The economic growth and fiscal performance of Cyprus continued to surpass expectations. That has a direct impact on the housing market activities and attracting local and international buyers to the island.
Cypriot demand for property:
There is a serious increase in the number of property sales to local buyers and this is evident by the number of transactions carried out in the capital and building permits issued for the Nicosia projects.
Cyprus Citizenship by Investment:
The Cyprus Investment Program – or, in the words which means, the ‘Citizenship for Sale Program’ – has once again come under scrutiny, as a result of a new report published by Transparency International and Global Witness.
Titled European Getaway – Inside the Murky World of Golden Visas, the report posed the provocative question: Have Europe’s doors been opened to the criminal and corrupt via some of its members’ so-called ‘golden visas’ schemes?
Regardless, the scheme is still attracting large investments to the Cypriot market, pushing prices upwards and increasing the amount of housing sales.
Forecasting tool released by Zyprus!
The Cyprus property portal Zyprus, which enables agents and businesses to advertise their properties for sale and rent, has recently added a forecasting tool that helps owners of property assess how its value may change in 2019.
The Zyprus.com ZyForecast tool provides a starting point to gauge how much the price of the residential units by type (e.g. apartments, houses) will change in each Cyprus region. This analysis is based on a bespoke algorithmic model that utilises numerous economic and housing data that might impact future residential values. The results of the ZyForecast tool are summarised below:
For Apartments in Limassol, it is predicted that for the year 2019 prices will rise by 6.63%, while the prices for Houses in Limassol are expected to increase moderately by 2.77%. Paphos Prices for Apartments in Paphos are expected to grow by 7.49% while Houses in Paphos are expected to grow by 1.90%.
The picture is different in Larnaca; Apartments in Larnaca are expected to show a lower annual trend of 3.57%. On the other hand, Houses in Larnaca are predicted to show a relatively strong rise of 4.73%.
On an annual basis, Apartments in Famagusta are predicted to grow by 2.57%, contrary to Houses in Famagusta where forecasting suggests a stronger increase by 4.99%.
Finally, an annual growth of 1.96% is expected for Apartments in Nicosia, while the projected annual growth for 2019 for Houses in Nicosia will be 1.81%.
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