According to PWC’s latest Cyprus real market review 2017, property sales were up 24% across Cyprus with the majority of these transactions recorded in Limassol (36%). In relation to foreign buyers, there has been an increase of 33% YOY with Limassol and Paphos compromising 70% of total foreign transactions. However, Famagusta recorded the highest annual growth in the number of sale contracts during 2017 at 44%, followed by Nicosia at 42%.
Construction is set to continue with new building permits increasing 49% on an annual basis. Nicosia leads the way on these new contracts with a market share of 35%.
High-end residential property (over €1,5M) has seen a 45% increase, with Limassol again attracting the majority of these by recording over 50% of these property transactions.
Commercial property prices are also on the up with a 3% and 7% increase in retail and office properties respectively.
Overall the real estate and construction industry equated to 14% of Cyprus GVA (Cyprus Value Added)
For more information on property in Cyprus, contact the team on +357 25 31 31 81 or visit www.ipncyprus.com