Cypriots prefer or choose out of necessity to live in apartments rather than in more expensive – as a rule – houses in recent years.
This is something reflected in the latest Central Bank of Cyprus (CBC) report on the island’s “Housing Price Index”.
The report shows that the state’s plan to subsidize interest rates on mortgages seems to have boosted demand for real estate by local buyers, especially in 2020.
In recent years there has been a change in preferences for cheaper or smaller properties, resulting in increased demand for apartments, compared to homes.
This has led to an increased supply, something that is confirmed by the data on building permits for residences where there is a decrease in the space area as well as in the value.
