Number of transactions among foreign real estate investors in Cyprus increased by 34%

June 2021 showed a significant increase in the number of successfully concluded transactions in the Cyprus property market. A total of 924 residential and commercial properties were purchased which turned out to be 210 more than in the same month a year earlier. These figures indicate an increase in market activity by 29.4%. As for the conclusion of transactions with foreigners, their number increased by 34%.

Main reasons for the increase in demand for real estate in Cyprus

Main reasons for such demand are:

• the desire of buyers to take advantage of state support (subsidizing the interest rate), which is now offered for the buyers of the first property;
• an increase in the number of offers is due to an increase in the number of building permits issued since the beginning of 2021;
• presence of an attractive business environment through which the Cypriot government wishes to attract investors willing to purchase offices and housing for their employees.

It is worth noting that Cyprus is one of the few countries where house prices have not shown rapid growth during and after the pandemic. It can also be considered one of the important conditions for attracting foreign buyers.