Despite the current torrential rain and chilly evenings, people are still arriving on the island to seek out their dream properties. In particular more people are moving over as permanent residents rather than just purchasing a holiday home.
It is also interesting to see where our clients are arriving from. Despite the Euro to British Pound rate of exchange, the British are buying properties very enthusiastically, both for holidays and permanent living. Also their close neighbour, Southern Ireland, has found Cyprus to be a favourite holiday destination as well as place to live. The added bonus for the Irish is that they are already in the Eurozone, so no currency issues to deal with.
Apart from the UK and Ireland, we also have other diverse nationalities seeking property. We currently have people from Israel, South Africa, Russia, Germany and Scandinavia seeking property, and of course we cannot forget the revival in the Cypriot market itself and particularly with returning Cypriots from all over the globe. So we have the clients, but are they buying and how are prices faring?
The Department of Lands and Surveys in Nicosia has recently published the tourist sales statistics for 2017*, and overall there have been 8,734 sales, the highest since 2008. Paphos sales rose by 23% in 2017, just behind Limassol who achieved an increase of 27%. However, for us we straddle that figure as we do many sales in Pissouri, a village which is just inside the Limassol boundary and a place that has seen a great property revival in recent times.
In December 2017 alone Paphos saw 349 tourist property sales against 318 in the same period in 2016, an increase of almost 10%. Meanwhile the domestic market is also prospering with 209 sales in December 2017 against 171 in 2016 with an increase of 5% in Paphos and 17% in Limassol.
Overseas sales rose in all Cyprus districts with Paphos showing a great increase of 38%, second only to Famagusta. So great news for Paphos and we consider that this trend will continue throughout 2018 based on the enquiries we are receiving and the sales we have achieved in January so far. Also the improvements seen all over Paphos, initially for the 2017 City of Culture, have created a great revival and renewed prosperity in the area.
We always have a market for good quality tourist apartments, so if you are thinking of selling, we have buyers ready to purchase, so contact us ASAP. House sales vary according to the price and location of course, but for the first time for many years now we are seeing clients having to do the math relating to Capital Gains Taxes. So profits are being made, which is great news for many.
Remember to review our amazing new website, www.cyprusproprertyboutique.com and of course to check our main website www.fitzgeraldcyprus.com. We consider our websites to be exceptional and a winner in helping overseas’ purchasers shortlist the properties they wish to see, therefore saving time and stress when they arrive in Cyprus seeking that special home.