Cyprus property market is showing promising results. According to the latest from the RICS Cyprus Property Prices Index, the average prices are steadily rising showing a promising trend for the end of the year.
The economic growth in 2016 has been stronger than expected with a 2.5% growth in the GDP. Cyprus also showed a great achievement in improved employment, showing a major increase in employment among the youth, and is projected to be 12% (was 17%).
Property purchases by the Domestic/ Cypriot market is very healthy. In fact, according to the latest figures released from the Land Registry, it shows there were 427 properties sold to Cypriots in September 2016.
Looking at domestic sales for September 2015, the data shows only 261 sales which mean the sales increased by almost 90% in 2016.
For September 2016, across whole of Cyprus ‘Foreigners’ bought a total of 129 properties (124 sales in 2015) which shows that Cypriots bought nearly 300% properties than Foreigners.
The Cypriot buyers is the dominant segment in property purchase in Cyprus, mainly ‘cherry picking’ and realizing great bargains that market is offering at the current time.
For Pathos, which is the most preferred destination for foreigners buying property and during the September 2016, the whole Pathos region registered 29 sales to foreigners whilst 98 sales went to Cypriots buyers!