Cyprus property prices have been growing steadily by 1‑4% until 2020. Due to the lockdown, the demand for island real estate was at a minimum: prices stopped rising and even decreased. For example, in the first quarter of 2021, home prices fell by 2.7%, according to independent consulting company - WiRE.
Demand for real estate also fell from foreign investors. They could not come to the island for most of 2020 to select a property to buy. As soon as Cyprus opened the borders, demand increased. So, in May 2021, foreigners bought 262 Cypriot properties. Therefore, in May 2021 foreigners bought 262 Cypriot properties. This is 34% more than in the same period of 2020.
In March 2022, the average price per square meter of housing in Cyprus is 1894 €, according to Numbeo.com. The purchase of a home in the city center will cost more.
In Limassol, the average price of an apartment is 250,000 €. A two-story villa with a private pool will cost about 1‑2 million euros.
Average price per square meter when buying a one-bedroom apartment in Cyprus
Source: Numbeo.com
Wealthy individuals prefer to have housing in Cyprus for holidays in the country or for renting it out. Investors also buy property in order to obtain permanent residence in Cyprus under the investment program.
389 m² — 394 m²
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