An island rich in ancient history and almost unrivaled in beauty, Cyprus has proven popular with tourists from around the world. With an average of over 300 days of sunshine a year and offering a number of magnificent beaches spread along its coastline, it’s easy to see why so many people have fallen in love with Cyprus.
As with so many strong property investment markets, the benefits of investing in Cyprus ultimately center on the island’s growing tourism market. With estimated increases of around 4-5% per year for the next ten years, this stream of income looks set to continue for the foreseeable future.
While Cyprus has been popular with property investors for a number of years, the level of interest in developments on the island has increased in recent times. Drawn by a variety of different factors including favorable tax conditions, high living standards and a robust tourism industry, real estate investors not only view Cyprus favorably, but see it as one of Europe’s top investment opportunities today. .
Apart from the obvious attraction of the growing demand for tourism on the island, there are a number of other factors that have aligned of late to present a more favorable investment opportunity. In particular, the accession of Cyprus as a full member of the European Union (and the increased business opportunities associated with this) has produced a vibrant and prosperous economy, which together with high living standards and favorable tax conditions make a case for Sound tax to invest property in Cyprus.
In addition to the monetary reasons for investing, the potential reunification of the island will offer significant investment opportunities, especially in the Turkish-controlled north, where property remains considerably cheaper than in the Greek-controlled south. At present, talks are ongoing regarding possible reunification and although they are still at an early stage, it has resulted in a sharper focus on political events in Cyprus.
There are already a growing number of high-quality projects under development across the north of the island, and destinations such as Catalkoy and Bogaz are already proving popular investment options. If reunification is confirmed, this development process is likely to accelerate considerably, with prices in the north rising to the same levels that are currently found throughout the south of the island.
With the increasingly challenging global financial climate causing investors to redefine objectives and returns, Cyprus is becoming an increasingly popular choice for investors looking for a more stable and long-term property investment.
