There’s never been a better time for those looking to buy property in Cyprus. After a lost decade of falling property prices following the financial crisis of 2008, the market is now starting to recover and buyers are returning in volume. The good news is that prices are still 30% below their peak of 2008 – however, this won’t last long. The market now appears undervalued with significant upside potential.
Cyprus has staged a strong economic recovery since 2013 and forecast GDP for the next few years is 3% per annum – one of the strongest growth rates in the EU. Since then, Standard and Poor’s has hiked the rating of the country eight times to BB+ with a stable outlook. The debt of the country, as at April 2017, is now seen as less risky than several other EU countries including Portugal.
Investors are now buying Cypriot assets and with property values at their current levels, this is great time to enter the market.
It is not difficult to see why the Cypriot economy is performing so well: –
- Lowest corporate tax rates in the EU
- Attractive personal tax system
- Strong and credible financial centre and a well diversified economy
- Highly skilled and educated workforce at competitive rates
- Lowest crime rate in Europe and the fifth safest in the world
- High quality tourist facilities
- Significant gas reserves in Cyprus’ exclusive economic zone
In addition to this, the natural assets of this East-Mediterranean island make it a great place to work, live and is a superb holiday or retirement destination. Just some of the attractions include: –
- 340 days-a-year sunshine with a great climate
- Most blue-flag beaches per coastline in the world
- Several daily flights from most European capitals with easy access to Africa and Asia
- A great quality of life and a low cost of living
- Rich cultural history with many ancient sites
- Great marinas, golf courses and national parks
- Highly-rated Permanent Residency and Citizenship schemes
With such great natural assets and attractive property values, we believe this is a great time to buy. If you would like to understand where are the best places to buy – please click here.
Alternatively, if you would like to review our portfolio of properties – please click here.