Cyprus Property Market – January 2024: the positive trend continues
In January 2024, the total volume of property transactions reached 1327, surpassing the number recorded in the preceding two years. The number of registered transactions increased by 13% compared to January 2023.
Despite the expected traditional slowdown in January ( the trend repeats itself for the past year), we still notice a positive trend: year on year, Cyprus is attracting more property investors.
In January 2024, the value of property transactions in Cyprus exceeded 263 million euros — a 41% decrease compared to December 2023.
In January 2024, the number of non-EU buyers in Cyprus exceeded the number of EU buyers by 96%, with a total of 350 individuals. The overall number of foreign real estate buyers in Cyprus increased by 46% compared to January 2023.
Previously the IP-Box tax treatment for IT companies stimulated relocation and investment activity on the island, but in 2024 the main driver of the property market is the possible membership of Cyprus in the Schengen zone, which will have a positive impact on the value growth of real estate projects.
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