Demand for high-end residential property continues to soar
With the lavish lifestyle on offer, it’s no wonder that Cyprus is a current hotspot on the property market scene.
Since Cyprus introduced the Citizenship-by-Investment programme back in 2014 demand for properties over 1.5 million euros have increased substantially.
According to PWC’s latest Cyprus real market review by the end of 2016, the number of high-end residential transactions had almost quadrupled compared to 2013.
The majority of these transactions were properties valued within the region of €2- €3milion.
However, saying that, demand for properties in excess of €3 million is on the up, mainly due to new high-end residential developments being built across the island.
The main city of choice for these properties has been Limassol where transactions amount to 63% in 2016 (70% related to apartments, with the remainder 30% relating to villas). This is followed by Paphos at 29% (all of these sales related to villas).
This success has also meant that overall properties bought by foreign buyers have increased in 2016, reaching a six-year high of 1,813 properties sold across Cyprus (YoY increase of 34%).
International Property’s Network, based in Limassol, expects this trend to continue in the second half of 2017.
IPN’s CEO, Mr Vasos Kolonas, comments:
‘’Due to the continued positive outlook for the Cypriot Economy, we expect Cyprus to remain an attractive option for high-end international investors.’’
For more information on high-end property in Cyprus, contact the team on +357 25 31 31 81 or visit www.ipncyprus.com