Despite rising interest rates on loans, inflation, and the difficult political situation in the world, the real estate market in Cyprus shows good results. According to analysts, from January to August this year in Cyprus, there were registered 11,655 real estate sales transactions, the total value of which reached €2.8 billion. The growth in sales compared to the same period last year amounted to 31%.
While locals are cautious about buying real estate in Northern Cyprus, non-residents of the country are actively choosing objects on the coast. In the first half of the year, 46% of transactions were concluded with foreign buyers, which confirms the attractiveness of the local real estate market.
In terms of regional sales, the highest growth was recorded in Larnaca, where the number of transactions increased by 10.3%. A total of 2,361 transactions were concluded in the area. In Famagusta, sales fell by 1.9%. In Nicosia, the volume of transactions decreased by 10.3%.
Analysts note the attractiveness of Cyprus as an investment centre. Rapid growth in demand from foreign buyers has led to an increase in prices. Thus, the Famagusta area saw the most significant annual increase in the average selling price, which increased by 52.4% to €272,000.