According to several recent reports the real estate market and economy in general have started showing very positive signs of growth. The most recent RICS Property Price Index Report states that Paphos has been one of the strongest regions of Cyprus with an average price increase of 1.77% on residential houses in 2016. Limassol also saw a steady rate of growth, 1.4% on average; and there was an overall growth of 1.6% for holiday apartments throughout Cyprus.
Rental values have also increased across Cyprus by 0.7% for apartments and 3.3% for houses. The average ROI for rental property now stands between 3-4% per annum.
Following the 2013 economic crisis, both the economy and real estate market finally appear to be stabilizing. KPMG’s recent report notes that 2016’s growth is a primary result of the government’s Citizenship by Investment scheme with has now been successfully running for a number of years, generating a lot of new income for the country.
In the first two quarters of 2016, the total number of property sales increased by over 28% in comparison to Q1 and Q2 in 2015. Tourism, financial services and real estate account for nearly 80% of Cyprus’s GDP, so a rise in the property market will have a great effect on lifting the overall economy.
The market in Cyprus certainly now seems to have bottomed out in most area’s, meaning that there has never been a better time to buy, with great potential for future capital appreciation. We predict further price rises in 2017.
Cyprus remains the fastest Citizenship by Investment programme in Europe offering investors a second passport within just 6 months following a real estate investment at €2m. Dependent children up to the age of 28 years old can be included under a family application and grandparents can also be included for just an additional €500,000. The real estate investment must be held for 3 years, after which investors only need to retain a residential investment of just €500,000 for the future. As Cyprus is a full EU member a passport here will enable one to live, work and study in any EU country, currently still including the UK.
For more details on this scheme, please contact our specialist consultants today for further advice.
Venue: Conrad Hotel
Date: Week beginning February 27th 2017
Arrangement: By prior appointment only
Meet our team in London! Not everbody wishes to travel to Cyprus to discuss the Citizenship by Investment programme, so we will be holding individual meetings throughout the week of 27th February at the Conrad Hotel in London. We will have our Cypriot lawyers available for one to one meetings plus our usual advice and guidance from our real estate consultants on a wide range of property options from apartments through to villas and commercial property that qualifies for the scheme. Our lawyers will be able to give advice and guidance of all aspects of residency in Cyprus including programme requirements and initial tax advice. Meetings are strictly by appointment and as with many of our location timetables with the free unconditional advice on offer, times and availability get booked out quickly.
Contact Edwina Keyser in our UK office on +44 207 060 1475 or complete this form for further details or to schedule an appointment.
In 2016 La Vida generated sales from clients in over 40 different countries worldwide. Our specialist consultants, based in our UK head office, processed over 10,000 enquiries for the various golden visa programmes, providing our clients with initial free advice about the residency and citizenship options available.
Cyprus remains the fastest EU Citizenship by Investment scheme and is therefore one of our most popular programmes with investors looking to obtain a second passport in a short amount of time.
La Vida’s network of partners also grew in 2016 and we now work with over 30 key partners throughout Europe, USA and the Caribbean; including real estate developers and legal firms that help support our clients with their investments and visa applications.
Our web presence remains stronger than ever through our main domain www.goldenvisas.com and is proving to continuously grow as La Vida invests heavily in advertising and marketing. In 2016 our adverts were seen over 40 million times and our content and programme advice was viewed by over half a million readers.
La Vida offers free comprehensive and balanced advice to clients on a selection of residency and citizenship programmes via real estate investment. We have built our real estate agency presence in Europe over the last 12 years and our property selection now stretches across five countries.
Since Cyprus reduced its Citizenship by Investment programme down to just €2,000,000, the scheme is now attracting more attention than ever! As one of the fastest track schemes in Europe to obtain a second passport, the citizenship programmes also allows both children and grandparents to be included under one family application.
One of our most popular investment projects this year has been this fabulous, sea front tower in Limassol, which is set to be the largest coastal tower in Europe! Construction has already begun with 60% of the project sold so far and the remaining properties being reserved quickly! The monumental height of this project will offer investors exclusive, stunning views over Limassol’s vibrant city and crystal clear sea, redefining luxury living in Cyprus. For more details, please contact us.