With the uncertainties of current times, many investors are looking for opportunities to generate a reliable, steady and regular flow of income rather than just making a fast turnaround of profit. This can, however, be quite a tricky start if you don’t know the conditions of the various markets out there. Cyprus, one of the leading tourist spots of the world with mesmerising beauty, is a big contender when it comes to property investment. Not only for financial gain, but it comes loaded with aesthetic appeal and a really relaxed and fulfilled lifestyle. It makes Cyprus property investment a brilliant opportunity.
Keep on reading to learn why now is the perfect time to invest in Cyprus.
Cyprus Property Investment: Why now?
1. Low Demand of Properties
The whole of 2020 was shaky for businesses all over the world. The same was the case with the real estate market of Cyprus. This country, which caters to the elite because of its luxurious aura, had lower demand in 2020 in comparison to 2019. This is understandable with global events and worldwide pandemic. However, it is important to note that real estate markets are gradually getting back on their feet.
Despite the fall in real estate investment, according to PwC ‘Cyprus Real Estate Market – Year in Review 2020’ (which provides insights into the behaviour of the Cyprus economy in general and presents key real estate market developments); the Real Estate and Construction sector continues to be one of the key pillars of the Cyprus economy and it contributed 17% to the Cyprus Gross Value Added (GVA) in 2020. This demonstrates the resilience of the Cyprus market and its overall importance to the Cypriot economy.
Investing in a property in Cyprus might not be as good an opportunity in future years as the demand will start rising back up, making properties increase in value. By investing now in 2021, one would be spending less and should be reaping returns in no time.
2. High Rental Returns
Now is the time to buy a property and rent it out since the rental returns are still high. According to reports, the monthly rents for residential properties went up by double-digit figures during the year 2019 according to the Global Property Guide. House rents increased by 12% in some areas, while the rental returns of apartments were up by up to 14.4%. Investing now and setting the house up for renting can be a source of yielding high and regular income.
3. Property Investment Incentives
As demand is lower than before, Brexit and travel restrictions being the main culprits, developers are offering some fantastic incentives to investors to get the maximum return on their investment. Now is the perfect time to take advantage of not only lower prices but also these amazing incentives. Take Minthis Hills for example. A 5 star development on a stunning golf course. The developer can offer anyone we arrange a virtual viewing trip a full VAT refund as well as a free property maintenance service – no fees for you to pay – for 10 years. They also arrange your rentals so it is a stress free property investment with great potential for high returns.
4. Low Crime Rate
The island of Cyprus is a very popular vacation place for many people. As a result of this, there is constant vigilance on the crime situation of the country. In this country, the rate of violent crime is lower than most of Europe, making it a safe haven for outsiders to live in, explore and invest. Moreover, such a low crime rate of 1.2%, as reported in 2018, ensures that your investment will be safe in the long term.
5. Tourism Hub
The country is a major tourism hub. According to statistics, in 2018, the number of tourists was around 3,449,000,000.00, a huge 5.35% increase from the previous year. Although tourism dropped last year in 2020 as people were limited on global travel, Cyprus will continue to be a popular tourist destination for many countries once travel restrictions have been eased.
The tourism of the country plays a huge role in economic growth. With the introduction of vaccines and the pandemic pacing down, travel will hopefully begin again soon, meaning a high revenue will be generated through tourists in the country. Investing now would be the perfect way to profit from the boom of tourism about to come. We can arrange virtual viewing trips to learn more about some of the top Cyprus property investment opportunities currently available.
Investment requires a lot of research and planning. Without diving into any market, a little planning is always wise. It’s no surprise that Cyprus is one of the hottest locations for investment purposes right now for all of the reasons above.
Where to buy your Cyprus Property Investment?
Southern Cyprus has many popular destinations for many reasons. If you want a tourist area Paphos or Ayia Napa is ideal. There are some incredible golf courses across the Island such as Minthis, Aphrodite’s Hills and Venus Rock. City apartments or marina properties, Village townhouses or villas by the sea or in the mountains are all an attractive investment opportunity. There really is so much to choose from and we are happy to help you find the right investment for you. We work with a number of leading developers and agencies and are not an agency ourselves so can take an unbiased view as to the best opportunities available to fit your investment requirements.
To discuss your property investment further or to book a virtual viewing trip email us on firstname.lastname@example.org or fill out the form below.