Insider Business Property in Limassol overpriced, under-priced in Larnaca

Property in Limassol overpriced, under-priced in Larnaca

When it comes to property prices in Cyprus Limassol is overpriced and Larnaca is under-priced, according to a survey carried out by Danos International Property Consultants & Valuers.

The “Real Estate Market Sentiment in Cyprus” survey was carried out with the use of a questionnaire and a sample of 150 of the sector’s professionals – real estate agents, valuers, developers and investors.  It was conducted during the last three months of 2019.

A general conclusion is that property prices are expected to come under pressured because of a recorded increase in new housing units. As well as from the plethora of real estate that will be put on the market by funds and asset management companies that have purchased portfolios of bad loans from the island’s banks.

At the same time, 92% of those questioned said coastal Limassol is overpriced, and 8% feel the same about Nicosia – the capital. In addition, 44% said coastal Larnaca is a bargain market, 16% have the same feeling for Famagusta and Nicosia districts and another 24% believe Paphos is a bargain market.

Danos & Associates believe Larnaca’s real estate market is of particular interest, especially after this week’s signing of the Port and Marina development contract, along with the recent relocation of the oil reservoirs. The view is that the town now has a great potential for further development.

As for the most developed districts in 2020, 40% expect Larnaca to be the one, 32% see Limassol, 20% see Nicosia and 4% see Famagusta and Paphos.

As for the nationality of foreign buyers, 40% are from Russia, 20% from China, 16% from Europe, 12% from the Middle East – North Africa, 8% from Asia and 3% from America.

As for the preference per type of property, 70% went for a home, 12% for land, 12% for something else, 4% for an office and 1% for office and industrial property. Danos also said that statistical data shows that the real estate market, and particularly that of housing, is affected by the country’s overall economic performance.

And that interest in the purchase of a house is still high, mainly from the domestic market without that from foreign markets, particularly from Russia, declining.

NATIONALITY OF FOREIGN BUYERS

Russia 40%

China 20%

Europe 16%

Middle East North Africa 12%

Asia 8%

America 3%

Other 1%

 

Source: Danos and Associates

 

 

Top Stories

Schools close only if we say so, Prodromou notes

  Five hundred pupils have missed classes due to the Covid-19 pandemic, said education minister Prodromos Prodromou, making clear that there was no need for...

Famagusta hospital Covid patients rise to 24, four in increased care

  The number of Covid 19 patients being treated at the Famagusta General, the referral hospital for coronavirus, remained at 24, (22 yesterday) four of...

Turkish VP Octay illegally visits fenced off city of Varosha

  Turkish Vice President Fuat Octay walked along the beachfront of the fenced off city of Varosha today, part of which was illegally opened earlier...

18 people given preferential citizenships in casino resort, says Auditor General

  The Auditor General's Office has accused the government of bending the rules on the citizenships for investment programme, by granting passports outside the framework...

Kakoratzia state forest fire put out before spreading

  A fast forest fire service response prevented a potentially destructive fire from spreading this morning. It broke out at the Falkonopetra area of the Kakoratzia...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...