For those looking for real estate for investment, we have made a small but very "tasty" selection of options. Because Limassol, Paphos and Larnaca are cities in Cyprus that are ideal for investment.
Why is investing in Cyprus property more profitable than ever?
The real estate market is recovering rapidly after the pandemic. Moreover, the coronavirus epidemic has become an impetus for those people who are thinking about purchasing Mediterranean real estate. Now there is no doubt that it is better to sit out any unpleasant world event in your own southern residence than in the stuffy apartment of a metropolis.
It is worth highlighting several indisputable advantages of why it is profitable to invest in real estate in Cyprus right now:
- Prices have dropped since the pandemic. They have already returned to their height, but so far it is insignificant. Later, it is expected to accelerate.
- Large fund of primary housing. This means that you can buy apartments in a complex under construction at a price that is significantly lower than the already finished housing.
- Increased demand for Cyprus housing among tenants. A lot of people go to the island to relax and work. In addition, local residents are also not averse to renting an apartment or house: both for a short and long term.
- Low prices relative to other European countries. A square meter in Cyprus costs from 800 to 2500 euros in economy and comfort versions. Such attractive prices can not be found in all EU countries!
- You can get permanent residence in Cyprus when buying real estate in the amount of 300 thousand euros. In this case, permanent residence, which can be easily extended, can be obtained not only for the buyer, but also for their entire family.
This is not an exhaustive list of benefits, but it covers the basics. Perhaps there are 2-3 more individual reasons for you. One thing is for sure: real estate investments in Cyprus are reliable!
Option 1: Castle Residences, Limassol Marina
One of the most profitable investments in Limassol is the purchase of super-luxury apartments in a large and luxurious complex. Now that the project has just been completed, it can be purchased from spacious two-bedroom apartments to duplexes and penthouses.
By the way, already the demand for housing in Castle Residences is just 'crazy', since this is the latest project located in the Limassol Marina. This means that there will no longer be another opportunity to buy a primary home in the immediate vicinity of the yacht port and a private beach.
What do the residents of the magnificent Castle Residences offer:
- an artificial private island right in the sea, where only the owners of the apartments of the complex can get stunning sea and harbor views
- apartments for every taste of luxury class
- full service of the complex - from concierge to in-house restaurants and boutiques
- priority right to own a yacht berth
- property management services in the absence of the owner, including rent.
Obviously, given the high cost of apartments, the profitability will be very solid. In addition, the price of living space can jump sharply in 2-3 years.
More details about the project and a list of available objects for sale can be found here.
Option 2: three-bedroom apartment, Limassol, Germasogeia
The project is under construction, so the price is as attractive as possible. After the commissioning of the apartment, the cost will increase significantly.
There is another plus in the fact that the house is not finished yet: you can order redevelopment in advance. It will be carried out according to an individual project. In this case, you won't need any changes!
This is a modern complex that has everything for a comfortable stay:
- parking lot
- separate pantries
- gym and sauna
- pools and jacuzzi
- playground in a closed area
- panoramic windows
- complete turnkey finishing
- sound insulation and high-quality materials for walls, finishes, doors and windows
- there is heating and a place for the "smart home" system
- suspended ceilings with LEDs.
Moreover, the location near the complex is the most attractive. Germasogeia is a calm and respectable area. There are practically no high-rise buildings, as there are mostly small complexes or private houses. The sea is only 300 meters away, it is a 5 minute walk and you are already on a comfortable beach.
Apartments can be very profitable to rent to vacationers or local residents. Another option is to live on your own. In both cases, you can easily apply for a Cypriot permanent residence.
Option 3: Neapolis SmartEco City, Paphos
This is an impressive project that includes not only apartments and houses, but also a university, a theme park, a medical center and much, much more.
Not only for Cyprus, but for the whole of Europe, an eco-city is a completely new format, the idea of which enthralls.
What is a smart eco-city?
- Optimal incorporation of buildings into the green space. It is assumed that the mini-city will have a huge number of parks, squares and vegetation zones. No smothering concrete walls, just natural beauty.
- Maximum environmental friendliness. Solar energy, gentle water treatment, waste control, careful construction... Here is just a partial list of what characterizes an eco-city.
- The culture is at a high level. It is assumed that the university, the abundance of cultural institutions and the general atmosphere of the place will create a unique space. This does not mean that Neapolis SmartEco City is suitable only for creative people, no - rather, for those who prefer an active and eco-friendly lifestyle and thinking.
In addition, Neapolis SmartEco City will be located just 800 meters from the sea and have an unmatched view of the coast.
Why is it worth investing in such an unusual project:
- The demand for sustainable housing is growing throughout Europe. Not only Cypriots, but also foreign citizens dream of living in a green space, as free as possible from cars. Within a few years, the cost of housing in such a place can skyrocket.
- There is a tourist area nearby. This means that housing will always be in demand. In addition, the proximity of the university guarantees a demand among students and teachers.
- The development plan has already been approved, all permits from the authorities have been received.
- In addition to residential apartments (from comfort to luxury class), you can additionally invest in a business project or commercial real estate. The whole mini-city needs cafes, restaurants, places of rest and work, kindergartens, schools and other institutions!
The price of apartments and houses (townhouses) fluctuates a lot. It starts from 200 thousand euros, but it is more profitable to buy real estate from 300 thousand - then you and your whole family will be able to get permanent residence in Cyprus.
It should be noted that the Neapolis SmartEco City project has ALREADY interested investors from all over Europe. Therefore, it is wise to invest right now, as long as the demand does not exceed the supply.
Option 4: apartments in Soho Resort, Kato Paphos
There will be very few skyscrapers in Paphos, and even in the very center, 100 meters from the coast, there are very few. This is due to the fact that the municipality and local residents want to preserve the ancient cultural image of the city. And therefore, multi-storey buildings have practically no chance to be erected.
But Soho Resort is another story. The grandiose complex of two 15- and 16-storey high-rises will be located right next to the SODAP beach. In fact, this is the very center of Paphos: it is a stone's throw from the Old Town and Pano Paphos.
The owners of apartments at Soho Resort will receive everything that is due to their status:
- concierge service and round-the-clock security
- mini-infrastructure with restaurants, bars and boutiques
- swimming pools, gym and spa
- landscape design and playground in a closed area
- inside - a complete finish, warm floors and a smart home system.
The international airport can be reached without traffic jams in 5-10 minutes, which means that the demand for apartment rental will be enormous! Well, the sea is very close, it is enough to go outside the gates of the complex, and here it is - the beach.
The project will be completed in 2022, which means that it is wise to make investments during the construction phase. In 2023, property prices at Soho Resort will be very different.
More details about the project and a list of available objects for purchase can be found here.
Option 5: Troy Resort and Spa, Pyla, Larnaca
Another project that quite claims to be an eco. Troy Resort and Spa is a closed spacious complex for 280 apartments, the main feature of which is the presence of a large amount of green space, a pool-waterfall, and a wellness center. Residents and guests of the eco-district will be able to visit the SPA center, a gym with a yoga section, a sauna / steam room / hammam, massage rooms, and an indoor heated pool.
The exterior of the Troy Resort and Spa is also impressive: it is a true oasis. The emphasis of the designers was placed on a green, open and close to nature space.
Everything is also provided for children: there is a separate pool with a water park-zone, playgrounds, even a Children's Club has been created.
All apartments have a fine designer finish, spacious balconies for relaxation, bright and comfortable rooms. The complex includes restaurants, a rooftop bar, bakery and café, business lounges, boutiques and a private beach. For apartment owners there are big discounts on the services of the wellness center.
Finally, the location of the complex is great. It is ideal for those who value a calm, quiet and measured life. The thing is that the village of Pyla is located in the immediate vicinity of Larnaca, but devoid of the hustle and bustle of the big city.
The center of Larnaca is only 13 km away, so you can get there in just 10-15 minutes. The largest airport in Cyprus is also close: about 20-24 minutes on the road.
More information about the project and a list of available apartment options can be found here.
Option 6: Plus 21 Roy Terraces, Mackenzie, Larnaca
Larnaca today is the most profitable city for real estate investments. The construction boom is just beginning here, and the price per square meter is significantly lower than in Paphos and Limassol.
Mackenzie is one of the most popular areas of Larnaca, which has actually turned from a suburb to a part of the city. It is located in an excellent location: on a convenient coastal ledge, close to the sea and to the airport. Apartments here can be found for every taste: from economy to elite class. But the most common complexes are comfort, comfort-plus and business.
As a good example of a business class apartment - Plus 21 Roy Terraces, located just 250 meters from the sea. The magnificent architecture and the convenience of the location are not the only positives.
Apartments here are for every taste. From a budget one-bedroom apartment for 214 thousand euros to a luxurious three-bedroom penthouse on the top floor for 720 thousand euros. When buying a two-bedroom apartment, you can already count on obtaining permanent residence in Cyprus.
A complete overview of the project and a list of housing in it can be found at the link.
If you are thinking about investing in real estate in Cyprus, but you have questions, please contact DOM Real Estate specialists. You will be advised on the legal aspects of the transaction, offered the most profitable options and provided additional services.
- TOP 5 areas of Limassol for real estate investment in 2021 (link)
- Where to live in Limassol? Coastline vs mountains (link)
- Permanent residence permit in Cyprus (link)
- Investment in real estate in Cyprus (link)
- TOP 6 apartments in new buildings with breathtaking views in Cyprus (link)
- Limassol District Beaches (with Photos) (link)
- Rules for inspecting an apartment / house you want to rent in Cyprus (link)
Photos: dom.com.cy, finance-one.ru/