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Real Estate Market: Undervalued Larnaca and Paphos

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Real Estate Market: Undervalued Larnaca and Paphos

Theano Thiopoulou

Cash, in combination with borrowing, is preferred by the majority of individuals who have purchased a property, according to a survey conducted by the Danish and Associates office, using a questionnaire, in order to draw conclusions about the Cypriot real estate market.

The subject of the research was the “Real Estate Market Sentiment in Cyprus” and, as the company states, it attracted significant interest from professionals in the field (real estate agents, appraisers, developers, investors).

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Based on the results of the survey, 77.8% buy real estate with liquid and bank lending, 16.7% only with lending and 5.5% with cash (bank transfer).

The experts of the real estate market, to the question “which provinces are undervalued in comparison with the current market prices” answer with 66.7% the province of Larnaca and with 33.3% the province of Paphos.

As for the nationality of foreign buyers, according to the survey, 44.4% are from Russia, 22.22% from Europe, 11.1% from the Middle East, 16.7% from another region and 5.6% from Asia. To the question whether the buyers of residence and citizenship are still active, 61% of the real estate professionals answer yes and 38.9% no. When asked if there is interest from local buyers, 94.4% answered yes and the remaining 5.6% gave a negative answer.

Regarding the trend of interest of buyers, 61.1% of professionals see that it is balanced, 27.8% downward and 11.1% upward. When asked what is the preference for a type of house, 83.3% answered house and the remaining 16.7% is shared between offices, shops, industrial real estate and land.

The survey also includes the question “which provinces do you think will see the greatest growth in 2021”, with 38.9% seeing Limassol, 27.8% Larnaca, 11.1% Paphos and the rest (22.2%) is distributed in the provinces of Nicosia and Famagusta. To the question “which provinces have the opportunity to buy at a lower price”, 38.9% of those involved in the real estate market answer Larnaca, with 33.3% Paphos, with 16.7% Famagusta and with 11.1% Nicosia .

To the current question “how does covid 19 affect the real estate market”, 66.7% answer “a lot” and 33.3% “a little”. Regarding the type of sellers, the survey result shows that 55.6% of respondents see a combination of locals and foreigners and 44.4% only locals. Regarding “how is the level of sales in 2020 compared to 2019”, 50% answered that it is lower, 33.3% at the same level and 16.7% at a higher level.

Source: www.philenews.com

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