Inventory of real estate assets is expected to remain relatively high in Cyprus for the whole of 2023. This is not bad news, as the more the inventory, the more options for buyers and the more negotiable prices are.
However, mortgage rates will remain high, and banks will be still difficult to agree on loans. Sellers might see less profits - but they will most likely profit nevertheless. It is unlikely that 2023 will be a major turning point for the real estate market in Cyprus.
Buyer demand is not expected to surge and sellers are not going to change prices drastically. They are even expected to increase them to cover part, if not all, of the inflation.
There are few things to anticipate in 2023 and changes will not be big. The real estate market and prices look like that they will leverage demand and supply, with investors though, still viewing the real estate market as a solid safe haven for their money. But, still, both buyers and sellers will take some time to digest the new norms, probably the first quarter of 2023, and to process the new adjusted prices.
A risky but reasonable long term prediction is that in 2024 it is not likely to be a significant improvement in prices or interest rates. The median prices will remain high, still making it hard for affordable real estate, especially housing.
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