Cyprus and specifically Limassol are presently going through a period of heavy development. The latest records on building permits show a dramatic and continued increase from 2017 until this very day. Rental prices and property values are increasing with high-rise buildings and large-scale projects being built uninterruptedly and changing the Limassol landscape.
Numerous factors are adding to the rise of the need for real estate, with the primary being that Cyprus has turned into an international business hub. It’s well known that Cyprus is the biggest 3rd party ship management center in the European Union and one of the largest in the entire world, hosting about 130 shipping companies and growing. Many multinational businesses chose Cyprus as their headquarters, because of its favorable tax system, its location and of course the infrastructure. It is normal that the large flow of foreign employees has resulted in an ever-growing demand for housing. As a result, the prices for both sale and rent of real estate in Limassol are on a continuous dramatic increase making this an excellent opportunity for a positive return on investment.
Cyprus Investment Program
The island has recently also gained popularity due to a government scheme which grants citizenship and residence permit to non-EU nationals, who invest a qualifying amount of money in real estate. For this reason, the demand for high-end properties has grown significantly during the last years, and it is expected to grow even further in the coming years. Series of luxury high-rise projects have since taken over the front line of Limassol seafront, changing the entire concept of the city towards an even more modern landscape and attracting many high-profile overseas investors.
Climate And Tourism Destination
Cyprus has always been a very popular destination for tourists, due to the Mediterranean climate, the quality of life, the beautiful beaches, the food and a lot more. With millions of tourist arrivals every year, accommodation facilities are a quite profitable niche when it comes to real estate investment. The summer is very long, and the winter is mild and short, so you can expect large waves of tourists throughout the year.
The Energy Sector: Natural Gas
Another factor that influenced the rise of demand for housing was the discovery of large amounts of gas within the Cyprus Exclusive Economic Zone, something that drew the attention of major energy companies from around the world. This development is expected to create a lot of new jobs and to attract a large number of employees, which means the demand for real estate will grow even further in the near future.
Due to the touristic nature of the island, but also the very friendly business environment, Cyprus meets all the requirements for a healthy and secure location for investing in real estate. Discover the best investment opportunities by getting in touch with our consultants today.