Popularity

Cyprus has proved to be an increasingly popular place for retirement and/or for the acquisition of holiday houses by foreigners. Demand, which is continually increasing, is forthcoming mainly from the European Countries, with the bulk (80%) comprising UK citizens. There are 13841 properties currently owned by foreigners of which the most are situated in the Limassol and Paphos Districts.

Number of properties per district purchased by foreigners

The upsurge of demand for property by foreigners is attributed to many factors including the relatively low cost of living and its high standard of living. In addition, the unique hospitality of the local population, the attractive climate, the increasingly important role of safety (Cyprus is one of the safest countries with crime at a very low level) and security, have played an important role.

Demand and market activity had caused local property values to show a steady and at times sharp appreciation between 1990 and 1997, but this trend had slowed down until mid 2003, when it became know that accession of Cyprus to the EU would take place on 1st May 2004 at which point prices started to increase again. Good properties especially resales are still abundant and local property prices are still much lower than those of other European countries. Holiday homes in Cyprus are on average 20% lower in prices than Portugal, 30% lower than Spain and 50% lower than Italy and France. In addition building quality in Cyprus is usually higher than comparable properties in the above countries.