Cyprus has been making headlines all over the world and has been capturing the attention from keen foreign investors for quite some time and for good reason. This is one of the most beautiful islands to be found with plenty of white sandy beaches, a fast developing economy and a bright future when it comes to property investments. The Cyprus Government also did quite a lot to achieve this tremendous growth and improvement. Since 2004, Cyprus joined the Europe continent, amended laws and ethics and even developed investment programmes to help uplift the community and the island in general. It is no wonder that so many foreigners have also turned a keen eye towards this island and all of its remarkable opportunities for property in Cyprus.
The interest in Cyprus and especially in popular tourist areas like Limassol and Paphos have been remarkably high with over 1,413 property sales to foreigners between January and August 2017. A 44% increase in foreign investors in as little as seven months is remarkable and just shows you what a few smart law changes and citizen programmes can do.
The most popular foreign investment regions
Popular tourist destinations do a lot better when it comes to property sales. Here is a quick breakdown of the number of foreign investments in different regions between January to August 2017;
Limassol – 529 foreign buyers and a 57.4% increase since 2016
Paphos – 467 foreign buyers and a 49.7% increase since 2016
Nicosia – 87 foreign buyers and a 13.5% increase since 2016
Famagusta District – 299 foreign buyers and a 59.4% increase since 2016
Larnaca – 228 foreign buyers and a 17% increase since 2016
At present Paphos is the most popular region for foreign buyers but Limassol had much more property sales in general since Cypriots also invest in this region a great deal.
Why foreigners buy property in Cyprus
There are quite a few good reasons for foreigners to invest in Cyprus such as these;
Become a European – When you become a Cypriot you also become a European which gives you the freedom to live, work and study in all 28 states of Europe.
Visa-free travel – Cypriot citizens are free to travel over 170 countries without the need of a visa
Low tax rates – Cyprus has a pretty low tax rate and those who invest a certain amount in the company or start businesses in Cyprus enjoy even lower tax rates.
Cyprus Investment Programme – This fantastic programme encourages the most sales on this beautiful island. The investment programme grants those who invest more than 2 million Euro in Cyprus instant citizenship with full benefits.
A flourishing economy – The Cyprus economy started doing very well since joining up with EU in 2004. A steady growing economy is a great reason to invest.
It is clear that more and more foreigners are starting to show interest in Cyprus and with great benefits, it is easy to see why so many people choose this island as investment opportunities. But the biggest reason of all is probably the fact that property values do so well here. Hi-end properties in Limassol experienced up to 45% value increase in just one year and it is predicted that property values all over will only continue to grow.