WiRE FS continuously analyzes developments in the Cyprus property market. With the launch of its quarterly newsletter, WiRE FS – Cyprus Property Market Review, the company is now publishing its second edition. It concerns the second quarter of 2021. The company conducted a thorough market research and analyzed official statistics. Now WiRE FS can outline the market and inform the public concerned about the progress of property audits in Cyprus.
According to the publication, prices, as well as the number of real estate transactions in Nicosia and Limassol at the moment remain stable. Local residents, using various state subsidies, continue to show interest in purchasing housing. Real estate and mostly apartments are purchased by locals both for living and for additional rental income. There is also a phenomenon where many companies increase their requirements for office space. This leads to an increase in demand for class A and a decrease in demand for lower quality premises. As for the levels of demand in the provinces of Paphos and Famagusta, the figures are still low.
Data for Larnaca is highly positive. Recently, a contract was signed in the region for the development of the Marina in Larnaca, and oil refining tanks were dismantled. Added to this was the attraction of Lebanese and Israelis to the city. These events inspire optimism in the real estate market.
Commenting on the developments, WiRE FS CEO Pavlos Loizu said: “There is a significant mismatch between supply and demand, as there is a large supply of land, industrial buildings and large houses available for sale, while demand is mainly for housing (apartments) in downtown and quality offices. “This imbalanced distribution of real estate is causing significant price increases for certain properties, while there is a significant lack of interest for other types. As a result, prices fall significantly and there is disproportionate buying behavior in the market.”