The Cyprus property market is picking up with a steady 67% growth year to year. However the today due to the market inflation in the past few years the property market has dropped in pricing about 20% to 30% in comparison with the previous 2 years.
In accordance to Land registry statistics the increase numbers are not huge but the rates are and it is looking that the kickstart to the Cyprus real estate market has already started. The numbers below show the rates per district:
- Nicosia (Capital): 131%;
- Limassol: 4%;
- Larnaca: 50%;
- Paphos: 67%;
- Famagusta: 48%
The growth is caused by international demand on Cypriot properties mainly due to Permanent Residence Permit regime via property investment. As a result many international buyers choose Cyprus to make their investments and gain on the low rates that are currently available.
Only in 2012 there were 15 granted Permanent Residence passports to third party nationals investing in property and there are already more than 600 application for PRP that will be granted soon. This is a clear indication that 600 properties have been sold already setting the stage for more growth in the Cyprus Real estate industry in 2013.
Due to the discovery of Natural Gas and possibly oil belonging to the Cypriot government the Cyprus Real estate market is proven to be a great market to invest in since the Natural Gas will bring further wealth to the island as well as heavy foreign investment which will impact in the growth of real estate prices in the coming years.