Home Prices Rise by 1.1% in Cyprus

Home prices in Cyprus have increased by 1.1% in the second quarter of this year compared to the same time frame of 2016, as reported by the Central Bank of Cyprus.The flat prices increased from April to June of this year by 3.3% compared to the same time frame of 2016 and 1.5% compared to January to March of 2017, the Central Bank of Cyprus stated. In this article, our lawyers in Cyprus analyze this increase and make a brief overview of the property market in this country.

Apartment and house prices increase in Cyprus

The prices for apartments in Larnaca decreased by 1.1 % and in Paphos by 1%, compared to the first quarter of 2016 in this country. Our lawyers in Cyprus can offer help related to acquiring an appartment here. 
However, the apartment costs in districts of Nicosia, Limassol and Famagusta increased by 2.3%, 2.2% and 2%.
On a yearly perspective, the prices for apartments in Paphos decreased by 3.2%, however, they increased in the other four districts.
The Limassol prices increased by 6.1% and those in Nicosia - by 2.7%, while the prices in Famagusta and Larnaca increased by 2.3% and 0.9%.
As about the house costs, these, in Nicosia, decreased by 0.7% compared to the first quarter of 2016 and remained at a constant rate both in Limassol and Famagusta, increasing by 0.1% in Larnaca and 2.6% in Paphos.
On a yearly analysis, the house prices increased in Paphos by 2.2% and in Limassol by 1.1%. Our Cypriot lawyers can provide assistance if you would like to acquire a home in this country.

A great opportunity in the home market in Cyprus

The home market in Cyprus represents a great investment opportunity, with prices being reported to continue to grow in the following years. If you would like to make such an investment in the island, our attorneys in Cyprus can help with all the legal paperwork required by the local legislation.
The demand is increasing rapidly. In the first seven months of this year, the property sales in Cyprus increased by 19.6% to 4,349 units, compared to the previous year.
The sales on the local market increased by 12.6%, according to the numbers released by the Department of Lands and Surveys.
In case you need to know more about the home market in Cyprus, or for assistance related to investing in this market here, please contact our Cypriot law firm.