Residential units in Cyprus worth €100,000-€300,000 are preferred by both local and foreign buyers with the total number sold last year reaching 7,600 – marking an annual increase of 19%.
This is what Philenews reported on Thursday, adding that a 41% increase was recorded compared with the pre-pandemic levels in 2019.
And that it shows this is the most resilient segment of the real estate sector, according to PwC’s analysis.
Overall, the residential sector within this price range accounted for 25% of total transaction value in 2022.
“This is mainly due to increased levels of demand for first homes and growing investment activity in rental housing – particularly for apartments – coupled with increased demand from foreign buyers in the context of their relocation to Cyprus,” that analysis also said.
“Undoubtedly, the driving force of the market in 2022 was apartments as €2.1 billion worth of transactions were recorded, showing an increase of 42% compared to 2021.
“The increased demand seems to be attributed to the arrival of foreign companies, who chose to establish their headquarters in Cyprus and relocate their operations and staff to the country, focusing in coastal areas.”
In addition, the increased demand is also due to resilient domestic demand.
In 2022, apartment transactions reached 9,000, compared to 7,000 in 2021, marking an increase of 29%.