Property Market in Cyprus to Remain Stable in 2016

Posted by admin 21/06/2016 0 Comment(s)

Cyprus has always been one of the best overseas property destinations in Europe. If you’re looking to sell overseas property in Cyprus, you won’t have any trouble finding cash rich foreign buyers from emerging nations such as China, Russia and the Middle East, who would pay good money for it. 


Tourism is the biggest industry in Cyprus. It has an excellent Mediterranean climate and some of the best holiday resorts in Europe. Europeans are the biggest buyers of Cyprus property, with Britons responsible for 40 percent of the purchase made by foreign buyers and Russians following closely behind, snapping up 20 percent of the properties here.


Cyprus is the third biggest island in the Mediterranean. It is a very calm and tranquil island with none of the rush hour traffic that you would see in London or New York. The air in Cyprus is very clean and there is no pollution of any sort. 


Cyprus was a former British colony, so English is spoken widely here and most of the customs in Cyprus are the same as those in Britain. In fact, even the law and political system here is inspired by the British system. So Britons feel completely at home here.


The people of Cyprus speak Greek, which is the national language, Russian and German, besides English. They are very much multi-lingual, diverse and tolerant, which is why so many cash rich overseas property investors from emerging nations such as China and Russia feel instantly at home here. 


It helps that Cyprus has a number of world class golf courses and enjoys 300 days of sunshine a year. If you plan to sell overseas property in Cyprus, you will know that Cyprus does not charge capital gains tax on sale of real estate. Property prices in Cyprus are based on location, proximity to the beach, quality and size. 


The property market in Cyprus has stabilized in 2016 after a prolonged decline in property prices which began with the 2008 economic crash and lasted 6 to 7 years. It was only later in 2015 that a semblance of normalcy was seen in the Cyprus housing market.
For many years in the recent past, property prices in Cyprus had declined 5% every quarter. Limassol, Larnaca and Paphos were the worst affected areas. But now, there things have changed for the better, which is refreshing to see.


The interest in Cyprus is back. Property prices in Larnaca and Paphos have risen by 1.2% and 0.2% respectively, while the decline in Limassol was muted at 0.1%. The in Famagusta region saw a decline in prices of 1.6%, this was followed by Nicosia, where it was down 1.3%.


 Property prices have increased by 1.5% in Paphos, 2.1% in Limassol, and 0.3% in Larnaca, which is excellent news indeed.  Property sales have risen by 64% in Nicosia, 28% in Limassol and by 30% in Paphos. In Larnaca, though, sales have declined by 1%.
Interestingly, in Nicosia, overseas investors have bought only 4% of the properties. So while the interest in Cyprus is certainly picking up, there is still time to go before it reaches the same level that it was at back in 2006-07. If you need to sell overseas property in Cyprus fast contact us today.

 

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