20 August, 2019
Cyprus Property Market Update Jan-July 2019
Those who are keeping an eye on the property market in Cyprus noticed two telling facts in the statistics that were published in August:
The number of transactions registered from January to July 2019, compared with the same period last year, revealed a significant increase of 20%, as the number reached 6,456 in 2019, compared with 5,366 last year. Looking at the single month of July, the same number of transactions was registered in both years: 896.
At the top
In a breakdown by district, all five districts showed a year-on-year increase in property sales, with Limassol and Paphos remaining at the top for the 7-month period. A quick overview of the actual numbers:
|Transactions Jan-July ’19||Transactions Jan-July ’18|
|Ayia Napa / Protaras||421||393|
At first sight, anyone driving through Limassol will notice the high-rise luxury apartment buildings that seem to be spearheading upmarket developments. However, discerning buyers have also discovered the attractive lifestyle and investment opportunities that are underway on the city’s western boundaries, where City of Dreams Mediterranean – the largest integrated casino resort in Europe – is already taking shape.
In various properties around and near the casino, Citrine Estates and other low-rise residential clusters are sparking intense interest. Given the green and tranquil setting, these properties are appealing to permanent residents as well as regular holidaymakers and investors who have recognized the potential of these high-comfort homes to generate short- and long-term rental income.
In addition to the sophisticated architecture and construction, these properties offer immediate access to all Limassol’s key attractions, from the casino to the marina, from the mall to the mountains, while the nearby highway leads to all the other coastal towns as the inland capital.
For anyone interested in real estate in Cyprus, now is the time to take a closer look and grasp the opportunity.
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