What happened
According to industry professionals surveyed by Phileleftheros, property values in Cyprus have increased by 30% over the past three years. The cost of apartments in the first months of 2024 averaged €1,650, and private houses – €2,500 per sq.m.
Price growth factors
- Rising prices for construction materials. This was caused by the COVID-19 pandemic and problems with the global supply chain.</li >
- Inflation. General inflation also had an impact on the rise in real estate prices.
- VAT reduction. Changes in the law on reduced VAT rates, stimulating the purchase or construction of primary housing, have led to an increase in demand for apartments.
Examples
House of 150 square meters. m:
- 2022: €270,000
- 2024: €375,000
Apartment of 100 sq.m. m:
- 2022: €110,000
- 2024: €160,000
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