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Easy, Enjoyable and Efficient Property Viewings in Cyprus

As more and more people choose to buy a second home abroad, either for their own use or as a wise investment, the internet allows developers and sellers to present their portfolios online with detailed descriptions, extensive photos, and often even virtual tours. The value of online property searches cannot be overstated; however, once you have narrowed down the options to your favourite four or five properties, it is worth taking a short trip to see these properties for yourself.

If you are thinking of buying property in Cyprus, your visit can be combined with a most enjoyable holiday, as Cyprus ranks among the most popular destinations in the Mediterranean region. Come with your partner or your family, and combine your break with property viewings, which the SkyPrime team would be happy to organize for you. But before you book your tickets, make sure to consider the following:

Do you Require a Visa?

Unless you are a resident of Cyprus, or a European passport holder, or a citizen of a country that has concluded a visa-free travel agreement with Cyprus, you will have to apply for a Cyprus entry visa from your nearest Embassy of the Republic of Cyprus consular department. In some cases, your tour operator may be able to help. Holders of a Schengen visa may also enter Cyprus, although it is not yet a member of the Schengen Area.

Where Would you Like to Stay?

Cyprus welcomes over 3 million visitors a year; so there are many hotels and self-catering villas and apartments available for short-term and holiday rental. Upon request, our team can propose conveniently located accommodation, according to your wishes, at the special corporate rates we have agreed with our associates. We can also arrange airport transfers with Meet & Greet service upon arrival.

Property Viewing Schedule

Once we have discussed your personal needs and expectations, we will prepare a list of suitable properties to show you during your visit. On the agreed date, a member of our team will pick you up from your chosen accommodation and drive you to properties that match your requirements. If you prefer, a preliminary meeting at our office can be arranged before the viewings. Either way, this is your chance to not only see some of your chosen properties in person but also the right time to ask our property professionals detailed questions regarding property acquisition in Cyprus, the actual transactions, as well as property management services and all associated costs and obligations.

As we visit the properties you wish to see, make sure to take notes and photos that you can then review and compare at leisure before making a final decision. Before leaving the island, you may wish to have a second look at one or two properties that you are particularly keen on.

Remember, the best way to identify the ideal property that matches your preferences is to prepare a detailed list of your ‘must-have’ features as well as extras that would make the property even more appealing. Another great help is to read Frequently Asked Questions Affecting the Real Estate Market in Cyprus. That will help us direct you to the right property for you in the shortest possible time. Are you ready to start your search?

When choosing a property Skyprime Group can also advise on beneficial investment programs that may be of interest such as the Cyprus Invest Program and the Cyprus Permanent Residence Permit. 

 

Date published: September 10, 2019

Cyprus Set to be Europe’s Newest Investment Funds Hub

The European Union as a whole has been affected by Brexit and as the deadline approaches a notable shift in UK firms looking elsewhere can be seen. As investment and fund managers are looking for stability outside the UK Cyprus has seized the opportunity to provide attractive legislation, thus setting the country on the road to becoming Europe’s newest Investment Funds Hub.

Toll of Brexit

In the course of the past 3 years, Brexit has caused an ongoing uncertainty in the world of finances that have rippled across the whole of Europe. Due to the slow nature of Brexit UK firms are turning elsewhere for business as the toll of Brexit continues to erode long-established businesses.

This can be clearly seen in figures as the New Financial Reported that 269 UK-based financial firms have responded to Brexit by transferring business, relocating employees or rebasing assets elsewhere in the EU. The report also mentions that 65 billion pounds of portfolio funds have been transferred out of the UK so far, this figure is based only on publicly available records.

It is clear to see that Brexit is resulting in the movement of funds and investments outside of the UK and into other EU Countries.

Cyprus a Strong Contender for Investment Funds

As businesses in the UK shift many EU cities are keen to seize this unique opportunity, however, Cyprus continues to stand out among the rest due to ongoing efforts. New legislations put in place in 2018 has aided the progression of AIFs (Alternative Investment Funds) with Cyprus attracting several funds and managers designed to benefit those who set up businesses on the island.

Cyprus continues to work on the progression of jurisdiction so as to remain competitive with other EU countries. One example is KPMG Cyprus who is leading the efforts “At KPMG Cyprus we stand at the forefront of the funds’ development”, states Christos Vasiliou, Managing Director and Head of Advisory Services. “We have been involved in the drafting of the new AIF legislation as far as the framework is concerned, as well as the tax incentives that have been given to funds and fund managers.”

“The fund’s sector was always considered by us to be one of the biggest growth areas that we could develop going forward. What we did in the past three years was manage to upgrade all the legislation, bring everything up to speed, modernise everything and make our funds service offering extremely competitive. Legal framework-wise we are not running behind any of the other EU jurisdictions when it comes to funds.”

“I consider Cyprus to be a hub for British businessmen and financial institutions through which they can access the European market. I’m hopeful that it may have a positive effect on Cyprus rather than a negative effect, but it remains to be seen. We should be taking this opportunity further with British businessmen, and British fund managers especially, to promote Cyprus.”

Seizing the Opportunity

The efforts of those creating attractive jurisdiction are now paying off, according to the Cyprus Securities and Exchange Commission the number of collective investment management companies and collective investment organisations under supervision increased to 187 in the first quarter of 2019. In fact, total assets under management totaled [1] 6.7 billion euros, representing a 7 percent increase, when compared to the last quarter of 2018.

Due to these high figures, enthusiasm has spread in the sector with industry experts predicting that total funds could reach 10 billion euros or higher by 2020. The high figure is also driven by Cyprus unique selling point of the country’s location. “I must stress that Cyprus funds can be used as a passport for non-EU fund managers to direct investments through Cyprus to other countries”, explains Vasiliou, adding that fund managers who leverage the country’s vast double taxation treaty network – encompassing 50 countries – will find that Cyprus is “an ideal distribution network with opportunities for fund managers to direct their investments [internationally] through the island”.

The Overall Benefits for Cyprus

The increase in international business in Cyprus has led to an overall benefit for the economy. As new offices are needed to hold new businesses property developers in Cyprus accommodate rising demands. Alongside international workers who require housing, use travel, and services alongside general spending in Cyprus the economy is thriving.

Here at SkyPrime Group, it is our mission to ensure that our clients benefit fully from these opportunities in Cyprus. This is achieved by SkyPrimes continual growth and commitment of offering higher quality with more options when it comes to investment and property in Cyprus.

Date published: August 23, 2019

Protaras Prepares for a New Era

It’s not a secret: When seasoned travelers visit a holiday destination and are looking for the best restaurants, what do they do? They follow the locals… The same applies to beaches in Cyprus. Follow the permanent residents and you’ll find a steady flow of the inland population driving towards Protaras every weekend. That’s because Protaras is known to have some of the cleanest, safest and most beautiful and popular beaches, as well as more secluded coves, in Cyprus.

Apart from the beaches, what makes Protaras special is that it is midway between two key and opposite attractions along the southeastern coast of the island. On the one hand you have the fun and exciting around-the-clock entertainment of Ayia Napa and on the other hand the serenity, tranquility and natural beauty of the protected Cape Greco peninsula with its enchanting landscape, vegetation and nature trails.

The New Paralimni Marina

And very soon, Protaras will gain yet another, very different dimension to make it even more of a local and regional magnet. By 2021, the new Paralimni Marina along the coast of Protaras will be fully operational, launching a new era in the evolution of this corner of Cyprus. In actual fact, the mood and activity levels in and around Protaras began to change in 2017, when the first contracts for the construction of the new marina were signed. That is because it is not designed to be purely a facility with services for yachts and sailboats, but a fully-fledged destination for everyone.

Take a closer look at the plans and you will quickly recognize the attractive features of this waterfront development. Discerning home buyers dreaming of a property overlooking the sea will be able to choose from apartments and penthouses as well as duplexes and garden villas. Once complete, the development will also include a commercial complex with bars, cafés and restaurants, health and wellness facilities, beach and kids’ clubs, as well as function rooms and lounges.

If you own a boat or a yacht and need a home for it in the Mediterranean, the Paralimni Marina comprises 300 berths for vessels up to 25m length, and will provide all the necessary services, from fuel, electricity and water disposal, to wifi, concierge services and lounge, as well as police, customs and immigration services. In other words, it will be an official point of entry, with access to a well rounded, enjoyable Mediterranean lifestyle.

The Effect of the Project in Protaras

Alongside the construction, the surroundings as a whole have woken up to a new reality. The need to prepare for an increased influx of visitors has prompted local entrepreneurs to expand their offerings – from retail to gastronomy and leisure options – to appeal to this new market. Competition is driving businesses to upgrade their products and services with attention to quality and value for money. Construction activity has moved into a higher gear.

Furthermore, the project will add value to properties both in the immediate vicinity and in nearby locations. As a result, prices for all types of residential properties are starting to rise, as investors in general and candidates for the Cyprus Investment Program, in particular, discover the potential of Protaras. For anyone interested in investing in real estate in Cyprus, Protaras is now offering buyers the opportunity to benefit from exceptional returns on any investment in and around this beautiful seaside resort, as it prepares for a bright future.

Date published: July 30, 2019

The Cyprus Equivalent of the NHS has Initiated Phase One After Years of Planning

Cyprus has developed over the years in many sectors, such as real estate,international business in Cyprus and shipping. The health care sector is no exception to this development, and after extensive planning and preparation, Cyprus is proud to offer the equivalent of the UKs NHS in the form of GESY.

What is GESY?

GESY (general healthcare system) is a new healthcare system that is people centered and aims to provide a high-quality service. GESY will provide this service via coverage of the population, equal treatment to all, a comprehensive package of healthcare services and the choice of provider. GESY is designed for medical procedures to be priced per unit and procedure that will ensure that abuse of the systems by doctors who perform unnecessary procedures for financial gain will be avoided.

GESY will be implemented in two stages with the first commencing on June 2019. This first phase will roll out the introduction of outpatient healthcare, covering the provisions of personal doctors, outpatient specialists, pharmacists and laboratories.

Foreign Nationals Gain Access to GESY

In recent developments, the cabinet of Cyprus has granted a temporary measure for those unable to register to the new system to use the services of GESY. This will ensure that those who cannot register due to inadequate documents, such as the elderly who have old Cypriot ID cards but no Cypriot citizenship or those who are awaiting residency status can still receive a high quality of health care via GESY.

Impact of GESY on Cypriot Healthcare

Before the creation of GESY the main avenue of healthcare in Cyprus has been in the private sector. GESY is designed to enroll the services of hospitals and doctors who opt into the program. Following phase one a large number of private hospitals, clinics and polyclinics have opted to participate in the national health scheme.

Currently, more than 700 specialists’ doctors have enrolled to the healthcare scheme, with the creators of GESY confirming the necessary number of specialist doctors for the first phase of GESY has been reached. Although the numbers have been met some large private hospitals have stated they will not join the healthcare scheme and will continue to operate independently. GESY continue to negotiate rates and terms with these establishments.

Future of GESY

Following the successful implementation of phase one GESY will be rolled out to the remaining health care services in phase two scheduled for June 1st, 2020. These services include:

  • clinical dieticians
  • therapists
  • speech pathologists
  • physiotherapists
  • clinical psychologists
  • nurses and midwives
  • the accident and emergency departments
  • dentists
  • palliative healthcare services
  • medical rehabilitation services.

GESY Impact on Cyprus

GESY is raising the standard of procedure and trust within the health industry to match international markets. This has raised Cyprus worldwide profile and attractiveness, thus leading to an increase in international investment in Cyprus for those who wish to create business and live on the island alongside an increase in Cyprus real estate investment.

Date published: July 21, 2019

Frequently Asked Questions Affecting the Real Estate Market in Cyprus (FAQs)

Our clients ask and SkyPrime Group replies!
Some of the most frequently asked questions in real estate business in Cyprus:
 
Client: Will I have to pay the VAT for plots/land in Cyprus, and how much is the current rate?
SkyPrime Group: There is not a straight forward answer to this question yet. In most cases when buying a plot/land in Cyprus you must pay VAT. There are some exceptions, usually when the seller is a private owner and he/she didn’t sell any other piece of land in the past and the buyer is buying the land for personal use for his/her personal residence then most probably the transaction might not have VAT.
 
Client: Will I have to pay the VAT if I acquire old properties?
SkyPrime Group: No. We never pay VAT on old/used properties. If a property is currently rented or people lived in it in he past, it is considered used and there is no VAT payable by the buyer.
 
Client: How can I set the best price for the property I am about to sell?
SkyPrime Group: You must find other similar properties that were sold in your area (at least 2-3 of them) within the last 6 months, then find how much they were sold per square meter and finally, using this information, calculate the value of your property per square meter.
 
Client: Will I have to pay the VAT for the acquisition of newly build properties?
SkyPrime Group: Yes. Always when a property is sold for the first time by the developer/construction company, the purchaser must pay the VAT. It usually comes to 19% of the purchase price.
 
Client: Who will list or advertise the property I wish to rent or sell?
SkyPrime Group: Your property will be listed on our company’s website.
 
Client: Which are the best areas for investment in real estate in Cyprus and why?
SkyPrime Group: This depends on the kind of investment and the kind of real estate. Do you plan on selling the property, or rentng it? Are you planning to purchase a residential, or a commercial property? In general, Limassol and Ayia Napa are the areas with the highest development, offering the best value and these are the areas you should primarily look to invest in.
 
Client: How can I make my property more attractive to potential buyers?
SkyPrime Group: During the time you have your property in the market, it must always be maintained in good condition and of course always be clean and tidy. Even small maintenance issues can cause potential buyers to lose their interest in the property.
 
If you have any other questions please do not hesitate to contact us by email or phone.

Date published: July 8, 2019

Cyprus Economy Expands as Cyprus Becomes a Regional Hub of Business

The economic growth of Cyprus is expected to remain strong according to recent forecasts. GDP continues to grow at 3.1 per cent in 2019 with a predicted steady growth in 2020 of 2.7 per cent. Unemployment has dropped significantly from 8.4 per cent in 2018 to 6.7 per cent in 2019 with predictions of an unemployment rate of 5.9 in 2020.

It is clear from the figures that the Cypriot economy is healthy and reliable with steady growth, yet what factors have propelled Cyprus’s economy into such a beneficial place?

Regional Business in Cyprus Drives Economic Growth

Business in Cyprus has gone from strength to strength in recent years with President of the House Demetris Syllouris commenting “Our economy may be small, but it is open, transparent and business-friendly, and able to weather a great deal of obstacles”. He also remarked on the unique geographical location of Cyprus, a gateway between Europe and the Middle East. The benefits of the location have and continue to play a major role in the development of Cyprus alongside many multinational companies.

The proof is in the figures, in 2017 Cyprus had the biggest percentage increase in the number of high growth enterprises in the EU with 57 per cent followed by Slovenia with 20 per cent. Year after year following this the Cypriot business sectors continue to increase with high growth enterprises playing an important role to economic growth and the creation of jobs. Significant growth has been seen in the following sectors:

Shipping

In the past few years the Cyprus shipping industry contributed more than one billion to the economy annually with high figures set for 2019, accounting for 7 per cent of the GDP. In the past five years an increase of 65 per cent has been noted in shipping companies registering with Cyprus, boosting the sector by 25 per cent overall.

Tourism

Tourism continues to push through to new boundaries with a record of 3.6 million visitors in 2017 and just under four million in 2018 in an increase of 7.8 per cent. These impressive figures do not fall short in 2019 with an increase of 4.8 per cent for arrivals in the month of April compared to previous years.

The future for tourism remains bright in the long term with the country setting goals via a new tourism strategy. The strategy aims to double visitor arrivals, triple tourist revenue, create 47,000 jobs and attract 20 billion in new investment by 2030 according to the Cyprus Profile.

Cyprus Real Estate

The sector of real estate remains reliable and steady with healthy growth throughout the years. 2018 saw a growth of 6 per cent in Cyprus property sales with a 5 – 10 per cent growth predicted for 2019. A large majority of sales are due to foreign buyers accounting for 50 per cent of sales last year according to the financial mirror.

A new aspect to factor in is the discovery of natural gas resources offshore, presenting new opportunities for the real estate sector. Panos Danos, CEO of Danos/ BNPPRE Group commented that Cyprus has entered the gas era with his company predicting an even bigger growth of demand for real estate. “Energy employment has created major demand for office space, more efficient inventory control has caused demand for large warehouse space, land-based retail continues to grow as people have more money to spend and apartments are in large demand from young people, foreign investors and immigrants,”. These positive figures and promising future aspects due to the discovery of gas makes it clear that the real estate sector in Cyprus is flourishing with no signs of slowing down.

Financial Forex Services

Over the years the number of forex companies in Cyprus has increased, a large percentage are foreign businesses who recognise the benefits of setting up companies in Cyprus. As of April 2019, there are 676 regulated entities in Cyprus, this is a 173.7 per cent increase from 2011 where there were only 247 regulated entities.

Foreign Direct Investment in Cyprus

As many sectors within the Cyprus economy prosper it is no wonder that so many foreigners wish to invest in Cyprus. Alongside the incentive of the successful Cyprus Investment Program, the impact of foreign investment can already be seen in Cyprus as mentioned above in the real estate sector and forex sector to name just a few. Plans for continual foreign direct investment in Cyprus show no signs of stopping.

President of the House Demetris Syllouris comments “Although Cyprus’ main pillars of business are based on tourism, shipping and professional services, there is a constant attempt for improvement and innovation. With the contribution of Foreign Direct Investments rising steadily and the future prospect of Cyprus becoming an Eastern Mediterranean oil and gas centre, it is no wonder that the Cypriot economy is expanding outwards as a regional hub of business excellence”.

Date published: June 20, 2019

Limassol Cyprus, Named in Top 100 Cities

sea, city, trees

Name any city, and you’ll find it has a following of friends, fans, and others who are indifferent. But when Mercer’s lists Limassol in its top 100 cities worldwide in terms of quality of life, everyone in Cyprus smiles – because that is something we’ve known all along.

Mercer’s is the world’s largest human resources consulting firm, and its annual report is widely anticipated among a broad readership. In the last report, the firm examined 231 cities around the world for quality of living factors affecting expatriates – and Limassol ranked 86th among them. The result was based on ongoing research, focusing on different practical aspects of everyday life. Multinational companies often refer to the survey to adjust salaries and other forms of remuneration for employees who are positioned outside their home country.

Limassol is also blooming due to the Cyprus Investment Program that draws international investment into Cyprus property. For those who take part in the program, Limassol is one of the most popular cities as it offers a high standard of living with numerous luxury apartments in high rise buildings, ideal for high net worth individuals.

The Factors that Boosted Limassol’s Ranking

  • Political and social environment: In a region marked by political conflict and unrest, Cyprus emerges as a quiet haven, valued especially for its low crime rate – the lowest in Europe.
  • Economic environment: This indicator covers currency exchange regulations and the level and efficiency of banking services. In addition to the local banks, and to serve primarily expatriates and the international business community, various foreign banks have established a branch in Limassol, offering both corporate and retail banking service.
  • Socio-cultural environment: The degree of personal freedom, in line with European Union regulations, is often taken for granted in this city with its multicultural society and a host of local and foreign media channels.
  • Schools and education: From pre-school to tertiary education, the standard of education is high, with international schools and colleges offering English language instruction. Most English language high schools follow either the UK curriculum or the International Baccalaureate program to prepare students for university studies abroad.
  • Public services and transportation: Efficient infrastructure deliver affordable utilities – telecoms, electricity, and water. Public transport is improving every year, as Limassol embraces the principles of sustainable mobility.
  • Recreation: This is where Limassol exceeds expectations. To satisfy local and expatriate preferences, Limassol has a vast choice of restaurants, theatres, cinemas, sports and leisure options, way beyond what you would expect from its size.
  • Consumer goods: Shopping malls, department stores and big supermarket chains make shopping a pleasure. The choice of foodstuffs and consumer goods is excellent, prices are reasonable, and outlets are never congested.
  • Housing: Whether you wish to rent or buy, you will find residential properties of all sizes, from cozy suites to luxury villas. Household appliances and furniture shops offer a European standard variety of branded products to make your house a comfortable and welcoming home.
  • Natural environment: The mild Mediterranean climate all year round is almost free from extreme cold or heat, yet offers the beauty of four distinct seasons, each with its charm and leisure offerings – from swimming in summer to skiing in winter.

The real beauty of Limassol cannot be measured or captured in words… It radiates from its fun-loving people and has to be experienced. It is no wonder why so many wish to invest in Limassol and experience life in this gem of a city with their very own property in Limassol.

Date published: May 23, 2019

Updates to the Cyprus Investment Program

child football grass

In February 2019 the Cyprus Council of Ministers approved changes to the Cyprus Investment Program that will come into effect from the 15 May 2019.

What is the Cyprus Investment Program?

The Cyprus Investment Program enables non-Cypriots who meet specific criteria and invest a certain amount of money in Cyprus property to become a citizen of Cyprus, an EU Country, gaining a Cyprus passport for themselves and their family. The program has become increasingly popular amongst high net worth individuals who, with a second passport reap the benefits such as international business, EU benefits and safety.

What Criteria has been Updated?

  • A set number of 700 Applications per year under the CIP in the Republic of Cyprus.
  • The investment is €2m if the investment is invested directly into residential real estate, this means buying a brand-new property.
  • For resale properties, the investment amount increases to €2.5m.
  • A donation of €75,000 to the land development organisation to fund affordable housing schemes will be required.
  • A donation of €75,000 euro to the Research and innovation foundation.
  • Applicants will now need to be in possession of a Schengen visa when applying
  • Applicants who were denied passports by any other EU country for citizenship, will not be allowed to apply for Cypriot Citizenship.
  • The investment will need to be maintained for 5 years instead of 3 years.
  • During this 5-year period, the investor will be entitled to change his investment into other forms of permitted investments.
  • Shipping will be included in the investment sectors.
  •  Investment in government bonds shall no longer be available.
  • If the investment is in real estate, a planning permit must be in place.
  • Due diligence and background checks shall be carried out by a specialized foreign firm.

Why has the Cyprus Investment Program been Updated?

The cabinet updated the criteria for the program in order to protect the financial benefits and ensure more direct investment into the creation of an eco-system of business innovation. Other donations will be used to provide financing to housing programs for affordable housing.

Stricter criteria will also be implemented to verify who can gain a Cyprus Passport. Following stricter due diligence procedures with the obligation for investors to hold a Schengen visa and the rejection of applicants who have failed to obtain passports from similar schemes.

Overall the changes ensure a secure financial future for Cyprus and a higher standard of criteria for applicants.

What is the Reaction to the Update?

With the changes set to be implemented on May 15th there have been an increase in applicants who wish to apply before the updates come into effect. According to news sources (phileleftheros), the increase could result in prematurely reaching the limit of 700 passports granted per year.

Although the update comes into effect on May 15th, it is possible that a slight extension may be granted to certain applicants, for example, those who already possess a bill of sale for a property but have not completed all the required paperwork. In these cases, if an applicant submits the bill of sale before May 15, but not the other documentation, the investor’s application could be assessed based on the existing criteria.

Date published: May 9, 2019

Short Term Lettings – Boosted by the Cyprus Investment Program

home sofa

The success of the Cyprus Investment program over the years has resulted in an increase of investment in property. Through investment in property, many have realised the benefits of renting property, specifically the benefits of short term letting.

International apps such as Airbnb and other platforms have enabled owners of properties to rent their property for short periods of time to holiday makers. Short term lettings are on the increase, since 2018 short term lettings on rental platforms have risen significantly. According to statistics from Airbnb 120,000 visitors from 125 countries chose short term lettings in 2017-2018.

Economic Benefits of Short Term Letting

For those who have or are thinking of purchasing a holiday home in Cyprus, the benefits of generating an income when the home is not in use from short term letting is very appealing. Essentially it is a win win situation, alongside the Cyprus Investment Program high net worth individuals are able to invest in Cyprus property and gain citizenship.

As many of these individuals travel for business or have homes in other countries the option of letting the property short term to holiday makers is ideal. Others also benefit from the process from cleaners of the property to taxi drivers, the process generates more jobs in Cyprus and thus benefits the economy as a whole.

Increasing Tourist Numbers

The demand for short term lettings is supported by the increase in tourism to Cyprus. As Cyprus is now recognised as an all year holiday destination new tourism records continue to be set, for example in February this year arrivals of tourists reached 105,571 from 101,481 in February 2018, recording an increase of 4.0%. The figures are set to increase at a steady rate guaranteeing a stable flow of tourists that need accommodation thus generating a reliable income for those who rent properties.

High Demand for Tourist Accommodation in Cyprus

The increase in holiday makers who use short term letting is no secret to investors. People are seizing the opportunity of the Cyprus Investment Program by investing and renting one or more properties to meet the demand for tourist accommodation. This is reflected in the property market, sales during the first two months of 2019 has seen an increase of 18% compared to 2018. Now is the ideal time to invest in Cyprus Property for personal, commercial use or both. SkyPrime can help you find the perfect Cypriot property with a selection of luxury seafront villas in Cyprus.

Skyprime are experience in processing applications for the Cyprus Investment Program.

Date published: April 9, 2019

Strong Economic Growth Reflected in the Cyprus Property Market

Following a successful year for the Cyprus economy, it is set to maintain strong growth for the next few years according to the European Commissions forecast. A strong economy goes hand in hand with the rise of property sales and the figures do not disappoint.

The economy’s growth is expected to remain strong and above average – predicted at 2.9 % in 2020. The growth is driven via domestic demand, private consumption, investment and exports while unemployment is expected to continue its rapid decline with the lowest level of unemployment recorded in 8 years.

Cyprus Property Market

All of these factors create an ideal environment for the property market to flourish. Investors have seized the opportunity to purchase apartments to rent to young professionals due to the growing employment market. International investments have contributed to large projects such as the Ayia Napa Marina set to increase the value of property in the near by area, whilst many continue to invest in beautiful sea front villas, ideal for holiday homes. Not forgetting the successful Cyprus Investment Program which grants those who invest a certain amount of money in property Cyprus Citizenship.

These factors have ensured growth in the property market with some cities of Cyprus seeing an increase of 14% of total property sales compared to 2018 and overseas sales are up by 70% in some areas in comparison to 2018. The figures can be viewed below:

Year Overseas Sales Domestic Sales % Overseas Sales Total Sales
2000 450 12,214 3.6% 12,664
2001 1,207 12,849 8.6% 14,056
2002 2,548 14,111 15.3% 16,659
2003 3,981 15,294 20.7% 19,275
2004 5,384 11,947 31.1% 17,331
2005 6,485 10,106 39.1% 16,591
2006 8,355 8,598 49.3% 16,953
2007 11,281 9,964 53.1% 21,245
2008 6,636 8,031 45.2% 14,667
2009 1,761 6,409 21.6% 8,170
2010 2,030 6,568 23.6% 8,598
2011 1,652 5,366 23.5% 7,018
2012 1,476 4,793 23.5% 6,269
2013 1,017 2,750 27.0% 3,767
2014 1,193 3,334 26.4% 4,527
2015 1,349 3,603 27.2% 4,952
2016 1,813 5,250 25.7% 7,063
2017 2,406 6,328 27.5% 8,734
2018 4,367 4,875 47.3% 9,242
2019 (Jan) 357 409 46.6% 766
Totals 65,748 152,799 30.1% 218,547

Opportunities Created

The property market in Cyprus is predicted to grow in a stable manor thus creating investment opportunities. Now is the ideal time to invest in property for either personal use e.g. a new home or holiday home or to invest for business e.g. renting apartments for homes for holiday makers or locals. Whatever the reason SkyPrime can assist in finding the perfect property for you.

Date published: March 12, 2019