Recovery of Real Estate Market in Cyprus
According to recent statistics published by the Department of Land and Surveys, Cyprus, the real estate market is experiencing positive movements towards normalisation and it seems that 2021 saw a rise in real estate sales in all cities in Cyprus comparable with pre-COVID year 2019.
June 2021 has seen the largest number of mortgages recorded as such 1531 mortgages with a value of €348,332,089 in total, followed by September 2021 with 1397 mortgages recorded with a value of €248,966,911 in total.
Nicosia and Limassol are the two leading cities. Nicosia ranked first in terms of the number of transactions whilst real estate transactions in Limassol irrespective of being lower in volume had a higher value.
Total number of contract of sales registered was up by 37% in Nicosia and 36% in Limassol in 2021. Since Jan 2021 until the end of September 2021, the total number of buyers with registered contracts of sales, across Cyprus, that are EU citizens (except Cypriots) is 1375, and non-EU buyers is 1304. The remaining buyers were Cypriots.
The recovery can be attributed to the loan incentives given by the Cypriot Government for the purchase of a first home and also to a realisation that deposits held in Banks with a negative interest rate thus offering no returns can be better invested in real estate.
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