In the recent years Cyprus has become by far one of the most attractive destinations for property investment in the Mediterranean region.
Although the real estate industry in Cyprus was negatively affected by the global financial crisis and the domestic banking crisis between the years 2008 and 2015, it has successfully spiralled out of the crisis and is on a constant increase.
Based on the official statistics published by the Department of Land and Surveys, property sales continued to rise in January 2019 as compared to the same month of 2018.
Demand for Cyprus property has traditionally been related to the weather conditions and the purchase of holiday homes. However, recent investment incentives, in combination with a stable legal and tax framework, has resulted in a thriving real estate industry with increased demand in residential and commercial property.
Nicosia being the capital city and Limassol being the maritime capital, have historically attracted more foreign investment. However, with real estate prices soaring in both cities, and especially Limassol, investment interest has shifted to smaller cities like Larnaca where the growth potential is high.
Larnaca is currently experiencing rapid cultural and economic growth, with fast development from cafeterias to restaurants, hotels, and commercial buildings, such as those offered by Infinity Property Developers, a real estate firm in Larnaca.
New to Larnaca are the expected high-rise buildings which are expected to change the local landscape and boost the local economy. Depending on the final approvals from the Larnaca Municipality, the town may soon be seen with buildings of up to 30 floors.
The future of the industry is promising, and experts of the field expect the year 2019 to continue on an increasing basis with demand both by foreign investors and also domestic buyers, driven by tax incentives and a flourishing economy, creating more jobs and a higher quality of living.
By Salome Cosma,
Audit Partner, PHS & Partners
GET IN TOUCH
At PHS & Partners, we pay the highest attention to every case and need through personal approach in helping companies and individuals.
Let us know how we can help you achieve your goals and targets.