FAQs
Cyprus House Prices Growth | Economic Indicators? ›
Cyprus house prices grew 8.3% YoY in Dec 2023, following an increase of 7.6% YoY in the previous quarter. YoY growth data is updated quarterly, available from Mar 2007 to Dec 2023, with an average growth rate of 0.7%.
Are property prices increasing in Cyprus? ›According to the Cyprus International Institute of Economic and Cultural data, house prices in Cyprus experienced a significant growth of 7.6% year-on-year in September 2023. This increase in property prices follows a previous quarter where there was already a notable rise of 7.4% year-on-year.
What is the forecast for the Cyprus real estate market? ›Looking ahead, the market is expected to experience steady growth with an annual growth rate (CAGR 2024-2028) of 4.05%.
How is the housing market an economic indicator? ›Home sales can be a good indicator of the health of the state's economy and housing markets. In addition, changing trends in home sales offer information about potential growth in property tax revenues in the future.
Why is Cyprus property so expensive? ›Is property expensive in Cyprus? Cyprus has competitive property prices compared to the rest of the European Union. However, they have been on the rise due to the increased demand from foreign investors.
Is it worth investing in property in Cyprus? ›The strategic location, economic stability, tax benefits, and quality of life make Cyprus an attractive destination for real estate investment. Whether you're looking for a holiday home, a permanent residence, or an investment property, Cyprus offers unparalleled opportunities for growth and enjoyment.
How much will the property cost in Cyprus in 2024? ›How much does real estate cost in Cyprus in 2024?
| City | Price of apartments per sq.m in city center | Price per sq.m outside city center |
|---|---|---|
| Larnaca | from 3300 to 4000 euros | from 2400 euros |
| Limassol | from 4500 to 5500 euros | from 3400 euros |
| Nicosia | from 2500 to 3000 euros | from 2200 euros |
| Ayia Napa | from 2400 to 3000 euros | from 2000 euros |
Economic indicators include measures of macroeconomic performance (gross domestic product [GDP], consumption, investment, and international trade) and stability (central government budgets, prices, the money supply, and the balance of payments).
Are housing starts leading economic indicators? ›Housing starts measure new construction of privately owned housing units and are considered an important leading indicator on the economy.
What are economists predicting for the housing market? ›McBride says a plateauing of prices is more likely than a steep fall, and other experts' housing market predictions for 2024 align with that sentiment. Interest rates remain high as well, so if affordability is a concern, then this might not be the right year for a home purchase.
Why are millionaires moving to Cyprus? ›
Among the key reasons are: a great climate, beautiful countryside with ocean views, a stable government, a good economy and proximity to major markets.
Where do the rich go in Cyprus? ›Destinations in Cyprus
- Latchi. Latchi village sits next to a panoramic peninsula that legend says was Aphrodite's stomping ground. ...
- Limassol. ...
- Paphos. ...
- Pissouri. ...
- Troodos Mountains. ...
- Ayia Napa.
When it comes to accessibility, Cyprus isn't the easiest to get around. Despite being an island, you'll need a car. Road infrastructure is lacking, to say the least, and traffic jams are frequent. This is one of the biggest disadvantages of living in Cyprus.
Is now a good time to buy property in Cyprus? ›Investment opportunities
Property in North Cyprus is steadily increasing in value, which makes it an attractive investment. If you buy a property in winter, you can expect its price to rise further.
Inflation in Cyprus
Harmonized consumer price inflation averaged 0.9% in the ten years to 2022, below the Euro Area regional average of 1.8%. The 2022 average figure was 8.1%.
The average house in Cyprus is €316,000, but most people buy houses under €250,000.
Is it safe to buy property in Cyprus? ›Misconception 1 – North Cyprus Title Deeds are unsafe or difficult to obtain. Truth: There are extremely safe title deeds available in North Cyprus. The TRNC government underwrites ALL title deeds issued in North Cyprus. There are regulations in place to make North Cyprus property purchase very safe.