The island's economic growth – the rate of GDP growth in 2020 fell slightly due to the pandemic, but the situation is already leveling off. This makes Cyprus an attractive region for foreign investment by both individuals and legal entities.
Versatile property – the apartment will be the first step to moving if you want to settle on the Mediterranean coast. Also housing will be in demand in the rental market, as the island's tourist and business traffic steadily increases every year. You can come to Cyprus on vacation, and in the remaining time to rent out real estate.
High liquidity – over the past two years, the cost of an apartment in Cyprus has slightly decreased, but experts predict a rapid recovery of the market. This means that if you buy an apartment now, you will be able to sell it profitably in the future. The average rental yield is about 4%.
Obtaining a residence permit – the program for obtaining citizenship by investment in 2021 has been changed by the Government of Cyprus. But this does not mean that apartment buyers have lost all their benefits. When buying 1-2 residential properties for a total amount of 300 thousand rubles or more, the owner automatically acquires the right to obtain a residence permit within a few months (PERMANENT RESIDENCE – in 7 years). If the apartment cost less, the new owner gets a national multi-visa (90 days twice a year) to visit the country.
Getting ready buy an apartment in Cyprus by the sea please also consider purchasing an apartment. The difference between them is small at first glance, but it is important to take it into account.
Apartments are cheaper than a classic flat and very often come as part of entire apartment complexes. Legally, they remain commercial real estate, offering all the conditions for a comfortable stay. This is what makes the apartment an excellent choice for investment and subsequent rental.
Flats - costs more than apartments, but is formally considered residential real estate with the ability to freely register at the chosen address. It is suitable for buyers who are looking for comfortable conditions for themselves, for example, for moving.
Limassol – the second most populous city on the island. Due to the abundance of ancient attractions, these places are considered a tourist Mecca. The city's business center is actively developing, attracting large international companies. This guarantees an inexhaustible demand for rental housing, the opportunity to launch your own business. For the same reason, Limassol has the most expensive residential property-prices start from 1200-1300 euros per square meter.
Pafosl – the international airport is located near this city, and the coastline attracts many tourists. The average price per square meter is 1000 euros. Here it is profitable to buy housing for yourself or for seasonal rent.
Larnaca – a small and peaceful coastal town, where the price of apartments is about 20% lower than in Limassol. Here it makes sense to buy a property for relocation, since the demand for rent is purely seasonal.
Price of an apartment in Cyprus per square meter ranges from 1100-1800 euros. This indicator is strongly influenced by the location and class of the item. The most popular apartments are economy class. The luxury residential real estate market is still showing a decline, so sellers are more willing to make concessions than a year earlier.
A local mortgage can significantly simplify the purchase process. Cypriot banks cooperate with non-residents of the country on fairly favorable terms. In addition, in 2021, the authorities canceled the mandatory deposit of 300 thousand euros without the possibility of withdrawal for 3 years.
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