Property, apartment and detached house prices are expected to increase by seven to 12 per cent in the immediate future, the House Commerce Committee heard yesterday.
According to the head of the Land Registry Department, Andreas Christodoulou, Cyprus is the cheapest country in the European Union when it comes to properties, apartments, houses and land. For this reason, he added, many Europeans are interested in coming to Cyprus and investing in land and properties.
“From studies that were carried out by the Department, it appears that the value of land will increase when it comes to plots of land, apartments and detached homes, and this is mainly due to the great demand that exists from European citizens,” said Christodoulou.
He stressed that the increase in prices would be within a legal framework and it would be estimated at between seven and 12 per cent, depending on the area.
In some areas the price increase would be higher than in others, he added.
Source: Cyprus Mail
