A 16,6% rise in property sales to foreign buyers has already been recorded for the first 8 months of 2016, compared to the respective period of 2015, and the major reason is the increased interest for the purchase of the Cypriot citizenship, which leads to the obtainment of an EU member state passport.
On the contrary, mostly due to the fact that Cypriots can’t have an easy access to capital with which they can purchase a property, this reason forces them the last years to rent property instead of buying it. According to the president of Property Valuators Association, Cypriots “prefer to rent a two or three-bedroom apartment or a small house instead of building one”.
Among the foreign buyers’ primary property choice appears to be the residential property of quality architectural design, located mainly close to the beach.
Following years of continuous prices’ decline, the near future is expected to see the prices for property rising again, according to the Land and Property Developers Association’s president.