The Future of The Real Estate Market in Cyprus over 2022-2023
The Future of The Real Estate Market in Cyprus: So far has been a Great Year for the Real Estate Market!
From record-breaking sales each month…
To breaking 15-year highs in total sales.
It is safe to say that the market is hot right now!
Well, what does that mean for the future?
Experts have calculated that in 2022 the Real Estate Market in Cyprus is expected to grow by 3.5% by the end of the year.
This is due to the influx of tourists coming back and a key interest among home buyers…
Investing.
New buyers in 2022 have shown a peak interest in buying properties for investing as well as renting.
This has been happening despite the price increases of the Properties Prices as well as rent prices.
In Paphos specifically, since the allowance of constructing buildings over 4-story has been revoked after being forbidden for decades,
This has opened the doors to build new, exciting projects never seen before in Paphos that are very attractive to lucrative investors coming from abroad.
The market is the best it’s been in decades, but this will not last for long. As the stock market has indicated with a downward momentum since the market peaked in November 2021 we are in a bear market.
The Real Estate Market however follows it after 12-18 months, meaning that the momentum it has is likely to continue through 2023 before settling down.
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