The real estate market in Cyprus is currently thriving, marked by escalating property prices and an influx of overseas buyers and investors. Despite the 2020 downturn due to the pandemic, demand has rebounded impressively. As per recent data, a 30% year-on-year rise was observed in total property sales in Cyprus for 2021, reaching up to 10,347 units. The robust recovery persisted into the initial five months of 2022 with nationwide sales witnessing a whopping increase of 42.3% year-on-year.
Cyprus offers several advantages for potential property buyers including lower living costs compared to other European nations and tax benefits such as reduced capital gains tax and inheritance tax rates that enable effective tax planning. Its Mediterranean climate featuring warm summers and mild winters adds another feather to its cap.