- The real estate market in Cyprus is active, and the prices of seaside properties continue to rise. There has been a shift in demand for houses and apartments, with investors from non-EU countries becoming the main buyers. According to statistics, property prices increased by 5.9% in the first quarter of 2023, and the price index rose by 2% since the end of 2022. In April 2023, over 530 building permits were issued, with a total value of 265.3 million euros and a total area of 149.1 thousand square meters.
- During the first four months of 2023, 2,351 building permits were issued, which is 6.4% less than the previous year. The total value of the permitted projects increased by 21.6%, and the total area increased by 8.6%.
- Property sales in June 2023 increased by 19% compared to the previous year. In that month, 1,397 sales contracts were concluded, with Limassol leading in the number of sales (444), followed by Paphos (316), Nicosia (312), Larnaca (258), and Famagusta (67).
- Since the beginning of 2023, 67,689 property sales contracts have been concluded in Cyprus, which is 23% higher than the previous year for the same period.
- Interestingly, citizens of EU countries are purchasing property in Cyprus less frequently, while non-EU citizens still show interest in buying apartments and seaside houses. In the first half of 2023, foreign buyers from EU countries purchased 969 properties, which is 23% lower than the previous year. Meanwhile, sales to non-EU citizens increased by 90%, reaching 2,608 sales in the first six months of 2023 compared to 1,375 sales in the previous year.
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