Cyprus property market growing in number and value

Source: Financial Mirror

The Cyprus property market is growing while getting pricier, as the number of properties rises by 1.5%, while their overall value increased by 2.2% based on January 2021 prices compared to 2018 data.

The New General Valuation carried out by the Land Registry recorded 1,660,048 properties in the Republic.

The director of the Department of Lands & Surveys, Ellikos Elia, told the Cyprus News Agency that the number of properties is up by 25,102 or 1.5% since the 2018 General Evaluation of 1,634,946, worth €186 billion, up from €182 billion.

Elia attributed the rise in the value of properties to increased costs of construction materials, adding there is no substantial fluctuation in the value of the land from the previous estimate.

According to the new estimate, the biggest increases concerned apartments and houses in Limassol.

He said the publication of the General Valuation is a pillar of transparency for the real estate sector, indicating a property’s market value and performance.

“It guides potential sellers and buyers of real estate and investors in this important sector of the economy”.

At the same time, it allows the public to check their property’s characteristics used for a general evaluation.

In the new General Valuation, there are 1,093,495 plots of land, and 566,553 units (apartments, houses, shops), making up the total of 1,660,048 properties.

There are small increases in the values of houses and apartments, while in the case of fields and building plots, there are some reductions.

The largest increases are observed in the apartments and houses of the Limassol District.

The Land Registry said the value of a Cyprus property in the General Valuation report is not its market value.

“Market value is the price offered for a property, at a specific time in conditions of a free, competitive and active market, provided that the parties to the sale are well informed about the property.”