An Overview of the Market in Cyprus

Cyprus has been an extremely popular destination for ex-pats looking to relocate and make the island their home. The country offers a lot of advantages for those who are interested in buying real estate property on the island.

The largest city and capital of Cyprus is Nicosia, which has a population of just over 200,000 people. The second-largest city in the country is Limassol with a population of around 164,000 people. Paphos is the third-largest city in Cyprus with a population of just over 100,000 people. The island itself has a total estimated population of around 1.207 million people.

How Big is Cyprus?

Image by: Google Maps

The island has a total land area of around 9,251 square kilometres (3,571 square miles). Cyprus is located in the eastern Mediterranean Sea and is bordered by Syria to the north, Lebanon to the west and southwest, Israel to the south and southeast, Egypt on its east side as well as a small portion of Turkey.

Cyprus is a small country with a huge potential for growth. The economy of the country is mainly based on tourism, financial services and shipping.

There are many different climate zones in Cyprus, with four seasons throughout the year: summer (May to October), autumn (October to December), winter (December to February) and spring (February to May).

How Stable is The Real Estate in Cyprus?

The real estate market in Cyprus is considered one of the most stable and secure in Europe, with a very low-interest rate.

The Cypriot real estate market has grown tremendously over the last decade, mainly due to the growth of tourism in Cyprus.

The government has made it very easy for foreigners to purchase real estate property in Cyprus by introducing new legislation, which allows non-residents to buy properties without having to go through the lengthy and costly process of getting a Cypriot residency.

Why invest in Cyprus - Investment opportunities

The number of foreign investors has grown considerably since Cyprus joined the European Union in 2004, with many Europeans choosing to buy property in Cyprus as an alternative to the UK, where house prices have risen sharply.

In this article, we will look at the main reasons why you should consider investing in Cyprus property. We will help you understand the Cyprus real estate market and give you a better idea of what to expect if you decide to buy property in the country.

Which are the 8 most important reasons for investing in real estate in Cyprus?

- The Cyprus market is one of the most stable in Europe and has been so for a number of years.

- Property prices have remained fairly steady over the past few years, with some areas experiencing a small increase in prices.

- There is an excellent choice of properties to choose from, including apartments and villas with sea views.

- The Cyprus property market has been unaffected by the recent economic crisis and is still considered a safe haven for foreign investors.

- Property prices in Cyprus are considerably lower than in other European countries such as the UK or France.

- There are many areas to choose from, including the coastal towns of Limassol and Larnaka as well as inland Nicosia.

- There are a number of incentives for foreign buyers in Cyprus, such as tax breaks and the ability to purchase property from a foreign company.

- In recent years, Cyprus has become known as a popular destination for ex-pats from all over the world.

Now, with this exciting introduction, let's get to the meat of the article.

Real Estate Best Definition

Real estate is a term used to describe the physical property and land that is used to produce income. It can include anything from housing and apartments to commercial and industrial buildings.

Real estate also includes the rights and obligations of the client, the agent's evaluation of the property, professional conduct, convenience, notary public service, and document templates that simplify procedures such as signing documents and real estate in general.

How Important is Data for Real Estate?

The real estate market is a data-driven industry, in order to make the best decisions, agents and brokers need access to accurate, up-to-date information on properties, prices and trends. The advent of the internet has only made this more true.

Nowadays, almost all real estate transactions are handled electronically, and buyers and sellers can access a wealth of information online.

Real Estate Data Analytics & Market analysis

Transaction volume and value by district (2021)

Image Source: Department of Lands and Surveys (DLS), PwC Analysis 

Market analysis and data, especially for real estate, are usually not freely available in Cyprus. It can be hard to find reliable data and market analysis on the Cypriot property sector.

A lot of this information is available in Greek and even then, it is often hard to find.

Once this data is found, it is often unclear and hard to interpret. The data is usually in a PDF format or worse, an image file (such as JPG) that can't be searched.

This data can be used to inform business decisions about where to invest money in new property developments, for example. By analyzing trends in sales prices, vacancy rates and other indicators, businesses can make more informed choices about where to put their money.

Real estate has always been a data-driven industry, but in recent years the amount of data available has exploded. This new type of data, known as "Big Data", allows companies to make better decisions, such as which property to build and how to price it. In addition, this data helps agents serve their clients more efficiently and provide a more tailored experience for buyers and sellers of real estate.

In today's market, homebuyers do research online before they even look at the real estate market. These searches lead to website searches that can be tracked and generate client data. Real estate agents looking to expand their client base can use this data to find potential client profiles and increase sales.

You just need to know what methods to use and how to get the best numbers. Here are some ways you can make better use of real estate agent data when the opportunity arises:

Investing in real estate data is big business

Anyone who sells real estate knows that the right client and the right timing are critical to developing a business. To increase leads, look at the information that tells you which consumers are most likely to buy a home in the future.

Networks like Zillow and Trulia collect data from online searches and offer real estate sellers digital advertising space and more detailed website features.

Companies like SmartZip and Buyside analyse Big Data to help real estate agents target potential buyers. These companies use the seemingly unmanageable amount of consumer data to gain insights that can predict where homeowners will list their homes, who high-income renters are likely to buy a home from, or which households have access to credit.

Experian is a company that offers information that can be used for potential lead generation, such as its income targeting reports.

Real estate leads discovery through free data

Not every real estate agent can afford to pay for leads that may or may not result in a sale. If you are looking for clients that fit your demographics and local market, free sources of information can help ensure you have enough resources.

Data from property records, such as where someone has lived and for how long, US Census Bureau data and City-Data.com are also freely available and can help you stay up to date on the demographics of a neighbourhood, improving your chances of effectively targeting the market. 

Search for your target audience

Focusing on small niche areas of the real estate market can sometimes be the most effective way to get your message to the people who need it most. In your search for potential clients, keep the following in mind:

In addition to searching for specific neighbourhoods and cities, there are several other ways to search for potential clients. For example, you can use a tool like Google's Keyword Planner to see what keywords are most commonly searched for in your area of interest. You can also search for the most common questions asked by people in your area of interest.

Are there different types of real estate?

Yes, there are many different types of real estate. Some of the most common ones include:

- - Residential and commercial property

- - Sale and lease

- - Land, house, and building

- - Local and international

Each type of property has its own characteristics that can make it suitable for different people. For example, detached houses are usually larger and more expensive than flat buildings. On the other hand, flat buildings can be a good option for people who want to live in smaller spaces or invest in real estate.

The fact is that there are many different types of real estate. And if you are planning to market your real estate business, get into the real estate business, or simply find the best value you can ask for your property, you should know how to choose the right type of real estate for your needs.

Residential and commercial property

Residential property is a property where people live, such as houses and flats. Commercial real estate is shops, restaurants and office buildings. In either case, a real estate agent will help you find, buy, rent or sell a property.

There are no legal restrictions on foreigners buying property in Cyprus and you can buy a house just as easily as a local. Note, however, that the buyer must not have a criminal record and must meet the requirements.

In Cyprus, the property market is booming as prices have risen considerably in recent years. This is due to the increasing demand for property by foreign buyers, especially from Greece and Russia.

In recent years, the number of people moving to Cyprus has increased significantly due to the financial crisis in their home countries.

Sale and lease

Leasing is like renting a property where the owner transfers the use of the property to the tenant in exchange for money. on the other hand, the sale of a property is the transfer of ownership from one entity to another in exchange for money.

The difference between leasing and selling should not be confusing, since there are many similarities between the two. The main difference is that leasing will not be responsible for any repair or maintenance of the property while selling a property means that you have to pay all expenses.

The tenant (leaseholder) owns and uses the property during the term of the lease, but does not own the property. The seller loses possession and the right to use the property when the sale process is completed. The tenant (leaseholder), on the other hand, cannot transfer his rights to another person unless he obtains permission from the landlord (lessor).

Commercial leases are also common and give the tenant the right to use the space for business purposes.

Leasing and selling are two different ways to make money from property.

Land, house, and building

The land is the most basic type of real estate and refers to the natural features of a geographic area, such as mountains, rivers, and forests. House is a man-made structure that is used as a place to live or work. A building is a man-made structure that is used for other purposes, such as a store or factory.

Local and international

International real estate is a global industry, which has seen a lot of changes in recent years.

Real estate is a very lucrative business and has been attracting investors from all over the world, who are looking to invest their money in safe investments. Cyprus's real estate market is a great example of how this industry has evolved in recent years.

The real estate market of Cyprus is a very attractive investment opportunity for many investors, who are looking to invest their money safely and with great returns on the investment.

With local real estate, you'll be more familiar with the area and what it has to offer in terms of amenities and attractions. You'll also have an easier time getting around, as you'll already know your way around.

However, international real estate can come with some tax benefits, as well as opportunities for investment. Additionally, if you're looking for a change of scenery, an international property might be just what you're after.

What is C2C in real estate?

C2C in real estate stands for "customer to customer." It is a term that is used to describe the process of a customer buying or selling a property to another customer without the use of a middleman or broker.

C2C also describes certain marketing trends in the real estate industry. In this type of transaction, buyers and sellers are connected through a digital platform, such as the internet or a mobile app. This allows for a more direct connection between the buyer and seller, and it often results in a faster sale.

The C2C (Contract to close) Do NOW model

This is a model that can be used in the closing process. It's important to note that this model is not for every situation and it will work best with specific types of transactions, such as home sales.

The C2C (Contract to close) model is becoming more and more popular in the real estate world, as it helps buyers and sellers to get the property they want more quickly and efficiently. The goal of the C2C (Contract to close) model is to move quickly and smoothly through the buying process, minimizing potential risks and maximizing chances for a successful closing.

The key to success with this model is communication and transparency between all parties involved. By following the proper steps and guidelines, you can successfully complete your own contract-to-close transaction using the C2C (Contract to close) model.

Why real estate startups are moving from B2C to C2C

Real estate startups are moving away from B2C to C2C because of new trends in the industry. These new trends include, but are not limited to, the following:

- - A growing interest in the sharing economy and collaborative consumption

- - The decreasing popularity of traditional brokerages

- - The increasing demand for data and analytics

- - The increasing availability of technology to create new marketplaces

- - The growing interest in the real estate industry from investors and startups

- - The increasing interest from investors in real estate startups

Why C2C in real estate is important?

The C2C (consumer to consumer) market is growing in popularity as it becomes more well-known. This market is cost-effective for both the buyer and the seller, and the number of products for sale by consumers is steadily rising.

C2C is an appealing business model for retailers due to the popularity of social media and other online channels that allow buyers and sellers to connect more easily.

Real Estate in Cyprus

In Real Estate marketing, it is important to understand the Cyprus real estate market. The island of Cyprus is divided into two parts, the Greek Cypriot side and the Turkish Cypriot side. This division has led to a lot of political and economic issues that have affected the real estate market in Cyprus.

The Greek Cypriot side is an EU member state while the Turkish Cypriot side is not. Now the strongest marketing is mainly focused on the EU Cypriot market side. This is due to the fact that most of the buyers are from Europe and they prefer to buy a property in an EU member state. The Turkish Cypriot side has been left out in the marketing.

The Greek Cypriot side is the most populated area in Cyprus and it has a strong economy.

Real Estate is Booming in Cyprus!

The real estate market in Cyprus is growing rapidly, with more and more people investing in property. The real estate and construction sector are one of the key pillars of the economy, contributing 17% to the country's GVA. However, the pandemic disrupted growth in 2020, with a 19% decrease in the number of properties transacted and a 32% decrease in transaction value.

Despite the disruptions caused by the pandemic and later in the year the Cyprus Investment Programme (CIP) terminated, the Real Estate and Construction sector's GVA output dropped marginally (1%) during 2020. This highlights the resilience of the sector and its importance to the overall economy.

The growth in real estate transaction activity observed over the past years was disrupted in 2020. The total volume and value of properties transacted in Cyprus through the DLS recorded a significant drop during 2020 compared to 2019.

Why Real Estate is Booming in Cyprus?

This was mainly attributed to the following:

1. From January to May 2019, the market experienced an influx of transactions from foreign buyers mainly arising from the anticipation of the revisions in the CIP investment criteria (which were effected from June 2019 onwards).

2. The spread of the pandemic, which resulted in businesses and individuals deferring investments in the face of physical restrictions and increased economic uncertainty, exacerbating the prevailing reduced levels of activity, observed throughout 2020.

Cyprus Real Estate Fast Statistics

Specifically, the total number of properties transacted during 2020 reached 14.000, compared to 17.200 in 2019, representing a 19% decrease. In transaction value terms, an even sharper drop was observed, with total transactions reaching €3,0bn during 2020, indicating a reduction of 32% (2019: €4,4bn).

Source: Real Estate Full Year Review 2020

Best 10 real estate brokers in Cyprus that offer an exceptional customer experience

The best real estate agents in Cyprus are the ones you need to contact first. They are the ones who can provide you with all the information you need to buy a property in Cyprus.

We tell you the 5 best real estate agents in Cyprus:

1. The Plaza Real Estate Limassol:

The Plaza Real Estate Limassol Address:

Plaza Estates Ltd.Amathountos 20, Agios Tychon, Cyprus

This is a very popular real estate agency in Limassol. They have been in business for over 35 years and know everything there is to know about the Cyprus property market. Plaza Real Estate Limassol is a very well-known name in Cyprus and that is why many people turn to them when they want to buy a property.

The Plaza Real Estate Limassol has been awarded as the best real estate agency in Limassol for many years. This is due to their dedicated work and excellent customer service.

The Plaza Real Estate Limassol has a large team of professionals who can help you buy a property in Cyprus. They are all very experienced and know everything there is to know about the market.

Visit their website for more information: PlazaCyprus.com

Plaza Real Phone Number: (+357) 70006466

2. Altamira Real Estate Agency

Altamira Address:

Altamira Real EstateMegalou Alexandrou 1, Latsia 2235, Cyprus

Altamira Cyprus real estate agent has had a strong presence in the market for many years and is considered an expert in the field of real estate. The company enjoys a good reputation and the experience of its staff is among the best in Cyprus.

This agent also offers a range of services to meet your needs, so do not hesitate to contact them.

You can also visit the company's website for more information: altamirarealestate.com.cy

Altamira Cyprus Phone Number: (357) 22696500

3. REInvest Real Estate Cyprus

REInv Address:

REInvest Real EstateNikis Center, Kyriakou Matsi 11-7th Floor, Nicosia

With over 25 years of experience in the property market, they are also the leading real estate agency in Cyprus. They have built a network of real estate professionals who know the property market and will guide you through the entire process from start to finish.

URL: reinvest.com.cy

REInv Phone Number: (357) 22477600

4.
https://speed.cy/business/cyprus-real-estate-marketing-insights