The real estate market introduces new opportunities, solutions, methods, and directions every year. Given the dynamism and competitiveness of the industry, it is crucial to stay informed about trends and innovations.
So, what can we expect from the real estate market in Cyprus in 2024? Which trends will be relevant? Let’s discuss this and more in the article.
Real Estate Market Update Today
Cyprus is increasingly attracting the attention of investors today. An open economy, stable political situation, and favorable tax conditions make the island a popular destination for investments. Whether you are looking for an apartment on the coast, a villa with a sea view, or a commercial property for business, the island offers numerous opportunities for everyone.
In 2023, the Cypriot real estate market demonstrated a sustainable growth trend. Sales increased by 15% compared to 2022, reaching 1336 transactions. In 2024, the industry will continue its gradual recovery after the economic challenges caused by the pandemic in early 2020.
The prices of apartments and houses will slightly increase in some cities, for example:
- In Limassol, prices will remain at the same level: from €4,000 to €5,500 per square meter.
- In Larnaca, prices will rise from €2,500-€3,500 to €3,500-€4,000 per square meter.
- In Paphos, prices will also increase from €2,000-€3,000 to €2,500-€3,500 per square meter.
You can check the current prices in Cyprus here.
Real Estate Trends in 2024
We have compiled the current trends in the Cypriot real estate market that will shape the dynamics of this crucial industry in the near future.
- Digital Transformation
With the advancement of technology, the trend of digitization continues to gain momentum. Online platforms for property search and purchase are becoming increasingly popular. Virtual tours and 3D modeling help buyers get a more realistic view of a modern house outside and inside before they conduct a physical viewing.
- Blockchain Technology
Blockchain technology positively impacts traditional real estate operations, enhancing their security, transparency, and efficiency. Blockchain-based smart contracts simplify transactions, reducing the need for intermediaries.
- Smart Architecture
In 2024, we expect a boom in developing and implementing smart home technologies and artificial intelligence. Regulating ventilation, controlling lighting, household appliances, security systems, and surveillance cameras can reduce energy consumption and enhance security.
- Environmental Sustainability
Eco-friendliness is not just a trend but a genuine movement. In 2024, buyers are expected to pay increased attention to ecology and sustainable development. Green construction and efficient use of natural resources are going to be more relevant than ever in the real estate world in Cyprus.
- Health-Centric Architecture
Renovated homes with outdated ventilation systems and floor plans will become less sought after. Increased attention will be given to healthy buildings with advanced ventilation systems and construction materials safe for human health.
- Urban Transformations
The urban population continues to grow each year, leading to increased demands for infrastructure development and service accessibility. Urbanization is going to continue to influence the real estate market. Urban transformations, such as the redevelopment of old industrial zones or the creation of neighborhoods with diverse functions (residential, office, retail, public spaces), will be relevant in 2024.
- Coworking and Flexible Workspaces
The growing popularity of remote work boosts demand for coworking spaces and flexible work environments. This contributes to the development of commercial properties designed for work and collaboration. In 2024, an increase in the supply of such properties and the adaptation of existing spaces to meet the requirements of modern working models are expected in Cyprus.
- Development of Alternative Housing Form
In the face of rising home prices and changing customer needs, alternative forms of housing are gaining popularity. Short-term rentals through platforms and the development of residential complexes with rental apartments offer flexibility and affordability for buyers. Concepts such as co-living and senior living will also continue to evolve.
Trends in Interior and Exterior Design
The modern exterior of homes and design of an interior in 2024 involves the integration of well-appointed, eco-friendly, and durable homes capable of becoming havens of comfort and harmony.
Let’s delve into the main trends in more detail.
- Closer to Nature
Landscaping comes to the aid of suburban and private homes. But what about apartments? The connection with the green world will be evident not only in greening facades, creating home greenhouses and flower beds on balconies, roofs, or inner courtyards and patios. Various motifs of flora and fauna on wallpapers, furniture, paintings, and textile elements that harmoniously complement real estate design will become popular.
- Ecological Consciousness
In renovation and construction work, preference is given to using natural materials such as wood, veneer, bamboo, cotton, silk, wool, leather, marble, porcelain, granite, sandstone, metal, and glass. Materials made from recycled or alternative resources will also be in demand.
- Functionality
Due to remote work and distance learning, the need for practicality and space-saving has intensified since the era of the coronavirus. Hence, multifunctional furniture is going to be relevant: built-in shelves, wardrobe closets, folding sofa beds, and transforming tables. Mobile room dividers will also become popular, successfully solving the issue of insufficient square meters.
Design and trends concepts in 2024 will focus on incorporating innovative technologies, eco-friendliness, comfort, and functionality.
Are you interested in residential or commercial properties on the island? Check out our real estate catalog in Cyprus! The website features the largest database with over 30,000 residential and commercial properties of various price ranges throughout the island.
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