NEWS: Positive Trends in Greece and Cyprus Property Markets Continue to Attract Investors
Despite economic challenges across Europe, including rising inflation and interest rates, the property markets in Greece and Cyprus are showing resilience, making them attractive destinations for both local and international investors.
Find Your Ideal Second Home in Cyprus, Greece, or the Greek Islands
If you’re looking to find your ideal second home in Cyprus, Greece, or the Greek Islands, you’ve come to the right place. Our dedicated team is ready to guide you through every step of the property search and acquisition journey. Contact us today on +44 7740 735144 or stephen@myelysium.co.uk to discover how we can help you secure the perfect second home in these stunning Mediterranean destinations. Our team is here to make your dream a reality, offering expert guidance and personalised support throughout the entire process.
Why Invest in Greece and Cyprus Real Estate in 2024?
The housing markets in both countries are driven by a combination of strong foreign investment and steady local demand. Particularly in Cyprus, the real estate market continues to thrive, with the first quarter of 2024 reflecting robust growth. According to recent data, the Central Bank of Cyprus reported a 7.8% annual increase in house prices during this period, slightly lower than the 8.3% growth seen in the previous quarter. Notably, apartment prices surged by 13.9%, underscoring the high demand in this segment.
The Growth of Luxury Properties in Cyprus
Luxury properties remain a significant contributor to Cyprus’s real estate market, with total sales reaching €2 billion. This momentum has carried into 2024, indicating sustained interest, especially from foreign buyers. In 2023 alone, 6,900 properties in Cyprus were purchased by international buyers, marking a 16% increase from the previous year.
Rising Demand for Class A Office Space in Cyprus
In the commercial sector, demand for Class A office space in Cyprus has reached its highest level in five years, recovering strongly from the pandemic downturn. Despite an increase in supply, office rental prices remain high, particularly in key areas like Limassol, Larnaca, and Nicosia, driven by consistent demand and evolving market standards.
Understanding the Booming Real Estate Market in Greece
In Greece, the real estate market is similarly robust. The Bank of Greece reported that the average house price in Athens’ southern suburbs hit €3,750 per square metre in Q1 2024, making it the highest nationwide. Piraeus led with a remarkable 28.9% annual increase in house prices. On a national scale, apartment prices grew by 10.4%, with significant gains across various regions, including Athens, Thessaloniki, and other urban areas.
Explore Investment Opportunities in Greece and Cyprus Real Estate
For those considering investments in Greece or Cyprus, the positive outlook in these markets offers promising opportunities. As the European Central Bank potentially lowers interest rates, the anticipated increase in local buyer activity, combined with an expanding supply of residential properties, is expected to balance the market, making it an ideal time for prospective buyers to explore options in these thriving Mediterranean regions.
How MyElysium Can Help You Find Your Dream Second Home in the Mediterranean
At MyElysium, we pride ourselves on delivering an exceptional level of service. Our experienced team is dedicated to helping you find the perfect second home in Cyprus, Greece, or the Greek Islands. We believe in building long-lasting relationships with our clients, ensuring that you are completely satisfied with your new property. From the initial consultation to the final purchase, we’re with you every step of the way.
Contact Us to Start Your Journey to Owning a Second Home
If you’re ready to find your dream second home in Cyprus, Greece, or the Greek Islands, look no further. Our expert team is here to assist you with every aspect of the property search and acquisition process.
Contact us today to learn more about how we can help you find the perfect second home in these beautiful and culturally rich regions. Let us make your dream of owning a second home in paradise a reality!
