The Department of Lands and Surveys of Cyprus analyzed the sales of real estate for 2020 and 2021. Sales by cities of the country and the number of transactions for the purchase of houses, apartments, commercial buildings and land were taken into account.
Demand for real estate in major cities of Cyprus. Most of the properties were sold in Limassol: 3339 sales contracts were registered in 2021. But in terms of annual sales growth — 35% — Limassol is only in second place. Nicosia is in first place: in the capital of Cyprus, 37% more real estate was sold than in 2020.
Top 5 cities in Cyprus that showed growth in real estate
|City||Sales in 2020||Sales in 2021|
|La aca||1296||1674 +29%|
Sales of Cypriot real estate increased in 2021. The figures are also comparable to those of the pre-pandemic year: in 2019, only 19 more transactions were registered.
The growth in real estate sales was observed during the 9 months of 2021. The figures for January, February and October were higher in 2020.
How much does property cost in Cyprus
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
|City||Price per m² in March 2022|
|La aca||1533 €|
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.
How to get permanent residence in Cyprus for the purchase of real estate
Cyprus offers foreigners to take part in the permanent residence program for investment. To become residents, investors buy real estate or government bonds in the amount of 300,000 €.
An investor can buy residential or commercial real estate. If the investor chooses to purchase a commercial property, then he will also have to buy or rent a residential property. Under the terms of the permanent residence program, the investor must have a permanent address of registration in Cyprus.
It is allowed to buy one or two real estate objects of the primary value for a total amount of 300,000 €. VAT is paid separately: the standard rate is 19%, but when purchasing a single home for your own residence, it is reduced to 5%. It is not possible to invest in resale property.
Immigrant Invest has its own base with proven real estate, including at the stage of excavation. You can buy them without commission. Our lawyers also organize trips to Cyprus and accompany investors when choosing an object.
Examples of investment properties in Cyprus
Residents of Cyprus have the right to live, do business and study in the country without restrictions. After five years, the investor can apply for citizenship. The Cypriot passport opens up even more opportunities for living in the country and traveling around the world: Cypriots do not require a visa to travel to 176 countries of the world, including the EU states, the UK, Japan and Singapore.
Immigrant Invest — a licensed agent of the permanent residence program in Cyprus for investment. If you want to become a resident of Cyprus and buy property in the country, please contact our investment program experts for more information.