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Residential property in Cyprus is 8 cheaper than in Russia

Residential property in Cyprus is 8 cheaper than in Russia

5 2018 June
Tags: Cyprus Real Estate, Economics, Statistics

The cost and rental of residential property in Cyprus is lower than in the 10 European countries, which were included in the comparative tables KPMG, compiled on the basis of the Global Property Guide. The square meter of residential property in Cyprus for 2017 year was worth 1536 euro. This is 7,7 times lower than in Russia. And the rent for a typical object in Cyprus was 786 euro. It is cheaper than in Turkey and Romania. In Europe there are many more countries. They are not included in the ratings.

Price per square meter in annual terms (euro)

  • UK - 20 190
  • France - 12 796
  • Russia - 11 866
  • Italy - 8439
  • Malta - 4576
  • Spain - 4382
  • Germany - 4326
  • Greece - 2846
  • Turkey - 2535
  • Romania - 1591

Rent of a typical residential property in annual terms (euros)

  • United Kingdom - 5272
  • Russia - 3820
  • France - 3564
  • Spain - 2000
  • Italy - 1999
  • Malta - 1540
  • Germany - 1440
  • Greece - 1188
  • Romania - 966
  • Turkey - 918

Paradox, but as for income from the rental of real estate, Cyprus occupies the second line - 5,1% per year. In the first place Romania (6,1%). In other countries included in the rating, the profitability indicators were as follows: Spain - 4,7%, Greece - 4,2%, Germany - 4%, Turkey - 3,6%, Malta - 3,4%, Russia - 3,2%, France - 2,8%, United Kingdom - 2,6%, Italy - 24%.

What else surprise you? In the 2017 year, the demand for Cyprus real estate objects more than a half million increased by 45% compared to 2016.

Sales for 2017 year

Data of the Department of Land Registry of the Republic of Cyprus

  • objects costing less than 100 000 euro - 6% of total sales
  • from 100 000 to 300 000 euro - 24%
  • from 300 000 to 500 000 euro - 15%
  • from 500 000 to 1 million euros - 15%
  • from 1 million to 1,5 million euros - 9%
  • more expensive 1,5 million euros - 31%

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