Cyprus real estate prices are rising with largest gains in Limassol

The number of properties increases by 1.5 percent while their aggregate value grew by 2.2 percent based on January 2021 pricing compared to 2018 statistics. As a result, the Cyprus real estate market is expanding while becoming more expensive.

The Land Registry's New General Valuation identified 1,660,048 properties in the Republic. Ellikos Elia, head of the Department of Lands & Surveys, told the Cyprus News Agency that since the 2018 General Evaluation of 1,634,946, valued €186 billion, up from €182 billion, the number of properties has increased by 25,102 or 1.5 percent. Elia explained that rising building material prices were to blame for the increase in property values and noted that the worth of the land has not changed much since the prior estimate.

The largest gains, according to the revised estimate, were for homes and flats in Limassol. According to him, the General Valuation, which discloses a property's market worth and performance, is a cornerstone of transparency for the real estate industry. "It provides guidance to prospective real estate sellers, purchasers, and investors in this significant economic sector."

At the same time, it enables the general public to examine the features of their property that are utilized in a general assessment. There are 1,660,048 properties in all, consisting of 1,093,495 parcels of land and 566,553 apartments, homes, and stores. While there are slight decreases in the value of fields and construction plots, there are slight rises in the value of homes and flats.

The Limassol District's homes and flats have seen the most growth. The valuation of a Cyprus property listed in the General Valuation report is not its market worth, according to the Land Registry.

Market value is the price offered for a property, at a certain moment, in a free, competitive, and active market, provided that the parties to the transaction are properly educated about the property,