Real Estate Market

Cyprus property market is recovering after last year’s recession. By analyzing the statistics, we can say that the peak of the crisis and pessimism was in the winter of 2008 – 2009 year. The period witnessed the maximum reduction sales. In the spring sales start to slowly creep up, but the restoration of the market, however. In general, for Cyprus in 2009, the number of sales declined compared with 2008 year by 44%. Real revival begins in the autumn, when most sellers made concessions and price reductions. Prices fell unevenly. Currently decline was felt in Paphos and Larnaca – where a lot of buyers – the British. Not only economy-class apartments, and luxury villas Cyprus became more accessible.

By the end of year 2009 sales curve started to go into positive territory for the first time it happened in November, but quite timid and unconvincing. In December, as sales rose 22% compared to the same month the previous year. The market continues to grow and in early 2010. Recent figures – for March – convincingly confirm this: the number of sales in March by 9,4% more than in February, and by 36,6% more than in March last year. Increased as the number of sales to local buyers and the number of deals concluded with foreign buyers. In 2010, we should expect growth in sales of apartments and villas in Cyprus and a significant market recovery after the recession during crisis. Obviously, the beginning of a rise in prices should be expected from the market of Paphos.