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12° Nicosia,
14 July, 2024
 

Foreign demand fuels Cyprus real estate boom as local interest wanes

Rising prices and global events drive non-EU buyers to Cyprus properties

Newsroom

Demand in the real estate market remained steady from January to August despite rising prices, but interest has gradually waned, according to Paul Loizou, CEO of Ask Wire. Speaking to SPOR FM alongside journalist Maria Irakleous, Loizou revealed that local buyers accounted for only 46% of the market, with foreigners making up the remaining 54%. Among foreign buyers, 34% hailed from non-EU countries like Russia, Belarus, Lebanon, and Israel, while 18% were EU citizens.

Loizou attributed the influx of foreign buyers from non-EU countries to factors like the conflict in Ukraine and the devastating explosion in the Lebanese port. He also noted a decline in property market rates, particularly in Limassol, followed by Paphos and Larnaca, which have been the primary areas of interest for foreign buyers seeking residence.

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Cyprus  |  economy  |  business

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