With the current uncertainty, many investors are seeking for opportunities to earn a consistent, stable, and consistent stream of income rather than just generating a quick profit. However, if you are unfamiliar with the conditions of the numerous marketplaces, this might be a difficult start. When it comes to property investment, Cyprus, one of the world’s most popular tourist destinations with mesmerizing beauty, is a strong contender. It offers not only financial benefits, but also aesthetic attractiveness and a very comfortable and contented existence. As a result, investing in Cyprus real property is a great investment.
Continue reading to discover why now is an excellent time to invest in Cyprus.
Why now is the best time to invest in Cyprus property?
1. Property Demand Is Low
Businesses all throughout the world had a rocky year in 2020. The same may be said of Cyprus’ real estate market. In 2020, demand for this country, which caters to the affluent due to its opulent aura, was lower than in 2019. With global events and a worldwide pandemic, this is understandable. It is crucial to highlight, however, that real estate markets are progressively regaining their footing.
Despite the drop in real estate investment, according to PwC’s ‘Cyprus Real Estate Market – Year in Review 2020’ (which provides insights into the behavior of the Cyprus economy in general and presents key real estate market developments), the Real Estate and Construction sector remains one of the key pillars of the Cyprus economy, contributing 15% of GVA in 2020. This indicates the market’s resiliency as well as the importance of the Cyprus economy as a whole.
Investing in a property in Cyprus now might not be such a good idea in the future, as demand will begin to rise again, increasing the value of properties. By investing now, in 2021, one will save money and see a return in a short period of time.
2. Exceptional Rental Returns
Because rental returns are still strong, this is a good moment to buy a property and rent it out. According to statistics, according to the Global Property Guide, monthly rents for residential buildings increased by double digits in 2019. In some regions, house rents jumped by 11.5 percent, while apartment rental yields increased by up to 13.4 percent. Investing now and putting the house on the market for rent can provide a steady stream of income.
3. Incentives for Property Investment
Due to lesser demand than in the past, primarily due to Brexit and travel limitations, developers are providing tremendous incentives to investors in order to maximize the return on their investment. Now is the ideal time to take advantage of not only decreased pricing, but also these incredible incentives. Take, for example, Quality Home Developers Cyprus. A five-star development set on a beautiful golf course. The developer may provide a complete VAT refund to everyone who arranges a virtual viewing trip, as well as a complimentary 10-year property maintenance service with no expenses. They will also take care of your rents, making it a stress-free property investment with a high potential for profit.
4. Low Rate of Crime
For many people, the island of Cyprus is a favourite vacation destination. As a result, there is ongoing watch on the country’s crime situation. The prevalence of violent crime in this country is lower than in much of Europe, making it a safe sanctuary for foreigners to live, explore, and invest. Furthermore, with a low crime rate of 1.2 percent reported in 2018, your investment will be protected in the long run.
5. Tourism Center
The country is a popular tourist destination. According to statistics, the number of tourists in 2018 was estimated to be around 3,621,000,000.00, up 5.33 percent over the previous year. Despite the fact that tourism declined last year in 2020 due to limits on worldwide travel, Cyprus will remain a popular tourist destination for many countries once travel restrictions are lifted.
The country’s tourist industry contributes significantly to its economic growth. With the release of vaccines and the pandemic slowing, travel will presumably resume shortly, generating a significant amount of cash for the country. Investing now would be the ideal approach to benefit from the impending tourism boom. We can arrange virtual tours of some of the best Cyprus property investment opportunities currently available.
Investment necessitates extensive research and planning. Before jumping into any market, it’s usually a good idea to plan ahead. For all of the reasons stated above, it’s no wonder that Cyprus is one of the hottest investment destinations right now.
What is the best place to acquire your Cyprus property investment?
Southern Cyprus is a popular tourist location for a variety of reasons. Paphos or Ayia Napa are ideal tourist destinations. Minthis, Aphrodite’s Hills, and Venus Rock are just a few of the island’s great golf courses. City apartments or marina properties, village townhouses or villas by the sea or in the mountains, they’re all appealing investment options. There’s a lot to pick from, and we’d be pleased to assist you in finding the best investment for you. We work with a lot of prominent developers and agencies and are not an agency ourselves, so we can provide you an unbiased opinion on the greatest investment opportunities available.6