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Cyprus Real Estate Sector Picks Up in April

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In April 2024, the Cyprus real estate sector experienced a 15% increase in property sales compared to the previous year, with Nicosia and Larnaca leading the growth at 43% and 44%, respectively, while Limassol also showed positive signs. However, Paphos saw a downturn with sales receding by 13%. The market’s revival showcased optimism and resilience, with overall transactions on the rise and varied performance across different regions highlighting the nuanced nature of real estate dynamics in Cyprus.

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Navigating Real Estate: The Buyer’s Guide to Safe Property Purchase

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Navigating the complexities of real estate transactions can be daunting, especially for buyers. Ensuring a safe purchase involves understanding vendorcentric contracts, performing due diligence, and protecting your investment by opting for properties with clear title deeds, even at a higher cost. George Coucounis, a prominent lawyer in Immovable Property Law, stresses the importance of informed decisionmaking to avoid legal pitfalls and secure a profitable investment in the long run.

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Cyprus Business Now

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Average apartment values across different districts in Cyprus vary, with Limassol leading at €208,220 and Famagusta at €105,182. The real estate market in Cyprus offers diverse investment opportunities, reflecting a dynamic property landscape with distinct regional characteristics.

real estate cyprus

Chestertons Global Expands to Cyprus

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Chestertons Global has expanded into the Cyprus property market, setting up Chestertons Cyprus Residential in Paphos. Leveraging Cyprus’s appeal to international investors, the agency aims to provide topnotch services in residential sales and lettings, tapping into the island’s potential as a hub for real estate opportunities.

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Cyprus Business Now

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The Cyprus government is proposing to change property valuations from every three years to every five years, potentially boosting efficiency in the real estate sector. The rebound in travel expenditures postpandemic reflects a broader economic recovery, while the country’s fiscal stability is evident through a surplus in the last quarter of 2023.

real estate limassol

Limassol Leads with Record-Breaking Property Sale

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Limassol in Cyprus recently witnessed the most expensive property sale, with an office complex in Potamos Germasogeia fetching a recordbreaking €28 million. This sale highlights Limassol’s appeal as a top investment destination in the Mediterranean, showcasing the city’s growing prominence in the real estate market.

real estate affordable housing

Value-for-Money Homes for Less Than €320K

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BBF offers valueformoney homes under €320K in various locations like Limassol and Nicosia, including Lake View, Fremont, Flow, Haven, and Cape Town, each with unique features and amenities. These developments promise quality living spaces that cater to diverse needs while maintaining affordability and aesthetics.

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Cyprus Business Now: Weekly Wrap-Up

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The Cyprus Stock Exchange (CSE) has introduced European MediumTerm Notes (EMTNs) to increase market liquidity and diversity, aligning with strategies to strengthen its role in the European financial landscape. Meanwhile, the real estate sector in Cyprus faces challenges with a downturn in transactions, influenced by inflation and rising interest rates.

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