NewsLocalResidential property in Cyprus continues to be in high demand despite rising...

Residential property in Cyprus continues to be in high demand despite rising recession

Residential property in Cyprus continues to be in high demand despite the prevailing uncertainty worldwide along with rising inflation that has made it hard for households to make ends meet.

The latest figures announced by the Central Bank of Cyprus and which focus on the end of June show high demand is for housing purchase.

This is also favored by the prevailing low interest rates and better yields that rents offer in relation to bank deposits.

Specifically, net new mortgage loans amounted to €693.6 million in H1 of 2022, up from €520.2 million in H1 of 2021, €306.3 million in 2020 and €454.3 million in 2019.

According to the same data, housing loans to Cypriot residents amounted to €8.6 billion in June 2022 from €8.4 billion in May 2022 and €8.2 billion in June 2021 and June 2019 which amounted to €8.5 billion.

Banks usually finance 70% to 80% of the value of the property and the remaining amount must be paid by the borrower.

Usually, the maximum repayment period is 35 years depending on the age of the borrower.

Top Stories

Taste