New buildings in Cyprus
Location and climate
The Republic of Cyprus is an island state in the eastern part of the Mediterranean Sea, a member of the European Union. After the events of 1974, the "green line" (the UN buffer zone in Cyprus) divides the island into two parts: Greek (south part) and Turkish (north part). The authorities of the Republic of Cyprus control more than half of the territory where the ethnic Greek population lives.
There are about 300 to 340 sunny days a year. The Republic of Cyprus has a subtropical Mediterranean climate with a hot summer and mild, humid winter.
For the information of the investors: economy, culture, education in Cyprus
The economy of this region of the world is booming. Copper, chromium, asbestos, pyrites are mined in the country; deposits of marble and gypsum have been discovered too. Food products are produced, including wine, olive oil, fruit and vegetable preserves. The following industries are developed: the production of chemical products, cement, furniture, agricultural machinery, tobacco, textile, leather and footwear industries; an oil refinery is operating here as well. Water supply is carried out at the expense of desalination stations. Tourism is of particular importance.
There are six universities in Cyprus: 3 public, 3 private, as well as a higher school of hotel business and two management institutes.
The geographical position (proximity of Europe, Asia and Africa) plays an important role in the formation of culture, giving it its own uniqueness. Cyprus is called the island-museum: there are historical monuments throughout the territory of the country, archaeologists find artifacts dating back to different periods of the history.
Buying an apartment in Cyprus in a new building is still very profitable
The real estate market has long remained profitable for investment, since the country has:
- developed infrastructure;
- a consistently high rise in prices;
- excellent conditions for tourists with different incomes;
- comfortable climate, clean sea and nice beaches.
Force majeure circumstances of recent times, the suspension of the "citizenship by investment" program raised the question of the prospects for investment in residential complexes in Cyprus. The worst has not happened - the purchase of real estate in a new building is still profitable and promising and at the moment, the requirements for a preliminary analysis of the payback of the object sold in the residential complex have increased. The market is alive and actively developing, Cyprus real estate in the new buildings is in demand. According to the experts, the increase in the number of building permits issued is encouraging, and is a good indicator as well. It may be relatively inexpensive to buy an apartment from a developer in Cyprus by the sea or in another location that is in great demand, but prices are increasing every month.
Local residents are interested in the new buildings in Cyprus from a developer in Nicosia, Limassol, (main centers of business and social life), since they can count on state support in the form of subsidies; resort real estate by the sea (Paphos, Larnaca) is in demand by foreigners.
The minimum price per square meter of the area of an apartment in a new building in the developed city of Limassol, handed over on a turnkey basis (according to the information of the GEOLN.COM search engine) is 1,200 USD. Construction is carried out in compliance with European standards, high quality is confirmed by customer reviews.
Features of buying apartments in Cyprus from a developer by foreign investors
The sale of apartments from the developers to EU citizens is carried out without restrictions.
Citizens of countries outside the European Union require permission from the Council of Ministers. Two factors are checked in this case:
- whether the buyer has problems with the law,
- whether there is any previously purchased housing (a non-resident has the right to buy no more than two objects with an area of up to 4,014 square meters).
Purchasing an apartment in a new building in Cyprus is a prestigious investment in a country with a healthy climate, a dynamically developing free economy and an opportunity to receive a consistently high rental income.