Cyprus real estate will hold firm in 2021
While uncertainties remain for 2021, the Cyprus property market will continue to show its strength.
With at least two viable vaccines, low mortgage rates, tight supply and supportive government initiatives; the housing market will remain stable in 2021.
Property sales in 2020 fell by 23% compared to 2019; while almost all of last year experienced lockdowns, semi-lockdowns, travelling restrictions and huge uncertainty.
Despite this environment, sales in 2020 were above 2016 by nearly 13% while declining just 9% from 2017.
In contrast with the widespread belief that the market and rental values would collapse in 2020, prices have instead held quite well (RICS Cyprus & Central Bank of Cyprus Residential Indices).
At a European level, according to Eurostat, in the second quarter of 2020 house prices rose by 5% in the eurozone (and 5.2% in the EU ) compared to Q2 2019. […]
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