Record Property Sales in Cyprus Q2 2023

Record Property Sales in Cyprus

The second quarter of 2023 saw Record Property Sales in Cyprus Q2 2023, reaching the highest levels in over 15 years, as reported by the Central Bank of Cyprus (CBC). Strong demand, especially from foreign investors, and rising property prices, primarily for apartments, drove the surge.

Rising Property Prices Across the Board

The Cyprus House Price Index (HPI) showed a 1.5% increase in Q2 2023, following a 2.1% rise in Q1. Apartment prices jumped 3.1%, while house prices saw a 0.7% increase. Annually, housing prices grew by 7.4%, with a significant 10.1% rise in apartment prices compared to a 5.6% increase in house prices.

Foreign Investors Fuel the Market

Although local buyers dominated the transactions, the most substantial growth came from foreign investors, attracted by Cyprus’s headquartering policies and student housing opportunities. A 26.5% annual increase in transactions was noted, totaling 4,115 sales in Q2 2023 compared to 3,254 in Q2 2022.

Demand Remains Resilient Despite Economic Challenges

Despite rising interest rates and stricter lending criteria, demand for properties in Cyprus remained strong. The CBC reported a surge in demand, while new housing supply stayed limited, leading to continued price increases.

Record Property Sales in Cyprus Q2 2023 highlight the market’s resilience and appeal, even in the face of economic fluctuations, making it a compelling time for investors.

 

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