- Real estate market
- 10 months ago
Cyprus’s Real Estate Attraction: Global Buyers Dominate as Local Enthusiasm Diminishes
Cyprus's real estate surge driven by international demand amid dwindling local interest. Despite escalating prices, property interest persists from January to August, though local enthusiasm diminishes, states Paul Loizou, the Chief Executive of Ask Wire. In a discussion with SPOR FM, featuring journalist Maria Irakleous, Loizou shared that domestic purchasers represented merely 46% of the market. In contrast, international buyers filled the gap, accounting for 54%. From this foreign clientele, a notable 34% came from countries outside the EU, such as Russia, Belarus, Lebanon, and Israel, and 18% were EU nationals. Loizou ascribed the surge of non-EU purchasers to events like Ukraine's ongoing conflict and the tragic incident in Lebanon's port. He further highlighted a dip in property values, especially in regions like Limassol, trailed by Paphos and Larnaca. These areas have predominantly captivated international clients looking for residency.
Source: https://knews.kathimerini.com.cy