Reductions in High-End Homes

In the latest property data, Cyprus' real estate landscape shows continuous growth, particularly in apartments, but there's a potential plateau in high-end properties priced at €500,000 and above. During Q3 2023, house prices, especially for apartments, rose, but experts anticipate a decrease in prices for expensive properties in the next six months.

Pavlos Loizou, CEO of Ask Wire, highlights a dynamic property market in Limassol, with a surge in apartment transactions until mid-2022. However, higher-priced apartments have seen a decline since mid-2022. Loizou notes changing consumer preferences, with apartments between €300,000 and €500,000 experiencing significant growth.

Sales had an upward trend until mid-2022, followed by fluctuations and a marked decrease from June 2023, particularly for higher-priced apartments. Loizou anticipates a shift in transaction composition, with properties above €300,000 decreasing from 80% in January 2021 to 60% by September 2023. The most substantial increase occurred in properties worth €300,000 to €500,000.

Discussing property prices, Loizou expects reductions for properties above €500,000 in the next six months. Smaller decreases, around 3%, are suggested for more normal property prices. Loizou notes a likely fall in expensive property prices due to increased supply and decreased foreign interest.

As the Cyprus real estate market evolves, the coming months will be crucial in understanding dynamics, especially for high-end properties.

Reference: https://www.news.cyprus-property-buyers.com/2024/01/17/price-drops-for-high-end-homes-predicted/id=00168361