For at least two decades, Cyprus has been consistently among the countries enjoying increased popularity with foreign property buyers.
Investments in real estate in Cyprus seem to be quite a profitable investment for a number of reasons, the main ones of which are the geographical location of the island, a stable financial and economic situation, a low price level and almost guaranteed dividends from rent.
While the state program for the granting of citizenship by investment in real estate was operating in Cyprus, there was an increased demand for luxury properties worth from 2 million euros. Starting from November 1, the so-called "golden passports" will no longer be issued to foreigners, however, the conclusion of a sale and purchase transaction in the amount of over 300,000 euros still makes it possible to obtain a residence permit in Cyprus.
The Covid-19 pandemic also made some adjustments, due to which the tourist flow decreased several times - as well as business activity, and the entertainment industry was in crisis.
The priorities of potential investors have also changed, and they have begun to consider options with spacious rooms, balconies and private plots far from the city center, but within walking distance of all the necessary infrastructure. In the overwhelming majority of cases, such objects are chosen as a permanent residence or for subsequent long-term lease.
From this point of view, you can pay attention to the business capital of the island, Limassol, although you should be prepared for the fact that housing prices here are the highest in Cyprus - from 2.5 thousand euros per square meter. Finding a villa in Limassol for less than 1 million euros seems to be an extremely difficult task, while in Paphos or Larnaca a similar object, which is not elite, will cost about 25-30% less. Of the other large settlements of the country, the most interesting proposals are concentrated in Nicosia, Polis, Paralimni and the immediate vicinity - in particular, in the village of Protaras, which is mainly chosen by pensioners and families with children.
In the case of commercial real estate in Cyprus, office space has lost its relevance due to the transfer of most of the employees to remote work, which is a widespread trend. This statement is also true in relation to hotels, which were originally designed for short-term stays of tourists, while apartment buildings oriented to long-term stays seem to be a more promising investment. The cost of such houses, which include residential and office space, recreation areas, green spaces, a swimming pool and parking spaces, varies between 1.5-2 million euros, depending on the number of apartments.
Cyprus is one of the few EU countries that provide the opportunity to obtain a residence permit when buying real estate for a certain amount.
with our Cyprus property catalog
APL Alexander Real Estate Ltd