Cyprus’ real estate market is on the rise
The property market in Cyprus follows an upward trend following a deep decline in recent years due to a financial crisis.
The Chairman of the Real Estate Registry Board, Marinos Kineyirou, said that in the last two years there has been an increase in real estate sales, while the prices of houses and apartments for sale began to gradually increase.
According to Mr. Kineyirou, on average, the purchase price for a detached house in Nicosia amounts to 330 thousand euros, while the price for an apartment purchase starts from 100 thousand euros and reaches 200 thousand euros.
Prices in Larnaca for apartment purchase start from 60 thousand euros and reach 130 thousand euros. When the property is near the sea, the price may well exceed one million euros. As far as houses in Larnaca are concerned, market prices range around 280 thousand euros.
Higher property prices are recorded in Limassol. On average, the price for an apartment purchase starts from 110 thousand euros and reaches up to 220 thousand euros. To purchase a detached house around 330 thousand euros, while for an apartment or a detached house near the sea, the price exceeds in some cases 5 million euros.
In Paphos, the prices for buying a house are around 280 thousand euros and for an apartment purchase, 60 thousand euros up to 130 thousand euros.
In the area of Famagusta, the prices for real estate market are at the same level as Paphos and Larnaca.