Land tenure

Around 20-25 years ago, Cyprus was renowned for having one of the highest rates of homeownership globally, with figures nearly reaching 78-80%, as per the data available then. This statistical achievement often garnered admiration during discussions, both substantive and academic, as such high rates were uncommon in comparable contexts elsewhere.

Homeowners who want to sell their properties in the market are now more willing to negotiate prices as existing home sales continue to decline.

Home sales plunged for a fifth month in a row in June. In the month, only 84,000 homes changed hands, pointing to a steep 44 percent decline from a year ago with existing home sales plunging more than 45 percent to around 58,000.