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House prices fall, apartment values rise
House prices fell slightly in the second quarter of 2021, while apartment values rose. This slowed down residential Cyprus property price indices.
Cypriot Central Bank’s RPPI report for Q2 shows a 0.3% quarterly rise from 0.5% in Q1 2021, according to the Residential Property Price Index (RPPI).
In terms of annual growth, it was up from the previous quarter’s 0.9 percent by 0.2 percent.
House prices show a different picture than apartment prices, with the former showing a decline in comparison to apartment prices showing an increase, according to the study.
As reported by the Central Bank, house prices fell by 0.3 percent quarterly and 1% annually, respectively
Instead, the cost of an apartment rose by a quarterly average of 1.3 percent and a yearly average of 3 percent.
With the exception of Limassol, where house prices rose, this was the general trend, while apartment prices in Paphos declined on an annual basis.
Apartment prices are rising because local buyers and investors prefer flats to houses in most neighborhoods, according to the Central Bank.
According to the report, Cypriots prefer to invest in smaller homes and apartments because they can get more for their money. According to experts, this is because people’s savings are set aside to buy property, either as an investment or to live in.
A major factor in keeping prices stable has been the rise in the cost of construction materials.
Investor demand for property has stabilized as a result of government investment promotion and a program to grant permanent residence permits to foreigners in Cyprus, according to the Central Bank.
Property sales improve in all market segments
According to Department of Lands and Surveys data and Property Developers in Cyprus, property sales increased across all market segments in September when compared to the same period last year..
Sales made within the United States
For the month of September, sales of residential property to the domestic market accounted for 63% of all sales, up 9% from September 2021 and up 41% from September 2019.
All districts saw increases in sales except Famagusta, which fell by 7% from the previous year.
Larnaca had the largest increase in sales (21%), followed by Nicosia (9%) and Paphos (3%). (1 percent )
All districts have seen an increase in sales on an annual basis. Paphos (59%) Famagusta (54%), Limassol (47%), and Larnaca (47%) all saw increases in sales.
The government’s interest rate subsidy program, which will last until the end of 2021, has helped boost sales in the domestic market. As of February, the maximum loan amount for home purchases was raised from €300,000 to €400,000, and an interest rate subsidy of 1.5% was introduced for a four-year period.
Take note, however, of an unreported number of ‘non-sale’ agreements such as loan restructuring, recovery, and debt-to-asset swaps agreed between banks and defaulting borrowers in an attempt by banks to reduce their non-performing loan portfolios, which are included in the figures.
Foreign property sales, which accounted for 37% of all sales in September, increased by 30% from September 2021 and by 19% from September 2019 before the COVID law went into effect.
There was only one district where sales fell short of expectations: Paphos.
Sales increased by 86% in Larnaca, followed by 38% in Limassol, 31% in Famagusta, and 31% in Nicosia (29 percent ).
although Paphos and Famagusta both saw 7% declines in revenue, Nicosia’s revenue rose 63% on an annual basis, while Larnaca’s revenue dropped 29% and Limassol’s revenue remained virtually unchanged (15 percent ).
Sales to residents of the European Union
Exports to the EU market, which accounted for 17% of total sales in September, increased by 30% from September 2021 and by 45% from September 2019 before the implementation of COVID.
All districts saw an increase in sales. Famagusta had the highest increase in sales, at 267%, followed by Larnaca (86%), Nicosia (36%), Limassol (8%), and Paphos (8%). (2 percent ).
The number of homes sold to EU citizens has increased year over year in every district.. Larnaca (81%), Nicosia (73%), and Limassol are the three most populous cities in Cyprus (43 percent ). There are two major cities in Cyprus: Famagusta (31% of the population) and Paphos (12% of the population) (30 percent ).
Sales to people outside the European Union
Overseas sales to non-EU countries made up 20% of total sales in September, up 30% from September 2021 and up 3% from September 2019 before the implementation of COVID.
However, despite sales falling 30% in Famagusta and 8% in Paphos, Larnaca saw an increase of 86 percent, while sales grew 66% in Limassol and 14% in Nicosia.
In Paphos and Larnaca, annual sales are down 37% and 22%, respectively. On the other hand, sales in Nicosia increased by 49%, while sales in Larnaca and Limassol increased by 10% each.
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