read our privacy policy for more information.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries
GBP
1.1870
RUB
0.0124
CNY
0.1351
CHF
0.9375

Top Stories

EC confirms response on golden passports

The European Commission has received a response from Cypriot authorities regarding the island's now- defunct 'golden passports' scheme, and will continue dialoguing with Nicosia,...

Inspecting resale properties – part 1

Given the long-standing issues with Title Deeds, more home buyers are restricting their search to resale properties that have been issued with their all-important...

Property values continuing to ebb and flow

WiRE FS has published its Q3 2021 edition of the WiRE Index for property and rental values. The WiRE Index covers all districts and...