2022 is a great time to buy property in Limassol, whether you are looking for a stable investment, to safeguard your money in assets or to find a home to live in.
Whether you’ve been living in Cyprus for the last 10 years or so, or if you’re new to the country, you would have seen the incredible rise of skyscrapers across the Limassol seafront. These developments are partially a consequence of a healthy real estate market in Cyprus, especially in Limassol where the majority of these buildings reside.
Lucrative investments have been a common understanding in recent Limassol times, with prices climbing higher every year and more investments being pumped into the city.
The time is now to invest in real estate and buy a property in Limassol, Cyprus.
High Demand
Cyprus has recently been a popular destination for many Eastern European individuals, with many migrating over to this sunny island for reasons more so than just the beautiful beaches. The property landscape has been on the incline and will continue to do so due to the high demand.
With the recent conflict between Russia and Ukraine, many more individuals are migrating to Cyprus which is pushing the demand up for both property purchases and rentals. We can see this reflected in average rental prices that have been on the incline.
Real estate investment is seeing ROIs from 6-10% per year, which is a very healthy amount. Due to the high demand of rental properties, prices are increasing, and standard 2-bedroom apartments in new builds are renting for around €1,400 or more, providing a very healthy return on investment for landlords.
Foreign Investment
Cyprus typically offers low tax rates which heavily attracts foreign investment, especially for businesses whereby the corporate tax is at 12.5%.
Cyprus has typically kept a healthy tax rate for foreign companies in the hope to attract businesses, new ideas and initiatives to the island.
The majority of these new establishments reside in Limassol, where we can see the likes of:
- Brand new casino opening (City of Dreams)
- Technological Institute, Germasogeia
- Private school Foley’s school, Germasogeia.
- German Oncology Centre, Germasogeia
- 5-Star Hotels (Four Seasons, Amara, Park Lane)
- Innovative Technological Companies
This focus on attracting foreign investment has helped Cyprus become a prosperous place to both live and work, especially in the seafront city of Limassol.
Employment
With the likes of the casino opening, the technological institute in Limassol and more foreign companies starting up, there are many new job opportunities available.
The casino, City of Dreams, alone is recruiting up to 4,000 employees and projects to have over 300,000 tourists a year. Therefore, housing is growing around these areas as they are lucrative investments with a lot of foreseeable growth and scalability.
With new businesses, comes new jobs, and with new jobs come, individuals and families, all of who are in need of sufficient housing. Therefore, due to employment opportunities, the demand for property is skyrocketing, both to buy and rent.
It is important to get in quick while Limassol is fast becoming a hotspot for prosperity.
Concluding Points
- The time to buy in Limassol is now.
- ROIs yield up to 10% on property investments.
- Demand is ever-increasing.
- Rental prices are increasing.
- Limassol is becoming more popular by the minute.
