The Republic of Cyprus maintains a favorable investment climate due to its positive economic outlook, attractive and transparent tax policy.
Such an optimistic conclusion was published by the auditing company Ernst & Young (EY) at last year's conference dedicated to the attractiveness of Cyprus for investors. One of the world's leading consultancies EY (head office in Cyprus is located in Nicosia), presented several projection recommendations. Among them: diversifying the economy and investing in sectors not related to the leisure industry. Such a program can give an additional impetus to the development of the capital, which is not a center of mass tourism.
Real estate in Nicosia
Nicosia is the legal, financial and political center of the country. In addition to government offices, all diplomatic missions, offices of international organizations and most representative offices of foreign companies in Cyprus are concentrated here. The process of relocation of foreign entities to the territory of the island state has not bypassed the capital. In addition, state structures practice renting premises from private companies.
Based on the above, it is obvious that office real estate in Nicosia is in demand and liquid regardless of the season. In addition, the local pricing policy, when buying or renting, is significantly different from the seaside Larnaca or Limassol.
Land plots in Nicosia and its suburbs - a marketable and profitable product. Both corporate investors and individuals are interested in it, as evidenced by the intense increase in requests for individual buildings during the pandemic period.
Starting the replacement of outdated communications and renovation of urban neighborhoods, municipal authorities are fueling the interest of entrepreneurs in restaurant and exhibition real estate, as well as the expansion of retail and entertainment space. The degree of liquidity of such objects depends on their remoteness from the historical center and other popular urban locations.
Nicosia is the most densely populated city of Cyprus, in which the residential real estate market is largely formed by the local population. The most attractive sites for developers are located near park areas and major educational institutions. Investing in the capital's apartments, first of all, interesting for long-term rental income. High-rise buildings of modern architecture revitalize the cityscape of Nicosia, which is transforming into a modern capital and secular city.
Medical tourism
Recognized as one of the best in the European Union for its effectiveness in fighting the pandemic, Cyprus is focusing on developing medical tourism and transforming the island into a European rehabilitation center. A new legal framework developed by the Government is designed to encourage investment in this humanitarian area.
The popularity of medical tourism has been growing globally in recent years. This is due to the cost and quality of medical services, not always satisfying patients at home and unwillingness to appear on a long waiting list. In Cyprus, where a high-level medical infrastructure has been formed, effective treatment and revitalizing sea vacation are ideally combined.
Over the last decade Nicosia has gained a good reputation for providing qualified medical aid, applying advanced diagnostic methods and low cost of services for the European Union. The capital's clinics and medical centers are distinguished by well-trained staff and state-of-the-art equipment. High quality standards are guaranteed both during treatment and rehabilitation, which is facilitated by the favorable Mediterranean climate. Not only local companies, but also investors from other countries are interested in the development of healthcare in Cyprus.
Transportation in Nicosia
There are more than six hundred cars for every thousand inhabitants of Cyprus, which is one of the best indicators in the world. However, this assessment does not apply to Nicosia's public transportation system, which, compared to the leading European capitals, is at a lower stage of development.
There is a persistent imbalance between the number of private and municipal vehicles on the city streets. Due to the heavy traffic flows, especially in the central part of the city, long congestions are formed. Nicosia residents complain about the lack of a stable schedule of public transportation, which means that traveling around the city involves long waits.
There are still areas in the capital that can be reached only by car or on foot, so optimization of the route network is necessary. Unresolved traffic problems have a negative impact on the environment (noise, air pollution), traffic safety and quality of life, and as a result, the attractiveness of the city suffers.
The situation can be improved by investing in modern environmentally friendly transportation (buses, electric buses) and attracting private passenger carriers.
Energy
Nicosia is home to several research centers in the field of alternative energy. Obviously, the country's climatic conditions allow the unimpeded utilization of solar and wind energy throughout the calendar year. By reducing dependence on hydrocarbon fuels, Cyprus is strengthening its own energy security and shifting the economy to resource-saving technologies.
The Government's proposed National Energy and Climate Plan promotes investment in the development and practical use of equipment that converts natural energy into electricity. The transition to "green" energy is seen as one of the priority and effective development programs of the state.
To date, the capital of Cyprus has not fully realized its potential for development. Nicosia has a lot of commercial prospects, world brands come here and cultural life is developing. A stable inflow of businessmen, a wide range of personnel and developed infrastructure make the city an attractive investment destination. And the sea is not far away by good Cypriot roads.
Detailed information about all projects in Nicosia can be obtained from the specialists of DOM, the #1 real estate agency in Cyprus, by phone +357 22 030670, or in person at Archiepiskopou Makariou III 1, Lakatamia 2324, Nicosia, Cyprus.
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