Why Cyprus’s Property Market Is Booming?
Cyprus currently is one of the best places in which you can invest and hi-end property sales are booming and are predicted to keep booming for quite some time. There are several reasons for this island to suddenly experience such tremendous increase in property markets. Here is a quick breakdown of why Cyprus’s property market is booming.
Joined European Union
In 2004, Cyprus became part of the Europe nations which instantly resulted in a major boost in property markets. Europe citizens could now freely travel and stay in Cyprus which inspired quite a lot of investments from Europeans. Other countries also viewed investments and especially property in this country as an asset since the joining with Europe instantly boosted tourism in Cyprus since it was a lot easier for Europeans to visit which opened a lot of doors in terms of holiday accommodation.
High demand for hi-end residential property
Hi-end properties became very popular from 2010 – 2013 and properties with a value of over 1.5 million Euro was steadily growing in market value over this period.
Revisions to the investment scheme
In 2014, the scheme of naturalization of investors in Cyprus was revised and it became a lot easier for foreigners to acquire property. Since this revision property values increased dramatically to a 45% increase in 2016.
The popularity of Limassol
Properties in Limassol of the value of 1.5 – 2 million Euro increased as much as 66% in 2017 due to the increase in popularity in Limassol region and its scenic beach. Tourism greatly affects the dramatic increase in hi-end property values in this region.
New hi-end developments
New hi-end developments of properties all over Cyprus resulted in a dramatic increase in demand of properties that are over 2 million Euro in value.
Cyprus Investment Programme
The Cyprus investment programme was launched in 2017 and also resulted in a major increase in property value and also affected the economy of Cyprus for the better. Investors who invest more than 2 million Euro in property or other areas of the country can now get citizenships in as little time as 3 months and can then live and explore all 28 regions of Europe freely.
Improved economy
Thanks to supporting European investors and a much higher tourism level, the economy of Cyprus improved dramatically which also boosted the property market tremendously.
A wide range of property opportunities
Cyprus offers a wide range of property opportunities that vary from agricultural to economic sectors. This also boosts the investment rate and investors can still find affordable property despite the incredible value of hi-end properties.
A steady future ahead
The predictions for the future of Cyprus is nothing but positive which also boosts the property market since everyone realizes that their investments are safe and secure.
Want to invest in property in Cyprus?
It is clear that investing in Cyprus property markets can be a good idea especially if you consider that your investment might just boom with up to 66% in value in just a few short years. If you want to invest in property in Cyprus and be completely safe and legal then please contact our real estate lawyers in Limassol for the best advice as to where and how to get started.
