Interest in Cyprus From Foreign Investors does not Decrease

Интерес к Кипру со стороны иностранных инвесторов не падает
17 February 2021 Liza Medvetskaya
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On Tuesday, February 16, the head of the Limassol Chamber of Commerce and Industry Andreas Tsouloftas said that despite the closure of the Citizenship by Investment Program (KEP) and the coronavirus pandemic, foreign investors are still showing increased interest in Cyprus.

At the same time, many of them are ready to invest not only in the real estate sector.

Tsouloftas noted that, the cancellation of the passport program and COVID-19 (due to which the quarantine is on the island) hit the elite real estate segment. Many foreigners do not have the opportunity to fly to the island to see the real estate they would like to buy, even in spite of recent events. However, once Cyprus opens its borders, there is no doubt that the situation should begin to stabilize.

My colleagues and I are of the opinion that cancellation of an investment program is not a problem or an obstacle for serious investors. Many wealthy foreigners have the opportunity to move freely anywhere in the world without a Cypriot passport. We are confident that there are investors who are interested in major investments in our country not for the sake of citizenship. As soon as the situation with the coronavirus pandemic is resolved, they should be able to visit Cyprus again for business purposes. Our country has a number of advantages, so the interest from foreign investors, large companies and funds does not fade away, - said Tsuluoftas.

Интерес к Кипру со стороны иностранных инвесторов не падает

The head of the Limassol Chamber of Commerce and Industry stated that due to the coronavirus pandemic and the cancellation of KEP, development projects that were at the initial stage of implementation had to be temporarily suspended.

At the same time, the majority of large projects, which where already built by more than 30-40%, are under construction as they should have been. Developers have sufficient funds to complete them.

The latest events in Cyprus have certainly influenced the construction industry, especially investments in luxury apartments and villas. But we hope that with the opening of the airports, Cyprus and, in particular, Limassol should quickly restore the pre-crisis level of sales. At the very least, ready-made new buildings will be sold, after which it will be possible to talk about the future of other projects, - explained Tsouloftas.

He also stressed that Cyprus should not rely solely on real estate investments.

It is most effective when investments are directed to different sectors of the economy. Of course, the real estate market has brought significant income to the country in recent years. However, contributions to sectors such as industry and innovation are equally important. We are now working hard to redirect the interest of foreign investors, and we are doing well. At least several large companies have already announced their intention to invest in Cyprus as soon as the borders open, emphasized Tsouloftas.

The head of the Limassol Chamber of Commerce and Industry said that soon the city would begin the implementation of several important projects with the participation of foreign investors.

It is noteworthy that most of them are directly related to the real estate market. Thanks to the implementation of these projects, several dozen jobs will be created in Limassol, which means that they will bring the city much more benefit than just investing in the purchase of luxury real estate.

DOM opinion:

In our opinion, the interest of foreign investors in Cyprus real estate remains at a consistently high level. While some have taken a wait and see attitude, others are ready to invest right now, if they can get significant discounts on housing from developers or owners. Our agency receives a lot of similar offers from clients. Investors, who are really interested in buying property in Cyprus, can find how to fly to the island, this is not a problem for them. Nevertheless, it should be noted that many investors are confident that prices will continue to fall for another six months and are counting on good discounts, - Director of the real estate agency DOM Tatyana Kovalsky.
Source: www.brief.com.cy
Photos: pixabay.com
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