Cyprus’ real estate market had a significant increase of 9%, in the first ten months of 2021, compared to the same period last year. More specifically, the interest was increased significantly by EU citizens and slightly decreased by buyers from third countries.
Limassol was the first province in sales due to the projects developers carry out and a large number of ICT companies.
Paphos comes in second place.
Foreign buyers recognized the successful recovery from the pandemic, and at the same time, they acknowledged the benefits of living on the island. Air arrivals also played an essential role in that.
Russians seem not to be affected by the previous situation, as they still remain in the first place.
European citizens came to Cyprus determined to buy a house, mainly due to the quality of life and accessibility in other countries. During the pandemic period, Cyprus seemed to be, for many of them, one of the preferred destinations for buying a permanent or even a second home.
Foreigners tend to buy villas close to nature or the sea, apartments in the city center, but also mixed-use projects.
An important incentive for the Cypriot buyers was the mortgage interest rate subsidy, which significantly boosted the domestic market.