Sales of housing to foreigners in Cyprus dropped by 62%
The pandemic put an end to four years of steady growth in the market of the foreign investments.
The share of foreign investors in real estate field of Cyprus decreased more than by 62% in the first half of 2020 in comparison with the same period of last year.
Experts explain a part of this decrease with the fact that most of foreign buyers could not arrive to Cyprus and visit objects, reports an information portal.
Meanwhile, the number of persons interested to obtain citizenship of Cyprus through investments increased more than twice. And the real estate began to rise in price.
- From January till June, 2020 property sales to foreign buyers made 1,391 unit in comparison with 2,482 for the same period of 2019. From them 943 fell on buyers from the countries which are not entering the EU, and 448 – from EU countries.
- In June from total number 646 bargains 197 were concluded with foreigners whereas in the same month of their last year there were 319.
- At the same time, the number of construction licenses in Cyprus dropped in April by 62.5%.
- The pathos caused a stir in the greatest number of sales in June – 42% of the total number of transactions. From 83 contracts 65 treated buyers because of borders of the EU and 18 – in the EU. From January to June, 2020 sales to foreign buyers in Pathos reached 533 from which 345 are written down on investors outside the EU and 188 – within the European Union.
- It was followed by Limassol: 52 sales to foreigners in June of this year (37 – because of borders of the EU) and 378 in the first half of the year (268 – not to citizens of the EU).
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