If you are interested in real estate on the coast of Cyprus and you are not afraid of the noisy nightlife and fun entertainment, then the choice in favor of Limassol will be obvious. This city, along with Paphos, attracts the largest number of tourists and investors. Last year in Limassol, the growth in the number of real estate transactions was 33% compared to 2016. A total of 810 real estate transactions were concluded. Limassol is a real capital of entertainment on the one hand, and on the other - a city for wealthy people. Infrastructure development keeps pace with the times, the coastline is being built up, developers are trying to keep up with the growing demand for housing.
One of the features of the Limassol real estate market in comparison with Paphos is that not only the residential real estate segment is developing here, but also the interest in commercial properties is growing. Accordingly, developers are expanding their offerings in both directions. In terms of real estate profitability, Limassol is the leader of the country, even ahead of Paphos. This is ensured by the year-round demand for rental housing, both short-term and long-term. If people from Great Britain and the Scandinavian countries go to Paphos on vacation or buy housing, then in Limassol, along with Europeans, the main investors are Russian-speaking citizens. The average cost per square meter of luxury housing in Limassol by 2018 was 6,000 euros, which is significantly higher than in Paphos. But at the same time, new facilities are regularly commissioned in Limassol, so you can invest in them at the construction stage, thus saving about 15%. If you are interested in real estate for the purpose of subsequent renting, then you can always find objects with finishing and even furniture. The average annual return on luxury housing in Limassol is 5-8%. Commercial real estate profitability figures are almost the same. Property owners in Limassol can also take advantage of a whole range of bonuses. These may include round-the-clock service, a golf club membership, and a property warranty for several years.
The main advantage for those who decide to become the owner of luxury housing in Limassol in 2018 may be the right to permanent residence in Cyprus or even citizenship of this country. In the first case, your investment in real estate must be at least 300,000 euros, in the second - at least 2 million euros.
