Housing prices in Cyprus at the end of the second quarter of 2020 decreased by 2.9% compared to the same period in 2019 – this was the most significant annual decline since the first quarter of 2014, said Statistics Cyprus.

Experts attribute this decline to a reduction in the number of foreign students on the island, coupled with the scandal after the publication of Al Jazeera that the “gold passports” of Cyprus on the program “Citizenship for Investment” acquired persons associated with crime.

The sharp decline in demand for housing by international students has led to a number of properties being offered for sale or rent. The situation was further complicated by the reluctance of Cypriot banks to provide housing loans to young families – credit institutions are afraid of falling incomes of this category of borrowers in the COVID-19 pandemic.