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Thursday 16th July 2020
Home Property Statistics Cyprus real estate insight (apartments)

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%.

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.

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