Real estate and construction: Cyprus is overgrown with new buildings

How to capitalize on the crisis

The policy of the Cypriot government is an example of how a period of economic crisis can be used to attract foreign capital to the country. The investment citizenship program, preferential tax rates when buying real estate (the "secondary housing" has recently been not subject to VAT at all), the abolition of some of the taxes gave impressive results: in 2015, the Cypriot economy overcame a period of stagnation and "went into a counteroffensive." Construction has become an unmistakable indicator of this process - Cyprus has begun to actively implement real estate projects. Since 2016, the number of building permits issued by the island's government has grown steadily. The share of elite housing in new buildings is also growing, which means that the island has become attractive for wealthy investors who are ready to invest in luxury and comfort.

Cyprus - come and live

Real estate construction in Cyprus Warm sea climate, cleanliness, order, safety are not the only considerations for which people from all over the world buy residential real estate here. Cyprus legislation creates a favorable environment for foreigners of any status - tourists, migrant workers, businessmen. Buyers of housing in Cyprus are not required to permanently reside on the island - moreover, they may not live at all in a newly acquired villa or apartment, but legally rent them out, receiving additional income.

Residential property offers can meet any demand: from modest small-sized apartments in quiet outskirts to luxury villas with private access to the sea. Recently, Cypriot developers have been focusing on the luxury sector and are implementing unique projects in which a complex of residential premises is combined, for example, with a golf club. Our compatriots and citizens of the former CIS countries make purchases in this sector most actively. Paphos and Limassol are in great demand among Russians - prices for luxury real estate are growing faster here than in other parts of the island.

Commercial construction in Cyprus: offers for any demand

Construction in Cyprus For businessmen, Cyprus is attractive for its low tax rates, minimal restrictions for foreign residents, and stability in working with offshores. An additional (and very significant) motivation for investors from third countries was the opportunity to obtain a Cyprus passport on very favorable terms and as soon as possible for the EU. How effective the Citizenship by Investment program proved to be is demonstrated by a simple fact: in 2016, more than a quarter of Cyprus' GDP was made up of private foreign inflows, and more than 2,000 businessmen, mainly from Russia and Eastern Europe, received Cypriot citizenship.

When business life on the island revived, developers immediately reacted to the demand and began to offer commercial real estate in Cyprus of all types and at various stages of construction: office buildings, hotels, hotels, shops, warehouses, golf clubs. "Turnkey business" is popular when a fully equipped premises plus a license for a specific type of activity is purchased. Leading Cypriot developers develop their projects not only by following demand, but by anticipating it. For example, as soon as the global trend for multifunctional centers - objects combining residential and commercial areas for various purposes - emerged, developers immediately began to master this niche. So, whatever the requests of the merchants, in Cyprus they will definitely find what they need.