Cyprus property market in 2024. 24 main points

In 2024, the property market in Cyprus remains active and attractive to investors and buyers. Despite changes in the economic situation, the demand for housing on the island remains stable and is constantly growing. If we discuss the situation as briefly as possible, we can highlight 24 main points:

The market continues to see a slight increase in property prices, especially in popular tourist areas such as Limassol, Paphos and Ayia Napa.

Developers are actively developing new projects, offering a wide range of housing from apartments to villas.

In addition to traditional real estate segments, environmentally friendly and energy efficient projects are attracting the attention of investors.

Interest in commercial real estate investment continues, particularly in tourism and retail.

The growth in tourist flows is contributing to an increase in demand for rental housing for both short-term and long-term accommodation.

In this regard, there is an increase in rental prices, which encourages property owners to expand their portfolio.

Foreign investors continue to show interest in purchasing property in Cyprus, including to obtain a residence permit or citizenship.

The government’s citizenship by investment program remains popular, attracting wealthy investors from around the world.

Due to this, there is a demand for properties that qualify for the program, such as real estate investments and bank deposits.

The short-term rental market also remains active, especially during the summer season when tourism peaks.

There is a slight shortage of rental housing in some areas, which is driving up rental rates.

Favorable tax conditions and a stable legal system make Cyprus an attractive destination for property investment.

Many foreign buyers choose to purchase property as an investment or holiday home.

Recent reforms in the construction industry are improving the quality and safety of housing, which strengthens buyer confidence.

The COVID-19 pandemic has had a temporary impact on the real estate market, but overall the island has successfully adapted to the new conditions.

Some trades were delayed due to travel restrictions and the unpredictability of the situation, but the market recovered after restrictions were lifted.

Interest in real estate in Cyprus from foreign buyers continues due to its attractive investment opportunities.

Of particular interest are residential complexes with developed infrastructure and access to the beaches.

The stable political situation on the island also helps attract foreign investors.

The authorities continue to support the development of the real estate industry through incentive programs and simplification of the purchasing process.

Local residents are also actively investing in real estate, seeking to secure their future and diversify their investment portfolio.

The commercial real estate rental market continues to show steady growth, especially in shopping centers and business districts.

Developers are actively introducing innovative technologies and concepts into construction, taking into account the needs of modern buyers.

The popularity of beachfront properties continues to attract both tourists and investors.

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