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Residential property in Cyprus continues to be in excessive demand regardless of the prevailing uncertainty worldwide together with rising inflation that has made it arduous for households to make ends meet.
The newest figures introduced by the Central Financial institution of Cyprus and which concentrate on the top of June present excessive demand is for housing buy.
That is additionally favored by the prevailing low rates of interest and higher yields that rents supply in relation to financial institution deposits.
Particularly, web new mortgage loans amounted to €693.6 million in H1 of 2022, up from €520.2 million in H1 of 2021, €306.3 million in 2020 and €454.3 million in 2019.
In accordance with the identical knowledge, housing loans to Cypriot residents amounted to €8.6 billion in June 2022 from €8.4 billion in Could 2022 and €8.2 billion in June 2021 and June 2019 which amounted to €8.5 billion.
Banks often finance 70% to 80% of the worth of the property and the remaining quantity have to be paid by the borrower.
Often, the utmost reimbursement interval is 35 years relying on the age of the borrower.
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