According to KPMG there has been a strong demand for luxurious properties in Cyprus, especially Limassol.
The rise is partly driven by the Golden Visa policy. Limassol is the city that buyers seem to prefer the most: In 2018, the number of transactions for luxury properties in Limassol amounted to €430 m. from €324 m. in 2017, and in Paphos € 172m from € 155m. Further analysis suggests that 67% of the total transaction volume ranges between €1 m. and €2 m., 26% between €2 m. and €3 m. and 7% more than €3 m.
According to KPMG in 2018 there has been a significant rise (122%) in the licensed hotels area.