Increase in local real estate transactions in Cyprus

Increase in local real estate transactions: July 2024 in Cyprus

July 2024 in Cyprus has seen a significant increase in local buyer activity in the real estate market. According to the data, Cypriots accounted for 60% of the total number of real estate transactions on the island. This trend continues to increase, which has a significant impact on the real estate market in Cyprus. Experts note that such a surge of interest from the local population may be due to several factors.

1. Firstly, the economic situation on the island has stabilized after a period of uncertainty, allowing many Cypriots to invest in real estate.
2. Secondly, low interest rates on mortgages have made buying a home more affordable for locals.

In addition, the Cypriot government has introduced a number of incentives to support the domestic real estate market, including tax incentives and simplified procedures for obtaining building permits. This trend is also having an impact on real estate prices. In some regions of the island there is a moderate increase in the cost of housing, especially in popular coastal areas.

However, despite the increasing proportion of local buyers, foreign investors still play an important role in the Cyprus real estate market. Many Europeans and citizens of Middle Eastern countries continue to consider the island as an attractive place to buy a second home or investment property.

Market experts predict that this trend will continue in the near future, which could lead to a further rise in real estate prices and increased construction activity on the island. However, they also warn of possible risks of market overheating and urge caution when making investment decisions. 

Overall, the growing share of local buyers in the Cyprus real estate market is seen as a positive sign for the island's economy, indicating increased confidence in the future and the stability of the financial sector.