Cyprus property is showing resilience despite ongoing global volatility, as evidenced by the Cyprus Market Watch ” by Delfi Partners & Company . Supported by the activity of local buyers and stabilization of inflation, the market shows high adaptability, overcoming current challenges.
In the first half of 2024, the number of building permits issued increased by 32.5% compared to the same period last year. These figures reflect a high level of construction activity. However, the growth rate is expected to slow down in the remaining months of 2024, caused by the local government reform, which slowed the permitting process.
The property sales market is also showing stability. Sales to domestic buyers increased by 13% in the period from January to September 2024 compared to the same period in 2023. This growth offset a 13.4% decline in sales to foreign investors. The decline in international demand is due to global economic uncertainty and geopolitical tensions.
However, foreign buyers remain an important part of the market, accounting for 44% of all property transactions in Cyprus, confirming the country’s attractiveness as an investment destination.
