Real Estate Market in Cyprus: New Data on Property Sales

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The Department of Lands and Surveys of Cyprus has released data for February 2024, indicating a vibrant real estate market.

According to official statistics, during the second month of 2024, 1,284 properties were sold on the island, marking a 14% increase compared to the 1,131 contracts concluded in February 2023.

Out of this figure, 772 units (60%) were purchased by local residents, while 512 (40%) were acquired by foreign investors. This data reflects significant interest from both local residents and foreign buyers in Cyprus real estate.

Sales to foreign investors were particularly prominent in Larnaca, showing a remarkable growth of 44%. This impressive figure indicates high interest from foreign buyers in the real estate market in this region.

The city of Larnaca, with its developed infrastructure, quality educational institutions, and favorable business environment, offers broad opportunities for both investment and creating a cozy and comfortable lifestyle.

Furthermore, foreign investors have a unique opportunity to obtain Permanent Residency (PR) for the entire family, making Cyprus even more attractive. The initial PR card is issued for 10 years, providing long-term prospects for investors and their families. This further enhances the appeal of Cyprus for those seeking not only stable investments but also the assurance and security of their future.

Real Estate Rentals

Interestingly, even rental prices continue to rise, and demand remains high, even outside the tourist season. According to the latest data, average rental prices on the island increased by 8% compared to the previous year.

Growing rental prices, combined with constant demand, make investments in rental properties in Cyprus attractive for investors seeking stable passive income from their assets.

📌 Therefore, if you are considering purchasing property in Cyprus, now is the best time!

  Prices continue to rise

  Demand remains high

  Opportunity to obtain PR and create a “Plan B” for EU residency

  An additional bonus will be passive income from renting out your property

Choosing Cyprus means selecting not only a great place to live but also a strategic decision for the future.

 

Contact us to receive all the necessary consultations and assistance in realizing your investment plans in Cyprus.

 

Our experts will provide you with comprehensive support and legal guidance on all aspects of investment, helping you make informed decisions and achieve your goals!

 

LEGAL SERVICES IN CYPRUS

OBTAIN PROFESSIONAL IMIGRATION ADVICE

If you have any questions in any of the directions, please contact us.

 

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Residence Permit and Immigration to Cyprus

 

Article author

Luhina Iryna Head of department
Visas and Immigration
Ukraine
In 2006 graduated from the National Aviation University (NAU), Kiev with a degree in Philology, Translation. Irina Lugina has many years of successful work experience in large companies with a voluminous workflow. Within Feod Group specializes in: visa support by category for financially ...
In 2006 graduated from the National Aviation University (NAU), Kiev with a degree in Philology, Translation. Irina Lugina has many years of successful work experience in large companies with a voluminous workflow. Within Feod Group specializes in:
  • visa support by category for financially independent foreigners, visas for entrepreneurs and investors in the EU, Great Britain and the USA.
  • preparation and compliance of packages of documents for registration of companies in low-tax jurisdictions, opening bank accounts.
  • obtaining a residence permit and permanent residence in Ukraine on the basis of marriage and through company registration.
Speaks Ukrainian, Russian, English
read more
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