The exogenous demand for luxury properties, particularly in Limassol, is evidenced by an increase, as evidenced by KPMG’s new real estate market in Cyprus. According to data, in 2018 there was a significant increase of 27% in the demand for high-rise residential properties.
The number of transactions rose to 773 from 575 in 2017 and only 46 in 2013. The cumulative increase from 2013 to 74%. The value of high-end housing exceeds € 1 million and the turn follows the change in investment policy to give Cypriot citizenship to those who choose homes or other high-value property.
Limassol is still the preferred city for high-volume housing transactions with more than half of transactions each year starting in 2016. In 2018, the number of transactions for luxury properties in Limassol rose to 430 from 324 in 2017 and in Paphos 172 from 155. Further analysis suggests that 67% of the total volume is in the range of € 1 million – € 2 million, 26% between € 2 million and € 3 million and 7% over € 3 million.
According to KPMG data, in 2018 there was also a significant increase of 122% in the licensed hotel area. The number of sales documents increased by 6% in 2018.
Source: Philenews / Insider
