With its beautiful beaches and tropical Mediterranean climate, Cyprus is considered an ideal destination for permanent residence for non-EU nationals.
The real estate market in Cyprus saw an increase in property demand from 2004–2008, which led to developers increasing supply to meet the demand. However, due to the global financial downturn, the demand for real estate dropped, leaving many completed properties available in 2009. Without demand, the prices reduced significantly. However, from 2016 there has been a constant increase in demand and the number of transactions taking place across the island. Such an increase has helped prices to stabilize and has started showing annual increases.
The main element of a healthy Cyprus real estate market has always been residential property and, specifically, within the luxury segment, second homes.
The property options in Cyprus that offer buyers the highest value for money include:
The price per m2 for properties of this nature is generally between EUR 10,000 and EUR 22,000, depending on the location and building specifications. A good figure to maintain is around EUR 10,000, as you can be comfortable knowing that there is room for appreciation.
Most foreign buyers purchase properties in the above mentioned classifications, as opposed to purchasing a property in the capital city.
Should you have any questions, or if you would like a detailed breakdown of the exact costs for your family, kindly contact us and we will be delighted to help you.
