There was a 62 per cent drop in foreign investors on the Cyprus property market in the first half of 2020 compared to the previous year. The decline is attributed to the COVID-19 pandemic say real estate experts.
Foreign buyers are unable to travel to Cyprus to visit prospective properties, and this has put a stop to the steady growth noted on the market over the last four years. In fact, the market started growing rapidly from 2016 with prognostics having predicted that these would remain stable.
There were 1,391 sales to foreign buyers (448 within the EU, 942 non-EU buyers) from January to June compared to 2,842 during the same period in 2019.
The month of June saw a total of 646 sales to 197 buyers compared to 319 foreign buyers in June 2019.