Cyprus Property Market 2018

Cyprus Property Market 2018

Cyprus Monday, 10 September, 2018

The Cyprus Property Market 2018 is doing extremely well compared to last year with all cities of Cyprus seeing a large increase in property sales, Limassol Is experiencing the largest increase in sales contracts in Cyprus, with an increase of 24% from last year According to the Cyprus Land Registry. This is mainly because of foreign investors buying luxury properties in high-end developments, such as the Limassol Marina, Luxury Highrise Buildings, offering  investors a lifestyle choice of not only owning a property in Cyprus but also the luxury of having five-star facilities such as concierge services, indoor spa in the building, five-star restaurants and many more services any high net worth individual would demand to have. The Cyprus Property Market has changed the way developers are building projects, partnering with high profile architects from abroad such as Fosters and Partners, WKK,and Benoy to design and offer their expertise in projects such as Limassol Del Mar, Trilogy, Aura and ONE, which are landmark projects that will change Limassol’s skyline to one of Europe’s most luxurious destinations, these type of luxury developments in Limassol are attracting the worlds wealthiest people to invest and live in Cyprus. Another main reason high net worth individuals are choosing Cyprus for their in investments in property and in other sectors, are Cyprus world-class law firms like https://www.neo.law/  that are represented in numerous countries in the world and can offer their services to the most demanding companies worldwide. The total number of sales contracts in 2018 is 2237 compared to 1805 in August 2017 with a 24% increase in sales giving the Cyprus Property Market 2018  strong confidence going forward in the future.

The first Highrise building to be constructed and sold in Cyprus is the Olympic Residence giving the Cyprus Property Market the confidence that this client segment is interested in Investing in Cyprus.

Olympic Residence is the first seafront completed luxury apartments in a Highrise building. It comprises two towers, of 20 story’s each and consists of 16 shops and restaurant on the ground floor and luxury apartments on the upper floors. The total number of units is 110. There are also three basements with covered parking spaces and storerooms, allocated accordingly to every apartment and shop.

Olympic Residence is almost completely sold, with some units sold for a second time directly from owners. Prices declared show not only stability but also an increase in prices during the years. Sales of units from 2013 up to end of June 2018 as declared in the District Lands Office, are shown below.

The construction of Olympic Residence started in mid of 2011 and was completed in late 2013. The development includes 110 residential flats, of a total area of 16.000m2 approximately.

 

Year

2009

2010

2011

2012

2013

2014

2015

2016*

Total

 

Number of Units sold per annum

27

21

17

11

14

20

28

9

147

 

Percentage of Units Sold (Sales Velocity)

24.55%

19.10%

15.45%

10%

12.73%

18.18%

25.45%

8.18%

132.64%

 

Area of Units sold per annum (m2 )

3,916

3,043

2,470

1,624

2,001

2,372

3,205

1,251

19,882

 

Average price per m2

7,182

8,155

9,569

10,280

8,578

10,605

11,538

13,176

10,899

 

Cyprino will provide you with more sales of Luxury apartments in Limassol in upcoming posts to give our clients a clear understanding of property insights in Cyprus. For more information please do not hesitate to contact us.

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