Cypriots' Opinion on the Property Market

Cypriots about the Property Market

Hellenic Bank published the results of a sociological survey of a property market conducted in December 2017.

600 local residents from 18 to 70 years old have been questioned.

Purchase of properties. 58-59% of the respondents believe that the next 12 months is a good time for purchasing apartments and houses in Cyprus, 53% -  land and 44% - holiday homes. The last indicator grew by 10% in the previous 6 months. Interest in purchasing apartments, houses and plots of land has maintained a stable growth of 2-5%.

Property sale in 2018 is considered to be a right decision by 37% of respondents. This is due to the fact that 73% of respondents (13% more than last year) expect increase of prices in the property market. 11% expect the price stability and 12% - the reduction of the cost per square meter.

Houses (43%) and apartments (28%) for permanent residence, as well as land (31%) are considered as most attractive properties.

30% interest was shown in buying or renting real estates over the past year and 28% interest is predicted for 2018.

The most popular way to find real estate properties is the Internet (44%). 38% go for agents, 30% for acquaintances, and 28% for newspapers and magazines.

In promoting own properties for sale the respondents would use the Internet (48%), contact agents (46%), publish advertisements in newspapers and magazines (32%) and refer to relatives / friends / acquaintances (27%).

Those who chose to entrust their properties to several agents / agencies, on average they would contact 2.6-2.7 agents for maximum market coverage.