The Cyprus property market has shown a significant turnaround from 2015 through to 2016, and this trend looks set to continue. The island’s land registry reported an increase in sales to overseas buyers of 162% in December 2016, compared to the same month in 2015.
The upturn in both interest and actual sales to buyers from overseas can be attributed to a number of factors. Firstly, the government’s Golden Visa scheme which allows someone from overseas to obtain full Cypriot citizenship. This would give them the rights to live, work and study throughout all European Union (EC) member countries. Secondly, the government has reduced the amount required to be invested in Cyprus from EUR2.5 million to EUR2 million.
This upward trend has continued throughout 2017, with the property sales to overseas buyers showing an increase of over 45%, compared to 2016. With Paphos leading the way, all the other major cities are all showing lower but significant increases.
The domestic market has also shown improved activity, with an increase of over 11%. Larnaca is the only major city showing a slight contraction, with Limassol being the most popular area by far amongst the major cities on the island.
With 2018 just around the corner the island’s property market looks set to have a positive future.