EU CITIZENSHIP / PASSPORT IN CYPRUS
- REAL ESTATE MARKET INSIGHTS
CYPRUS PASSPORT & PERMANENT RESIDENCE
REAL ESTATE MARKET INSIGHTS FOR CYPRUS PASSPORT BUYERS
The increase in supply of property in Cyprus and decrease in demand after the worldwide financial downturn hitting in 2008, led the property prices in Cyprus to decrease to very attractive levels, thus creating opportunities for investors and home buyers.
When buying properties to acquire the cyprus passport, the most high demand properties are:
- Seafront properties
The areas with highest demand are the properties that offer their owners a luxury lifestyle or other valuable feature such as sea views or location close to the beach and are usually located in areas such as Limassol, Paphos, and Ayia Napa. Eventhough seafront properties target a niche market, are sold off plan and resale properties of this kind are very hard to find. The price per m2 for seafront properties and generally luxury properties varies between EUR 8,000 - EUR 12,000 depending on the location and building specifications. A good figure to maintain is around EUR 10,000 as you can be comfortable knowing there is room for appreciation. Most foreign buyers purchase properties in the above mentioned classifications, as opposed to purchasing a property in the capital city.
- Collective Developments
These usually have a golf course or community at their core, offering properties that cater to all types of owners and include locals, new residents, second home owners and vacationers. Another project that is expected to have a high demand is the new Casino in Limassol, planned to be completed by the end of 2019 or beginning of 2020. The casino will also feature a hotel with 500 luxury rooms, and the casino section will offer between 100 and 200 table games and also between 1000 and 2000 slot machines. The casino resort will also boast restaurants, theme parks, conference centres and waterparks.
- Residential and Commercial Properties with a Good Rental Income
As passport property buyers can sell their properties after a period of 3 years they prefer to buy investment properties that can offer them a good rental income. Such properties can be fully tenanted residential and commercial buildings with a steady income stream. They can vary from whole buildings to apartments, houses or commercial offices or whole buildings.
REMAX Passport Specialists have selected a combination of the above kinds of properties in Cyprus and created property packages ideal for the € 300,000 Permanent Residence buyer and the € 2 million investor wishing to buy the Cyprus passport. The ability to select the best properties from developers and owners of resale properties gives us the power to offer a better property mix, with a more secure return on investment for the passport investor. Moreover, our company’s connections with the necessary government authorities and our team of lawyers and accountants specialized on the subject makes us the Specialists to advice any passport investor regarding buying the right properties to satisfy the criteria and have a hustle free experience when acquire the Cyprus Passport.
If you wish to learn more on our Passport Packages, please contact the REMAX offices to receive free consultation from one of our Passport Specialists at +357 25507001.