Cyprus Real Estate: The Jewel Of The Mediterranean

Cyprus is a popular vacation destination, especially for Europeans who come from the dreary corners of the continent. The island boasts over 300 days of sunshine, a Mediterranean lifestyle, and a friendly population that speaks adequate levels of English to facilitate communication with visitors. Tourists can hang out at the beach, climb Mount Olympus, hideaway in quaint mountain villages, check out byzantine churches, and visit monasteries.

Cyprus, Paphos, Aphrodite Hills

Situated at the most privileged location of Aphrodite Hills Resort, Hestiades Greens is a beautiful residential development, designed to please the most demanding golf enthusiasts. The properties enjoy the most extensive views of the golf course, as well as views of the resort’s lake.

The project consists of 38 exclusively designed terraced villas, built all along the elongated parcel of land adjacent to the golf course greens.

The Award winning Aphrodite Hills is a luxurious and elegant golf resort near Paphos. The Aphrodite Hills Resort is the first ever fully integrated golf, leisure and real estate development in Cyprus. The award-winning resort’s exceptional facilities include a five star hotel Intercontinental Resort Hotel, Clubhouse, Golf Academy, Tennis Academy and Spa as well as a village square with tavernas, restaurants, supermarket and other amenities.

Future of Cyprus real estate looks brighter

Falling cement sales and rising unemployment in the construction sector suggest that construction in Cyprus is doing badly at present.
But the future appears already to be brighter, according to the forward-looking statistics of building permits.
The value of building permits has been rising for nine straight months. In February the value of building permits authorised rose by 26% to EUR 243.4 mln compared with February 2008. Moreover, the average increase over the past nine months has been 15.4% compared with the same period of the previous year.
In terms of area, building permits rose by 9.6% in February and on average 10.6% in the past nine months, while the number of dwellings authorised rose by 5.8% in February and by 29.1% in the past nine months.
Only the number of building permits authorised has been more erratic, but that is natural, since it reflects a mixture of multi-dwelling apartments and offices as well as single houses.

Cyprus house prices drop 1.7% in Q1

Global real estate trends have finally reached Cyprus, with residential house prices falling in the first quarter.
For the period January to March 2009, the BuySell Home Price Index recorded a cumulative decrease of 1.7% compared to December 2008.
Compared with the same period of 2008, prices fell by 2.2%. This is the first fall recorded since August 2005.
The hedonic BuySell Home Price Index is the only house price index in Cyprus.
Prices were quite volatile during the first quarter, which BuySell said is indicative of the uncertainty in the sector and the general economic environment.
Home prices recorded fell by 1.5% in January, increased by 2% in February and declined by 2.2% in March.
The BuySell Home Price Index closed at 140.52 (March 2009) bringing the Average Home Price in Cyprus down to EUR 187,053.