Cyprus Real Estate Market Overview: What Has Changed in the Past Year?
5 July 2024
Trends and Shifts Shaping the Real Estate Market in 2024
The Cyprus real estate market has undergone significant changes over the past year, and these changes continue to influence demand and supply on the island. In 2024, the market remains dynamic and intriguing for both local and international investors. Let’s explore the key trends and shifts that have occurred in the Cyprus real estate market over the past year.
Housing Price Growth. Throughout 2023, property prices in Cyprus continued to rise. This is due to high demand for housing from both locals and foreign investors. The price increase is particularly noticeable in coastal areas such as Limassol and Paphos, where luxury properties are in high demand.
Increased Interest in Eco-Friendly and Energy-Efficient Homes. Buyers are increasingly focusing on energy-efficient and eco-friendly homes. Developers are responding to this trend by offering more properties with energy-efficient technologies and the use of environmentally friendly materials.
Rising Demand for Rentals. The rental market in Cyprus is also experiencing growth. A steady influx of tourists and foreign workers creates high demand for both short-term and long-term rentals. This trend is particularly strong in major cities and tourist hubs.
The Return of Foreign Investors. After a temporary decline in interest caused by global uncertainty, foreign investors are once again active in the Cyprus real estate market. They are attracted by the island’s stability, the opportunity to obtain residency, and the potential for property price appreciation.
Strengthened Government Regulation. The Cypriot government is increasing measures to regulate the real estate market, aimed at protecting the rights of buyers and investors. This includes both new laws and the tightening of existing rules related to property sales and rentals.
These changes indicate that the Cyprus real estate market remains attractive and promising for investors. In 2024, it continues to evolve, offering new opportunities and prospects for those seeking profitable investments or the perfect place to live.