The Cypriot residential property market is changing tack and moving increasingly upmarket after a decade of price rises, a property consultant specialising on the country has stated.
Simon Cozzolino, property consultant at developers Pafalia, said the rise of 470 per cent in prices over that time had outstripped that of the UK, meaning British buyers would find their necessary budgets to buy Cypriot properties rising and as a consequence demand more for that cash.
He commented: “As the required budget has increased, the value of properties purchased has been greater. We’ve sold fewer but they have been of a greater value and that’s the way Cyprus is headed.”
In the case of Pafalia, he noted, this has meant moving in the last year from £150,000 homes to £312,000 villas.
Mr Cozzolino said this would see Cyprus avoid the Spanish experience of too much cheap property.
Cyprus is a popular location for UK buyers and tourists, with 1.5 million visiting the country and 65,000 living there last year, according to the Cyprus Tourist Organisation.
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Filed under: Cyprus Property
