30 March 2023
The Cypriot real estate market has emerged as a resilient powerhouse despite the challenges posed by the pandemic and global economic uncertainties. The industry demonstrated unprecedented growth and dynamism in 2022, marketing the island nation’s highest number of sales in over 14 years. Fuelled by foreign demand and favourable government tax incentives, the market is expected to continue its upward trajectory in 2023, with Paphos emerging as a top destination for property investments. In this article, we will delve deeper into the current state of the Cypriot real estate market and explore the factors driving its growth, as well as analyse the trends and predictions for 2023.
In 2023, there is a wide range of properties available in Cyprus, running from apartments to villas and from modern to traditional styles. With the increasing demand for real estate, developers are constantly building new properties to meet the needs of the market. Additionally, many older properties have been refurbished to cater to modern tastes and provide updated amenities.
If you are looking for an apartment, you can find a range of options in cities such as Nicosia, Limassol, and Larnaca. These apartments are often located in modern complexes that feature amenities such as swimming pools, gyms and underground parking. For anyone looking for a larger property, villas are available in many different styles and locations.
One significant advantage of buying property off-plan is that it allows buyers to customise certain features of their new home. The option is particularly attractive for those who want to create a unique living space that reflects their personal style and preferences. By working closely with developers, buyers can choose finishes, fittings, and other aspects of their property to make it a one-of-a-kind space. This level of personalisation is appealing to many potential buyers and can provide a sense of pride and ownership.
Overall, Cyprus offers a wide range of properties to meet the needs of different buyers. Whether someone is looking for a modern apartment or a traditional villa, the real estate market in Cyprus has many options available, and buying off-plan provides an excellent opportunity for personalisation and potential cost savings.
One of the key benefits of buying a property in Cyprus is the high quality of life that the island offers. The Mediterranean climate, with its long hot summers and mild winters, is perfect for those seeking a warm and sunny lifestyle. The beautiful scenery, ranging from stunning beaches to rolling hills and traditional villages, also contributes to the high quality of life in Cyprus.
Another advantage of buying a property in Cyprus is the relatively low cost of living compared to other European countries. This makes it an attractive location for retirees and expats who want to enjoy a high quality of life without breaking the bank. Additionally, the favourable tax regime for non-residents is a significant draw for investors and individuals looking to protect their assets. There is no inheritance tax or wealth tax in Cyprus, making it a favourable destination for individuals looking to invest in property and protect their wealth.
The property market in Cyprus has been significant growth in recent years, which is a positive trend for investors. The government has also implemented measures to encourage foreign investment, such as the fast-track citizenship program for individuals who invest in property in Cyprus. This program has led to an increase in demand for properties, particularly in coastal areas and popular tourist destinations.
Cyprus offers an excellent quality of life, with a warm and welcoming culture that attracts people from all over the world. The island’s mild winters and long, hot summers make it an ideal destination for those looking to escape colder climates and enjoy a sun-kissed lifestyle. The Mediterranean climate provides a year-round outdoor living experience, with opportunities for swimming, water sports, and al fresco dining.
In addition to the warm weather, Cyprus is famous for its stunning beaches, which are among the best in Europe. The island has a diverse range of beaches, from secluded coves and bustling resorts, catering to all tastes and preferences. Many of these beaches have been awarded Blue Flag status, which indicates that they meet high standards of water quality, safety and environment management.
Aside from the natural beauty of Cyprus, the island is steeped in history and culture, with a rich heritage that dates back thousands of years. Ancient ruins and historic sites can be found all over the island, from the ancient city of Kourion to the Tombs of the Kings in Paphos. Traditional villages, such as Lefkara and Omodos, provide a glimpse into Cyprus’s rural past, with their stone houses, narrow streets and, ancient churches.
Cyprus is also a safe and secure place to call home, with a low crime rate compared to many other countries. This is due in part to the country’s friendly and welcoming culture, which promotes social cohesion and a sense of community.
As we move further into 2023, the Cyprus property market is expected to continue its steady growth. With the global pandemic having accelerated demand for properties in the country, the market is expected to remain buoyant. Many analysts predict that the demand for properties in Cyprus will remind high due to the attractive tax incentives, the relaxed lifestyle and the country’s natural beauty. The government’s continued efforts to make the country a hub for foreign investment are also expected to drive the property market. Additionally, new developments are continuously being built, providing buyers with a wide range of options.
There are some concerns that exist regarding the ongoing global supply chain disruptions and rising costs of raw material may put pressure on construction costs, which could ultimately lead to increased property prices. On the other hand, the government’s commitment to creating more affordable housing could offset this potential increase. The option to purchase off-plan is also an attractive choice for those looking to create a customised space that suits their unique needs and preferences. Overall, Cyprus remains an attractive destination for those looking to invest in property and enjoy the island’s warm climate, rich culture, and beautiful scenery.
Blue Sky Properties is one of the largest service-providing organisations in the property sector in Cyprus with 7 branches and more than 65 staff.
Blue Sky Properties offers estate agency services, property and common expense management, advice on property investments and fund management services.