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High-end Cyprus residential property sales boom

June 11, 2019 at 7:00am
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The total number of high-end residential properties worth over €1.5 million each that were sold during 2018 reached 324, according to a PwC Cyprus Real Estate Market publication.

Their transaction value stood at €810 million with the high-end residential property segment representing 19% of the total annual Cyprus transaction value.

The majority of transactions were recorded in coastal Limassol (37% of total), followed by coastal Paphos (24%).

High-end transactions in coastal Famagusta, coastal Larnaca and the capital of Nicosia represented 14% of total number of such transactions.

Apartments appear to be the preferred residential property type reaching 78% of the total high-end transactions in Limassol during 2018, with the remainder 22% relating to villas.

The report also showed that most of the year’s transactions in the high-end residential segment were in the €2m-€3m price band (representing 60% of total high-end residential property transactions).

And that a shift from both the €3m-€5m and €2m-€3m price bands towards lower valued high-end properties has been observed.

Interest from foreign buyers – predominantly non-EU – continues to be the key driving force of specific segments of the market and is mainly fuelled by the continuation of the government’s schemes encouraging direct investments in Cyprus.

During 2018, a total of 4.367 properties in Cyprus were acquired by foreigners – in terms of sale contracts submitted to the Department of Land and Surveys.

The highest share as regards sale contracts filed by foreign buyers was in Paphos (40%), followed by Limassol (30%). The two coastal districts together make up 70% of foreign transactions.

Approximately 67% of properties acquired by foreigners relate to non-EU buyers. In Limassol, 79% of foreign transactions relate to non-EU buyers. The respective share of non-EU resident acquisitions in Paphos and Larnaca stood at 57% and 78% respectively.

 

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