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Cyprus has always been an enticing prospect for property buyers, largely due to its many business and lifestyle advantages. An increase in property demand between 2004 and 2008 led to a spike in development in order to meet these rising demands. Following the global financial downturn, demand for real estate dropped, leaving a large number of completed properties available from 2009 onwards, at significantly reduced prices.
Today, the Cyprus real estate market is back on track and healthy, further fueled by the introduction of the Cyprus Citizenship and Permanent Residency Schemes. Other factors have also contributed to its growth, including the introduction of non-domicile status, additional tax incentives, and the relocation of high-level staff to ensure substance.
The year 2017 has witnessed a record number of real estate transactions, with a projection that this trend will continue for the foreseeable future. This is bolstered by the 3.5 million tourist arrivals in Cyprus that same year, which has led to a strong return on rented properties across the island.
Property options that offer buyers the highest value for money include:
- Beachfront Properties. These highly sought after properties provide the ideal island lifestyle, and are usually found within integrated communities in the towns of Limassol, Pafos and Agia Napa. They usually encompass a golf course, and cater to all types of owners, from locals and new residents, to second homeowners and vacationers.
- Resale Properties. Given the increase in development, especially in the buzzing economic hub of Limassol, the resale of old apartment buildings in prime locations are also considered a lucrative investment, with prices much lower than newer projects in the same area which offer similar views.
Today, the Cyprus real estate market is back on track and healthy, further fueled by the introduction of the Cyprus Citizenship and Permanent Residency Schemes. Other factors have also contributed to its growth, including the introduction of non-domicile status, additional tax incentives, and the relocation of high-level staff to ensure substance.
The year 2017 has witnessed a record number of real estate transactions, with a projection that this trend will continue for the foreseeable future. This is bolstered by the 3.5 million tourist arrivals in Cyprus that same year, which has led to a strong return on rented properties across the island.
Property options that offer buyers the highest value for money include:
- Beachfront Properties. These highly sought after properties provide the ideal island lifestyle, and are usually found within integrated communities in the towns of Limassol, Pafos and Agia Napa. They usually encompass a golf course, and cater to all types of owners, from locals and new residents, to second homeowners and vacationers.
- Resale Properties. Given the increase in development, especially in the buzzing economic hub of Limassol, the resale of old apartment buildings in prime locations are also considered a lucrative investment, with prices much lower than newer projects in the same area which offer similar views.