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Cyprus real estate sales reach 15 year high in second quarter — property prices on the up

Cyprus’ real estate market witnessed a record number of sales during the second quarter of 2023, reaching a level not seen in 15 years, according to a report released this week by the Central Bank of (CBC).

Furthermore, property prices, especially for apartments, have continued to rise, driven primarily by increased demand, itself fueled by foreign interest.

Delving into the data, the CBC report noted that during the second quarter of 2023, the Cyprus House Price Index (HPI) reported a 1.5 per cent increase compared to the 2.1 per cent rise in the previous quarter.

This growth was primarily attributed to a 0.7 per cent increase in house prices and a substantial 3.1 per cent increase in apartment prices.

On an annual basis, housing prices increased by 7.4 per cent in the second quarter of 2023 compared to 7.7 per cent in the first quarter, with apartment prices rising by 10.1 per cent and house prices by 5.6 per cent.

The majority of property transactions involved domestic buyers. However, the largest annual increase in sales came from foreign investors.

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Property developers scramble to meet demand as Limassol leads the way
The high demand in the real estate sector is in the process of being met with numerous high-value investments, with the district taking the lion’s share, the Council for Registration of Real Estate Agents said on Thursday
Their indicative average selling price was approximately €280,000 euros, with transactions ranging from valued at less than €100,000 to others with valuations exceeding €1 million.

“The average sale price was €770,000 euros, an indication that several of them were high-end homes, while some of the properties were indeed classified as mansions,” the council said.

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Tourist Arrivals in Cyprus Almost Reach Pre-pandemic Levels
arrivals to are up almost 80 per cent this year compared to the pre-pandemic record of nearly four million.
In this regard, Tourism Minister Savvas Perdios has said that taking into account the difficulties the travel industry faced, this percentage is not bad at all,
As in previous years, the United Kingdom will remain the main source, which accounts for 39.2 percent of all arrivals.

In addition, nearly 14 per cent of Cyprus’ GDP is generated by tourism, making the country highly dependent on the industry. The industry of Cyprus is already very affected by the war in Ukraine as fewer Russian tourists are expected to visit.

Greece to Issue 10-Year Valid Passports From September 1
The Hellenic Parliament and government have agreed on the extension of the validity of Greek passports from five to ten years, starting from September 1.

The Greek passport is the world’s eighth most powerful, as its holders can visit the majority of world countries visa-free or with a visa-on-arrival. According to the Henley Index, which ranks world passports based on the number of countries that they enable their holder to enter visa-free or with a visa on arrival, in mid-2022, Greeks need a visa to travel to 38 countries but can visit another 185 visa-free or with a visa on arrival.

Greece to Welcome Record Number of Tourists in Next Weeks

registered more than 3.4 million at its airports in June. Greece recorded around 3,477,900 tourist arrivals in June, which is significantly higher compared to the same period in 2021 when only 1,198,000 travelers were recorded passing through the country’s airports.

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