The repeal of the Citizen by Investment Programme (CIP), the consequences of the pandemic – economic and social – and the general prevailing uncertainty render any predictions extremely difficult.
However, an in-depth analysis of data from previous months can help draw some important conclusions that can steer the market when making relevant decisions.
Following WiRE FS analysis, when looking at the volume of transactions, it is safe to assume that Cypriot buyers constitute a constant, which shows an upward trend.
While the average of the sale contracts submitted by Cypriots in the first quarter of 2018 stood at 48% of the total, an upward trend has been recorded since then, exceeding 60% from June 2020 and onwards.
In fact, in the last four months of 2020, the volume of contracts for sale submitted by Cypriots corresponded to 66% of the total.
The increase is not only attributed to an upsurge in purchases made by Cypriots, but also to a decrease in the purchases made by foreigners coming from countries outside the EU.
Indicatively, the percentage of sale contracts submitted by non-EU foreigners presents a substantial decrease.
While the average percentage in the first quarter of 2018 was at 36%, it fell to 20% in the last three months of 2020.