The Real Estate market here in Cyprus has been seeing crazy rises in price recently!
It has been documented that property prices have increased by 2.2.% since January 2021 and the number of properties on sale has increased by 1.5%!
Accumulatively this has given way to more sales at higher prices giving the market a very good boost in sales and revenue made.
The National Land Registry recently did a general valuation of the total amount of properties in Cyprus and has recorded 1,660,048 properties in Cyprus.
This is an increase of 25,000 properties since 2018 or a 1.5% increase, and the total valuation of the properties has increased by 4 Billion Euros from 182 Billion to 186 Billion.
Elikos Elia, The Director of the Department of Land & Surveys says that the rise in prices is due to the rise in construction costs, which we did go over in our previous blog post.
The largest increase in both the number of properties as well as their value was noted to be in the Limassol District.
For more details regarding the news of the Real Estate Market, please refer to the article written by Editorial: