Danos International Property Consultants & Valuers conducted a survey on trends in the Cyprus property market at the end of last year. Danos interviewed 150 realtors, real estate appraisers, developers and investors.
Respondents indicated that almost half of the demand from foreigners fell on Russians (40%). The Chinese (20%), Europeans (16%) and Middle East citizens (12%) also continued to show interest in Cyprus property market.
The residential real estate segment was most in demand, only 5% of the interviewed specialists noted interest in the commercial real estate market.
40% of experts expected that in 2020 Larnaca would have a breakthrough in the development, 32% - Limassol, 20% Nicosia and only 4% Famagusta and Paphos.
Demand in real estate among local buyers continues to grow.
The main conclusion related to the dynamics of the real estate prices. Experts believed that prices would come under pressure due to the construction of new housing units, a large number of real estate that would be put up for sale by funds and asset management companies, who had bought out NPL’s from Cyprus banks.