Things are on the up for Cyprus property prices – quite literally!

In this blog we look at what property prices are increasing buy and see if it is the right time to buy property in Cyprus….

Prices in the last quarter of 2017 continued the trend of being on the rise according to the RCIS Cyprus Property Index with the average price of residential property in non-coastal areas rising by 0.8% (apartments) and by 1.4% (houses). This was in comparison to the last quarter.

A year-on-year price comparison shows that property prices last quarter 2017 rose by 4.3% (houses) and 7.1% (apartments). Commercial property also increased in value with retail properties rising by 3.1%.

Whats more, according to the Department of Lands and Survey, in April 2018 the number of property transactions in Cyprus increased by 29%. Fantastic news for the islands economy and for property owners in Cyprus.

It’s not only property values that have increased, according to RCIS, rental prices also increased year-on-year by 13.7% (apartments), 8.2% houses and 5.9% (retail).

So, is it the right time to buy property in Cyprus?

No one can predict what the markets will do and if anyone tells you it’s a ‘dead cert’ they’re probably lying. There may be good bets, but nothing is ever certain when it comes to property. However, although prices have increased in value, there are still some very good properties available and opportunities to get a great deal.

2018 is also a good year for potential buyers because as of January 2017 the annual Immovable Property Tax was abolished, so one less tax you need to worry about paying.

Tourism is also on the up in Cyprus, so if you are looking for a buy-to-holiday-let there are lots of potential tourists you can market to. With sites such as AirBnB and TripAdvisor, it’s also a lot easier to promote your accommodation.

Are you looking to buy a property in Cyprus?

If you are thinking of buying a property in Cyprus we will be happy to help. Let us know if you have any questions or if you would like to receive a copy of the Cyprus Buying Guide.  If you are visiting Cyprus we can arrange for you to view properties with both agencies and developers and help you find your perfect home. Either email us info@cypruspropertyblog.com or fill in the below form. Happy holiday home hunting!