Are you planning to sell Cyprus property to cash rich buyers? The situation in the property market in Cyprus is much better than it has been in a while. The number of properties sold in Cyprus has been 50 percent higher in August 2022, compared to August 2021 as per the latest data reported by the Department of Lands and Surveys.
There have been 451 sales of commercial and residential properties in Cyprus registered at the Land registry office in August, which is very good news indeed. 31 percent of the property purchases have been attributed to overseas buyers.
Property sales have risen in all districts in Cyprus with Famagusta getting the highest sales at 193%. Sales in Nicosia were up by 73%, and those in Paphos, Limassol, and Larnaca were up by 55%, 48% and 8%. This is pretty good, although the property market in Lanarca is still lying quite low. Famagusta saw 9 sales to overseas buyers last August, following zero in August of 2021 – so that’s a remarkable improvement.
So far, property sales in the first months of 2023 were 17% higher than at this point last year. 981 properties have been sold in Cyprus so far this year to overseas buyers, compared to 841 at this point last year.
This is not bad at all. Property sales to foreign buyers in Limassol are up by 41%, while those in Nicosia, Larnaca and Paphos have risen by 19%, 15% and 4%. Not bad at all.
So, who are buying properties in Cyprus? There is, clearly, a lot of interest in Cyprus coming from Briton. Brits are the biggest buyers of properties here, largely because of the close relationship that exists between Cyprus and Britain. We don’t expect Brexit to change anything between Britain and Cyprus, things are expected to continue the same as before.
There is a sizeable British expat community in Cyprus, and although many were shocked by the Brexit vote on June 23 earlier this year, now the realisation has sunk in that nothing is really going to change for them.
If anything, they stand to make more from selling their Cyprus properties to cash buyers from emerging nations such as China, Russia and from the Middle East as the pound has depreciated since Brexit. The sterling fell to as low as 1.05 Euros in the immediate aftermath of June 23 vote, but it has since recovered to 1.20 Euros.
There is a great deal of interest in Cyprus from Russia. The Russian economy has suffered greatly because of sanctions levied by the United States and its allies following its annexation of Crimea in Ukraine. The declining oil prices have dealt a severe blow to Russia as well.
That’s why there is an urgent need among wealthy Russians to park some of their assets abroad. Cyprus serves as an attractive destination because it is a member of the European Union and is one of the cheapest countries to buy properties in Europe.
If you need to sell property in Cyprus Fast to cash rich buyers contact the experts today.