Cyprus Real Estate Sales to Foreigners Declines
The share of foreign investors in real estate declined by more than 62 per cent during the first half of 2020 from the same period in the previous year. The pandemic put a stop to four years of steady growth in this market. Part of this decline is attributable to the fact that most foreign buyers could not travel to Cyprus and visit properties, according to industry experts.For the period January to June 2020, real estate sales to foreign buyers were 1,391, down from 2,482 for the same period in 2019. Of these, 943 were to non-EU buyers and 448 from buyers within the EU as opposed to 1,731 buyers from outside the EU and 751 buyers from within the EU. In June, out of a total of out of a total 646 sales, there were 197 foreign buyers, compared with 319 in that month in 2019. Paphos in Cyprus had the most sales in June with a percentage of over 42 per cent or 83 sales, of which 65 came from outside the EU and 18 inside the EU, according to data from the Land Registry, In the period January-June 2020, sales with foreign buyers in Paphos reached 533, of which 345 were for buyers outside the EU and 188 for buyers within the EU. Limassol followed, with 52 sales to foreigners in June this year, 37 from outside the EU and 15 buyers within the EU.
Tags : INTERNATIONAL