Cyprus real estate: how prices have changed in the 2nd quarter of 2022
The land registry of Cyprus has updated the real estate market data. We tell you how sales and the cost of objects on the island have grown.
The value of Cyprus real estate has increased year on year. All types of objects have risen in price, but apartments — more than others by 8,09%. Private houses had the highest rent growth, +11.48%. These statistics for the 2nd quarter of 2022 were published by the RICS Institute together with the financial company KMPG.
The Cyprus property market continues to recover after falling prices in 2021. In the 1st quarter of 2022, the number of real estate transactions increased for the first time in 14 years. In the 2nd quarter of 2022, it remains high, according to the Cyprus Land Registry. Buyers are especially interested in land and luxury real estate.
Limassol leads the way with 1,641 properties sold for 832 million euros. This is 46,5% of all transactions.
The share of sales of residential real estate in Limassol — 37 million euros; at the same time, most of them were elite objects. The share of commercial real estate is 15 million euros. Most often, agricultural plots were bought in Limassol, as well as apartments: 410 objects and 286 objects, respectively.
Nicosia is next with 1,620 properties sold worth 268 million euros. Most of all, apartments were sold — 562 objects, as well as agricultural plots — 409 objects.
In Larnaca, 1,034 properties were sold for a total of 173 million euros. The most popular were plots for construction — 205 objects, as well as agricultural plots — 198 objects.
In Paphos, 854 objects were sold for a total of 174 million euros. Most of it is residential property. Villas interested most buyers.
In Famagusta, 295 objects were sold for the amount of 59 million euros. The vast majority are agricultural plots, 174 objects.
How much does property cost in Cyprus
Price per m²
How investing in real estate helps to obtain permanent residence in Cyprus
Cyprus issues resident status for the purchase of real estate. The minimum investment is €300,000. The program offers two options:
The investor buys one or two primary residential properties. It is not possible to invest in resale property under this option. The VAT rate will decrease from 19% to 5% if the investor buys this object only for himself and his family, as the only home in Cyprus.
The investor buys commercial real estate, primary or secondary. At the same time, he must rent or buy housing in Cyprus and obtain permanent registration.
Investment property in Cyprus is liquid. It can be used to generate income, and after 5 years — to sell and return the investment.
Examples of investment properties in Cyprus
Immigrant Invest helps to obtain permanent residence in Cyprus for investment. If you want to become a resident of Cyprus and buy property on the island, please consult investment program experts.