Strong Economic Growth Reflected in the Cyprus Property Market

Following a successful year for the Cyprus economy, it is set to maintain strong growth for the next few years according to the European Commissions forecast. A strong economy goes hand in hand with the rise of property sales and the figures do not disappoint.

The economy’s growth is expected to remain strong and above average – predicted at 2.9 % in 2020. The growth is driven via domestic demand, private consumption, investment and exports while unemployment is expected to continue its rapid decline with the lowest level of unemployment recorded in 8 years.

Cyprus Property Market

All of these factors create an ideal environment for the property market to flourish. Investors have seized the opportunity to purchase apartments to rent to young professionals due to the growing employment market. International investments have contributed to large projects such as the Ayia Napa Marina set to increase the value of property in the near by area, whilst many continue to invest in beautiful sea front villas, ideal for holiday homes. Not forgetting the successful Cyprus Investment Program which grants those who invest a certain amount of money in property Cyprus Citizenship.

These factors have ensured growth in the property market with some cities of Cyprus seeing an increase of 14% of total property sales compared to 2018 and overseas sales are up by 70% in some areas in comparison to 2018. The figures can be viewed below:

Year Overseas Sales Domestic Sales % Overseas Sales Total Sales
2000 450 12,214 3.6% 12,664
2001 1,207 12,849 8.6% 14,056
2002 2,548 14,111 15.3% 16,659
2003 3,981 15,294 20.7% 19,275
2004 5,384 11,947 31.1% 17,331
2005 6,485 10,106 39.1% 16,591
2006 8,355 8,598 49.3% 16,953
2007 11,281 9,964 53.1% 21,245
2008 6,636 8,031 45.2% 14,667
2009 1,761 6,409 21.6% 8,170
2010 2,030 6,568 23.6% 8,598
2011 1,652 5,366 23.5% 7,018
2012 1,476 4,793 23.5% 6,269
2013 1,017 2,750 27.0% 3,767
2014 1,193 3,334 26.4% 4,527
2015 1,349 3,603 27.2% 4,952
2016 1,813 5,250 25.7% 7,063
2017 2,406 6,328 27.5% 8,734
2018 4,367 4,875 47.3% 9,242
2019 (Jan) 357 409 46.6% 766
Totals 65,748 152,799 30.1% 218,547

Opportunities Created

The property market in Cyprus is predicted to grow in a stable manor thus creating investment opportunities. Now is the ideal time to invest in property for either personal use e.g. a new home or holiday home or to invest for business e.g. renting apartments for homes for holiday makers or locals. Whatever the reason SkyPrime can assist in finding the perfect property for you.

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Date published: March 12, 2019