Cyprus is booming in the elite property market

Cyprus is booming in the elite property market
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In the course of the 2017 year, over 260 items of premium property (worth from €1.5 million) have been sold on Cyprus, according to PwC.

This helped to revive the market and increase prices for the first time in several years. PwC notes that the Cyprus economy is highly dependent on the real estate sector, as the island has one of the highest levels of ownership in Europe, with the majority of buyers being foreigners.

Starting from 2014, the confidence in the Cypriot economy began to rise, and as a result, the number of transactions has increased as well. A significant increase was recorded in 2016 (43% per year) and in 2017 (24% per year), according to Cyprus Property News.

A total number of contracts for the purchase and sale of local property submitted to the Department of Land Resources and Land Management in 2017 reached an eight-year high of 8,734.