The Cyprus property market is growing but rising in price as the number of properties increases by 1.5% and their total value increased by 2.2% based on January 2021 prices compared to 2018 data.
The new general assessment carried out by the Land Cadastre recorded 1,660,048 real estate objects in the republic.
Land Registry Director Ellikos Elia told the Cyprus News Agency that the number of properties increased by 25,102, or 1.5%, compared to the 2018 total estimate of 1,634,946 properties worth €186bn , up from €182bn .
Elia attributed the increase in property values to the increase in the cost of building materials, adding that there were no significant fluctuations in the value of the land compared to the previous valuation.
According to the new estimate, the biggest increase was in apartments and houses in Limassol.
He said that the publication of the General Assessment is the basis of transparency for the real estate sector, reflecting the market value and performance of the property.
“It orients potential sellers and buyers of real estate and investors in this important sector of the economy.”
At the same time, it allows the public to check the characteristics of their property used for the overall assessment.
The new total estimate is 1,093,495 plots of land and 566,553 units (apartments, houses, shops), for a total of 1,660,048 properties.
The cost of houses and apartments increases slightly, and in the case of fields and building plots, there is a slight decrease.
The largest growth is observed in apartments and houses in the Limassol area.
The Land Registry stated that the value of the property in the general appraisal report is not its market value.
“Market value is the price offered for a property at a given time in a free, competitive and active market, provided that the parties to the sale are well informed about the property.”