High end residential deals quadruple in Cyprus-PwC
Demand for high end residential properties in Cyprus above 1.5 million euros has increased sharply in the last three years with the southern coastal of Limassol drawing most of the action, according to PwC.
In a report titled "Cyprus real estate market-2016 year in review", the consultants said that the number of high-end residential transactions has almost quadrupled from 2013 when an average of 40 units were sold per year.
"The majority of transactions in the high-end residential segment across Cyprus is within the 2 million to 3 million euro band," the report said.
"Demand for properties in excess of 3 million euros has been increasing over the years; this is largely the result of the launch of new high-end residential developments in the market increasing the supply of units of this price range."
In response to this demand, there has been an jump in the number of high end residential properties being developed or planned in Limassol, which drew about two thirds of total transactions last year. Most of the deals in the city related to apartments, said PwC. In second place came Paphos, where all high end deals were on villas.
"Nicosia, Larnaca and Famagusta represent the least active districts, with transactions ranging between 1 and 5 per annum in total," it added.