Get Rich in 5-10 Years: Invest in a New Cyprus Property Today!
The real estate market in Cyprus has shown positive growth in 2022Q4, with increases in residential properties (Apartments and Houses) and Offices. Warehouses have also increased, albeit to a lesser extent, while Retail has remained stagnant or decreased in some regions. Holiday assets have continued to perform well, with Holiday Houses exhibiting larger increases than Holiday Apartments.
On a YoY comparison, all asset classes have shown an increase, with Apartments exhibiting the largest increase, followed by Offices and Houses, while Retail has shown the lowest increase. Rental values have also increased YoY, with the largest increase seen in Holiday Apartments, followed by residential properties (Apartments and Houses).
At a regional level, Larnaca has shown the largest increase in Holiday Houses, while Famagusta has shown the largest increase in Holiday Apartments. Limassol has shown a drop in Holiday Apartments prices, albeit a very modest one, and a marginal increase in Holiday Houses.
Yields have also recorded increases since last year, with the largest increase seen in Holiday Apartments, followed by Apartments and Houses, while Retail and Warehouse have recorded marginal decreases.
The growth in the real estate market is predicted to continue, and possibly even increase, particularly in the Paphos region. This is due to an influx of people relocating from Israel and Ukraine, which is likely to drive up demand for properties. Additionally, the construction and operation of two new universities (TEPAK Branch and AUB) are expected to further increase demand for rental accommodations in the area.
Investing in real estate at present is highly likely to result in capital appreciation of your investment, as the demand for properties is expected to increase significantly, while the supply will remain limited for the next few years. For those who are looking for a long-term investment, purchasing a new property would be a wise choice as it will eliminate the need for any additional expenses, and they can still expect to sell the property at a higher price after 5-10 years.
Author: Christos Nikolaou
BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “Get Rich in 5-10 Years: Invest in a New Cyprus Property Today!” and is a certified advance negotiator.
