Residential and commercial real estate market in Cyprus
After the crisis, the supply structure in the real estate sector has changed: the demand for elite housing has grown significantly. The main foreign buyers of real estate in Cyprus are traditionally the British (from 1925 to 1960 the island was an English colony), they also provide the lion's share of tourism profits. In second place are citizens from Russia and the countries of the former CIS, attracted by the opportunity to obtain EU citizenship by investment in record time.
Now on the coast in the region of Limassol, Paphos, Ayia Napa, one after another, luxurious villas and residential complexes with their own beaches, marinas, golf clubs and other attributes of luxurious life are growing. In general, the residential real estate market in Cyprus is well diversified and represented by apartments, townhouses, cottages, villas. Special mention should be made of multifunctional residential complexes combining residential premises, commercial areas and public spaces.
Property for business in CyprusThe island attracts not only lovers of the Mediterranean climate, noisy social life and luxurious villas. Entrepreneurs, including Russian ones, often register their offices here, receiving several benefits at once: Cyprus is a liberal state policy, a clear legal system that is friendly to foreign businessmen, and low tax rates. And besides, there is a hectic business life and several large ports at the crossroads of sea routes, where you can see merchant ships flying almost any flags.
The economic climate of Cyprus is good for those who value stability and, if not the highest, but stable profitability. Commercial real estate offers in Cyprus are very diverse: office buildings, shops, hotels, cafes and restaurants, warehouses. Developers often offer turnkey properties for sale with already calculated profitability.
Cyprus and Russia - friendship and business
Cyprus has such good and stable relations with Russia that even the bilateral sanctions of Russia and the EU have hardly affected them - in this matter, the island's government goes against the official policy of the "Big Brother", calling the anti-Russian sanctions counterproductive. Over the past 10 years, Russians have been actively investing in Cypriot real estate, registering companies here and building offices.
Experts talk about a steadily growing interest in real estate in Limassol - the second largest city, the largest port and the center of business activity in Cyprus. The number of Russian-speaking citizens here has already exceeded 10%, so even without knowledge of Greek and English (this is allowed when obtaining citizenship by investment), the newly-born Cypriot will not feel like a stranger.
According to Cypriot laws, the purchase of an apartment or a villa does not impose an obligation on the owner to live in them: most of the year you can live outside the island, and the object can be rented out. The profitability from the delivery of elite real estate is confidently kept at the level of 3-4% per annum. Taking into account the fact that the government regularly pleases the owners with either new privileges or a reduction in tax rates, in the foreseeable future real estate in Cyprus will remain in demand and an effective investment.