Cyprus is a small island nation in the Mediterranean Sea,known for its rich history, culture, and natural beauty. But did you know thatit is also one of the most attractive destinations for real estate investors in Europe?
Why Cyprus?
Cyprus has a lot to offer to both local and foreign buyers,such as:
- A stable and growing economy, with a GDP growth rate of 3.9% in 2023, according to the IMF. This is higher than the EU average of 2.6%and the eurozone average of 2.3%.
- A favorable tax regime, with low corporate and personalincome taxes, no inheritance or wealth taxes, and double taxation agreementswith more than 60 countries. Cyprus also offers various incentives andexemptions for investors, such as reduced VAT rates, tax deductions, andcapital gains tax exemptions.
- A strategic location, at the crossroads of Europe, Asia,and Africa, with easy access to major markets and trade routes.
- A high quality of life, as Cyprus ranks among the top 10 countries in the world for happiness, health, safety, and education, according to various international surveys and indices.
- A safe and secure environment, with a low crime rate, a stable political system, and a high ranking in the Global Peace Index.
- A diverse and attractive real estate market, with a widerange of properties to suit every taste and budget, from luxury villas andapartments to traditional houses and rural estates. The average price ofresidential property in Cyprus increased by 5.8% year-on-year in the thirdquarter of 2023, according to the Central Bank of Cyprus. The highest priceincreases were recorded in Limassol (8.9%), Paphos (7.7%), and Larnaca (6.4%).
This image provides fundamental information about Cyprus.
What are the current trends and opportunities in the Cyprusreal estate market ?
The Cyprus Investment Program (CIP), which grants citizenship to investors who meet certain criteria, such as investing at least €2 million in real estate or other assets in Cyprus.The CIP has attracted many high-net-worth individuals from countries such as Russia, China, India, and the Middle East, who see Cyprus as a gateway to the EU and a safe haven for their wealth.According to the Ministry of Interior, more than 4.000 investors have obtained Cypriot citizenship through the CIP since its inception in 2013, injecting over €8 billion into the economy.
The increase in tourism, which reached a record high of 4 million visitors in 2023, according to the Cyprus Statistical Service.Tourism is one of the main pillars of the Cypriot economy, accounting for about 15% of GDP.The influx of tourists has boosted the demand for holiday homes and short-term rentals in popular areas such as Limassol, Paphos, Larnaca, and Ayia Napa.According to Airbnb, Cyprus was one of the top 10 trending destinations for travelers in 2023, with a 40% increase in bookings compared to 2022.
The development of large-scale projects, such as marinas, golf courses, casinos, hotels, resorts, and mixed-use complexes.These projects have enhanced the infrastructure and amenities of Cyprus, as well as created new opportunities for investment and employment.
Some of the most notable projects include:
The Limassol Marina, a €350 million projec that offers luxury residences, shops,restaurants, and berths for yachts. The project was completed in 2020 and has won several awards for its design and sustainability.
The Aphrodite Hills Resort, a €500 million project that features a golf course, a spa, a hotel, villas, apartments, and leisure facilities. The project was launched in 2002 and has been expanding ever since. It is the first and only golf resort in Cyprus to have received the prestigious PGA National status.
The City of Dreams Mediterranean Casino Resort, a €550 million project that will be the largest casino resort in Europe when completed in 2024. It will include a five-star hotel, a casino floor with 1.200 slot machines and 140 gaming tables, an amphitheater, a convention center, restaurants, bars, shops, and other attractions. The project is expected to attract an additional 300.000 tourists per year and create 4.000 jobs during its construction and 2.500 jobs when operational.
The improvement of connectivity and accessibility, with new flights, routes, and airlines connecting Cyprus with various destinations around the world. For example, Wizz Air, Ryanair, Emirates, Qatar Airways, and Turkish Airlines have expanded their operations in Cyprus,offering more options and lower fares to travelers.
Residence & gotel development in Paphos,Cyprus
Types of Properties
Residential properties: These are suitable for buyers who want to live in Cyprus permanently or temporarily, or rent out their properties to long-term tenants. Residential properties include apartments, houses, villas, and penthouses, and can range from affordable to luxurious.
Commercial properties: These are suitable for buyers who want to run a business in Cyprus or generate income from renting out their properties to short-term tenants. Commercial properties include offices, shops, warehouses, hotels, and restaurants, and can offer high returns and capital appreciation.
Land plots: These are suitable for buyers who want to build their own properties or sell them in the future. Land plots can be located in urban, suburban, or rural areas, and can offer flexibility and potential for growth.
Sunshine days, holiday havens, booming businesses, or smart investments – Cyprus has it all. Ready to make your island dream a reality? Contact REVOLTE CONSULTING. Your Cypriot adventure starts here.
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