Sales of new homes (apartments and houses) increased by 19,2% in the first nine months of 2024, compared to last year's corresponding period, according to the Ministry of the Interior, which notes that there is a "steady upward trend in terms of in new home sales, with apartments taking the lion's share compared to houses."
According to data from the Department of Cadastres and Spatial Surveys, the apartment market on a pan-Cypriot basis, recorded an increase of almost 30%, compared to the first nine months of 2024, while the housing market recorded a decrease of 9,2%.
Specifically, in an announcement in which it cites data from the TKX, the Ministry of the Interior states that in the period January - September 2024, 5.253 purchase and sale documents for residences were filed, of which 4.335 concern apartments and 918 concern houses.
In particular, according to data from the Tax Office published by the Ministry of Foreign Affairs, purchase and sale documents for apartments, all over Cyprus, increased by 28% and their total value increased by 38,1%, to €1,45 billion compared to the first nine months of 2023, while purchase and sale documents for residences decreased, on an annual basis, by 9,2% and their total value decreased by 2,8%, to €457,2 million.
"This trend is observed in all the Provinces without exception, while it is important that the largest percentage increase occurs in provinces, in which there is no increased investment interest from foreign buyers" he underlines.
According to the Ministry of the Interior, the shift towards the apartment market, which on a Cypriot basis the increase reaches 30%, in contrast to the decrease in house sales (-9,2% compared to the period 1-9/2023), " it is particularly associated with young people and young families and is affected by the cost of housing and the difficulty of securing loans for the increased capital required to acquire a home."
A large number of citizens benefit from housing assistance
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At the same time, as can be seen from the geographical dispersion of the new markets, according to the Ministry of the Interior, "it seems that, especially in relation to Nicosia, a large number of citizens have taken advantage of the housing assistance provided through the revised housing plans for the purpose of buying an apartment revitalization of mountainous, critical and disadvantaged areas and rural areas".
It states that an integrated housing policy was drawn up and is being implemented by the Ministry of the Interior, with the aim of producing an affordable housing stock, through a series of measures that offer more options for citizens, especially for those who belong to the middle and low-paid income class.
In this context, as he notes, the Plans for the allocation of plots of land to families with low and moderate incomes, the granting of financial support to young people and young couples up to the age of 41, and the further upgrading of the Housing Plans for the revitalization of mountainous, rugged and disadvantaged areas and regions are included of the countryside, which seek to strengthen the possibility of citizens to acquire a private residence.
In addition, the Ministry of the Interior states that the "Renovate-Rent" Scheme, the urban planning incentives and the "Build to Rent" Scheme, which inoculate the market with additional housing stock at affordable rental or sale prices, are in progress or immediately launched and in the medium term will give more impetus to housing sales.
Source: KYPE
