Cyprus Investment Properties
Looking for the right place to purchase an investment property takes a lot of time and hard work. For those who have no previous experience and are looking to begin to build their property investment portfolio, here are a few reasons why you should choose Paphos.
Where is Cyprus?
Cyprus is a Mediterranean island off the coast of Turkey. It holds a powerful and attractive position, with routes to China, Russia, Asia, and Europe. Thanks to its warm climate, international travellers flock their in droves, but there are also a lot of people interested in making this large island their home.
Who lives there - or who wants to live there?
While you can’t define the average habitants of the island (except for the local Greek and Turkish Cypriots), international relocators have been predominantly medium-term residents and retirees looking to spend their golden years in a Mediteranian climate. With both of these groups willing to splash their money on high quality property, Cyprus provides a great opportunity for investors.
Why invest in Cyprus?
Over the last 10 years, Cyprus has fought hard to recover its economy following the 2008 recession. This has been done in large part thanks to foreign investors. However, it is important to note that there is a lot of room for further economic growth, meaning there is still a lot of opportunities to make some money with property investments on the island.
Cyprus Central Bank has put forward some appealing statistics to encourage further investment. These include:
- climbing house prices,
- commercial property values growing,
- more demand from both national and international buyers,
- tourist visitations on the rise, and more.
Paphos is one area in Cyprus that has seen an encouraging increase in these areas, with foreign sales especially, rising 78%, more than double that of Famagusta alone.
Who is investing in Paphos, Cyprus?
Investors from all over the world have seen the amazing potential of Cyprus, but it has been the Chinese that have led the way. Their contribution to the economy and funding of various industries caused the market to jump 40% in only one year - 2016.
Why invest in Cyprus now?
The worst of the recovery from the recession is now over, and there is a lot of promise in further growth. The year 2016 also saw the conclusion of the Capital Gains Tax, but it has been Cyprus’ Golden Visa scheme that has been the most beneficial. For non citizens of the European Union, if they spend at least €2 million, they are offered citizenship.
With so many benefits, there has never been a better time to build your property portfolio, and investors are looking straight at Cyprus.