Property values all over Cyprus but especially Limassol property prices have dramatically increased over the past decade. There are several reasons for this dramatic increase in property values all over this island. For one thing, Cyprus is an island which in itself draws in plenty of tourism. Another big contributor was the fact that Cyprus joined Europe in 2004 which inspired plenty of Europeans to invest in the economy of Cyprus since they could now travel it freely.
Limassol property prices
While there is a significant increase in property values all over Cyprus, some parts do seem to show the biggest increases. Limassol is one of the regions that have the biggest increase in property and especially residential property values. Since 2004 hi-end property in Limassol increased by a shocking 80% and property values just seem to keep growing. In 2017 Limassol property prices were up by 36%. The area transformed so dramatically over the past few years that Cypriots claim that this part of the island doesn’t even seem to be part of Cyprus any more. But why do residential property prices rise in Limassol specifically?
In total, 33% more foreigners now invest in Cyprus than a few years ago and one of their preferred destinations seems to be Limassol followed by Paphos. In fact, 70% of foreigners that invest in Cyprus invest in these two regions which is exactly what contributes to the dramatic increase in residential property in Cyprus.
Limassol are more developed than other regions in Cyprus and consists of more luxury residential properties for over 1.5 million Euro. Right now most developers prefer to invest in hi-end properties since they are doing so well. The fact that more hi-end properties are available in Limassol also resulted in the increase in property prices.
Positive economic outlook
Cyprus, in general, has a much more positive economic outlook than in 2013 and Limassol specifically is particularly positive about growth which also inspires more investors to buy homes in this area.
Increased credit ratings
The credit ratings of Cyprus is much healthier and people are much more willing to buy as a result.
Since the union with Europe, it became much easier for Europeans to visit Cyprus which naturally resulted in an increase in tourism. Tourism also increased because of general awareness and because the island is so breathtaking.
High home ownership rates
Cyprus is one of Europe’s areas with the highest property ownership rates for both holiday accommodations and second homes and Limassol is one of the preferred locations for home investors.
Limassol city is located on the Cyprus coastline and has a gorgeous beach that naturally attracts a lot of interest in this area specifically.
So, do you want to invest in Limassol?
It is clear to see that investing in this region is bound to pay off whether you are looking to own a second home or holiday accommodations. If you want to invest in property in Cyprus and in Limassol specifically then law firms in limassol can help you with the transaction, documentation, and transfer of deeds so you can acquire property in Cyprus safely and legally.