Cyprus offers a great deal of benefits and is infamous for the wonderful weather, the cuisine, and the culture. Today, Cyprus seems to be a hotspot for property investments due to purchasing being reasonably straightforward compared to other European countries.
In the last five years, according to the reports released by WiRE, there have been sales of over 100 thousand properties where only a fraction of that amount are properties purchased by locals. Limassol continues to be the leading city in real estate sales with over 14 thousand transactions that were concluded, which totals a vast amount of over 6 billion euros.
On average, the real estate prices in Cyprus vary from 110 thousand to 314 thousand euros. In Limassol, the average cost of a property is approximately 179 thousand euros. Reports show that the demand for real estate in Limassol is showing a steady growth year on year. Limassol sales in the last 5 years were a large sum of 8 thousand completed real estate transactions.
Today's demand for real estate in Cyprus has been highest in the last 10 years. Although there has been an ongoing pandemic, 2021 has been a very successful year for the property market in Cyprus, especially in the city of Limassol. Experts today believe that the demand will continue to grow through 2022.
The sales in Limassol have seen an exceptional growth through apartments sales located in the city centres. However, Cypriots have become more actively purchasing properties in the suburbs due to price increases. Another main factor that has driven the sales is the initiated incentive program for your couples, allowing them to purchase a property subsidy of 1.5% for four years.
Real estate prices will continue to increase due to the rising pricing of building materials and the overall financial improvements across the islands' economic conditions.
The growth in real estate is predicted to keep growing through 2022, making Limassol an attractive opportunity for EU investors. The investment options in Limassol keep increasing year on year.
If you are looking for an investment opportunity in Limassol, our team of experts can support you to make the right investment decisions. Contact our team at 77000111.