With today’s uncertainty, many investors are searching for possibilities to create a stable, continuous, and consistent source of income rather than merely generating a quick profit. This might be a difficult start if you are unfamiliar with the conditions of the numerous markets available. Cyprus, one of the world’s most popular tourist destinations due to its breathtaking beauty, is a strong candidate for property investment. Not only does it provide financial benefit, but it also provides aesthetic appeal and a really comfortable and satisfied existence. It makes Cyprus property investment an excellent choice.
Continue reading to find out why now is an excellent time to invest in Cyprus.
Why Invest in Cyprus Property Now?
- Property Demand Is Low
The year 2020 was a difficult one for businesses all across the world. The same was true for Cyprus’s real estate market. This country, which caters to the wealthy due to its luxury ambience, had reduced demand in 2020 compared to 2019. With global events and a worldwide epidemic, this is reasonable. It is crucial to highlight, however, that real estate markets are progressively regaining their footing.
Despite the decline in real estate investment, according to PwC’s ‘Cyprus Real Estate Market – Year in Review 2020′ (which provides insights into the general behavior of the Cyprus economy and presents key real estate market developments), the Real Estate and Construction sector remains one of the key pillars of the Cyprus economy, accounting for 17 percent of the Cyprus Gross Value Add. This illustrates the durability of the Cyprus market and its overall relevance to the Cypriot economy.
Investing in a property in Cyprus may not be such a smart idea in the future, as demand may begin to rise again, increasing the value of houses. By investing now in 2021, one will pay less money and should see a return in no time.
- Extensive Rental Income
Because rental returns are still strong, now is the time to acquire a property and rent it out. According to statistics, monthly rentals for residential properties increased by double digits in 2019 according to the Global Property Guide. In certain regions, house rentals climbed by 12%, while apartment rental yields grew by up to 14.4%. Investing now and preparing the property for rent might be a source of significant and consistent income.
- Property Investment Incentives
Because demand is lower than it was previously, with Brexit and travel limitations being the primary causes, developers are providing excellent incentives to investors in order to maximise their return on investment. Now is the ideal moment to take advantage of not just cheaper costs, but also these incredible benefits. Take, for example, Minthis Hills. A five-star development on a beautiful golf course. The developer may give anybody we organise a virtual viewing trip to a complete VAT refund as well as a free property maintenance service – no costs to pay – for a period of ten years. They will also organise your rents so that it is a stress-free property investment with high potential profits.
- Low rate of crime
Cyprus is a favourite holiday destination for many people. As a result, there is continual surveillance on the country’s crime situation. The incidence of violent crime in this nation is lower than in much of Europe, giving it a safe refuge for outsiders to live, explore, and invest. Furthermore, a 1.2 percent crime rate, as recorded in 2018, assures that your investment will be safe in the long run.
5th. Tourism Center
The country is a prominent tourist destination. According to data, the number of tourists in 2018 was about 3,449,000,000.00, representing a 5.35 percent rise over the previous year. Although tourism fell last year in 2020 due to travel restrictions, Cyprus will remain a popular tourist destination for many nations once travel restrictions are lifted.
The country’s tourist industry contributes significantly to economic growth. With the release of vaccinations and the epidemic slowing down, travel will presumably resume shortly, implying that the government will make a large amount of income from tourists. Investing now would be an excellent opportunity to capitalise on the impending tourism boom. We can organise virtual viewing tours to learn more about some of the best Cyprus property investment options available right now.
Investment necessitates extensive study and preparation. Before entering any market, a little forethought is usually prudent. For all of the reasons stated above, it is no wonder that Cyprus is one of the hottest investment destinations right now.
Where should you purchase your Cyprus property investment?
Southern Cyprus is a popular tourist location for a variety of reasons. Paphos or Ayia Napa are great tourist destinations. There are numerous fantastic golf courses on the island, including Minthis, Aphrodite’s Hills, and Venus Rock. City flats or marina properties, as well as village townhouses or villas by the sea or in the mountains, are all appealing investment options. There is so much to select from, and we are delighted to assist you in locating the best investment for you. We deal with a variety of prominent developers and agencies, and because we are not an agency ourselves, we can provide an unbiased opinion on the greatest possibilities available to meet your investment needs.