Cyprus has come a long way ahead from the financial crisis of 2013, and the island has reemerged to witness an incredible real estate boom as the economy continues to improve. Cyprus has emerged as one of the most profitable real estate destinations of 2019, and if you’re seeking to reap benefits from the strong surge of optimism that has engulfed the island, we will walk you through all the points of smart investing in real estate.
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SURGING PROPERTY PRICES
Cyprus has undergone several developmental projects and a remarkable series of new residential projects have been initiated which have increased the prices of apartments by an impressive 7.4% last year. Throughout 2018, the House Price Index has continued to increase, and the yearly increase has been reported to be 1.2%, which rules in the favor of making real estate investments that are guaranteed to pay off.
Real estate experts are quite confident and believe that this upward trend in house prices is not only increasing demand but also increasing profitability for the investors.
REDUCED INTEREST RATES
Even though the Brexit crisis has created financial turmoil across the markets of the world, the real estate industry of Cyprus is benefiting from reduced interest rates. Reduced interest rates and low monthly payments are just what young and first-time investors need to reduce the risks and maximize their gains. The last few years have witnessed interest rates at their lowest, and 2019 has emerged as the best time to make an invest, be it residential or commercial.
GREAT TIME FOR COMMERCIAL ACTIVITY
Reports for 2019 have revealed a strikingly impressive increase in the demand for Grade A office complexes, particularly in decentralized regions and CBD, and 2018 also witnessed a great deal of stability in the commercial market of Cyprus. It is incredibly smart to make real estate investments in the financial epicenter and capital of Nicosia, while multi-story buildings and office spaces are booming all across the island of Cyprus.
INCENTIVES BY THE GOVERNMENT
The government of Cyprus is stimulating the real estate industry with various incentives that are encouraging investment by inviting both, local and foreign investors. The cities of Limassol and Paphos are opening up with a remarkable scope of profitability and several developmental projects, and several government introduced incentives have encouraged local and foreign investors to invest in the seaside destinations of Paphos and Famagusta, along with the urban hubs of Larnaca and Nicosia. The residential sector is booming, and the multiple developmental housing projects indicate that the government is encouraging Cypriots to invest in houses and apartment buildings.
TECHNOLOGY MAKES INVESTMENT MORE EFFICIENT
The countless technological platforms have made real estate investment much easier than it ever was, and the modern investor can browse through countless listings and take virtual tours of any given location across the islands of Cyprus. Instead of driving around the cities all day, visiting place to place, and dealing with mind boggling legalities-modern investors can enjoy a timesaving process and transparency that gives more control to the investor.