Impressive Growth in Cyprus Property Sales
Cyprus seems to have shaken off its financial woes and is riding a new wave of prosperity. During its 2013 crisis, it looked as if the island might lose its way, but within three years Cyprus had exited its bail-out and is now seeing another boom.
“Things are definitely better, the economy has improved,” says Nigel Howarth, editor of the website Cyprus Property News. “Cyprus is considered a safe destination, and so it does well with tourism.”
This optimism is most visible in the property market, which has spawned a remarkable number of new residential projects; prices of apartments rose by 7.4 per cent over the past year, in 2017.
The success of developments in Limassol has spurred on large-scale projects elsewhere, such as Larnaca Port, a huge new marina with mixed-use development. Plans for Larnaca also include hotels, shopping malls and luxury residential blocks. Pafos is following suit, by resurrecting its long-stalled marina project and considering big development proposals.
If you want to take advantage of what the island offers, it’s still possible to find apartments for under €100,000 and small villas at around €160,000 in the suburbs of Pafos and Limassol, or surrounding villages.
Hadjipanayiotou claims this type of growth is exactly what the island needs after the economic problems of the past. “People are uncomfortable with change, but to get out of the crisis the economy needed to grow.