The Cypriot real estate market continues to evolve, with several noteworthy developments in 2024. Coastal areas like Limassol and Paphos maintain their popularity among international buyers, while Larnaca is emerging as a more affordable alternative with good investment potential.
A growing trend is the increased demand for energy-efficient properties, with many new developments incorporating solar panels and sustainable building materials. The market also shows a shift toward smaller, more manageable properties, particularly among foreign retirees and digital nomads.
Prices have stabilized after several years of growth, creating more favorable conditions for buyers. However, mortgage approval remains challenging for non-residents, with local banks typically requiring 30-40% deposits. Cash buyers often find they have greater negotiating power in the current market.
Legal considerations remain important, particularly regarding title deed verification and zoning regulations. The process typically takes 1-3 months for EU citizens, while non-EU buyers should allow additional time for permit approvals.
For those researching the market, Cyprus-Real.Estate offers comprehensive resources on property listings, legal requirements, and market analysis.
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