In Cyprus foreign buyers encourage the growth in real estate prices

Oct. 6, 2016

In Cyprus foreign buyers encourage the growth in real estate prices

This is the opinion of the Chairman of the Association of real estate agencies of Cyprus Marinos Kynegirou. In an interview to Cyprus Property News he said that despite attractive mortgage rates, in recent months lending in Cyprus is not very active. Due to the difficult economic situation, many Cypriots prefer to rent apartments rather than buy with the assistance of mortgage loan. On the other hand, wealthy citizens of Cyprus are not solved now on a big purchase.


But along with that there is a significant increase in demand from foreign buyers. Marinos Kynegirou believes that foreigners will gradually "push up" prices. Russians, Chinese and people from Arab countries especially actively acquire houses and apartments on the island. The citizens of Russia prefer Limassol, the Chinese along with the Russians firmly established in Paphos, and the Arabs have chosen Larnaca.


According to the Association of real estate agencies of Cyprus, in August sales have doubled year on year. In the period from January to August 2016 the growth was 30%. Deals with participation of foreign buyers during that time increased by 16.6%.

Based on the materials of news.cyprus-property-buyers.com

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