Real estate in Cyprus continues to be built for the Permanent Residence Programme

Foreigners purchased 101 Cypriot properties in January 2021. The quantity of exchanges fell by half contrasted and January 2020. Simultaneously, the speed of development in Cyprus is similar with pre-emergency figures. We will disclose to you why this is the situation.

The Cyprus Department of Land and Research has broke down property market pointers for the years 2020−2021. Three boundaries were considered: the quantity of building licenses gave, the quantity of properties sold and the nation’s urban communities.

The quantity of building licenses gave is a significant boundary that shows the movement of the business in the country.

From January to November 2020, the Cyprus Land and Survey Department gave 6,375 licenses, of which 4,606 were intended for private development. Their number is similar to the pre-emergency figures: during a similar period in 2019, the division gave just 3% more allows.

Convenience development is dynamic in Nicosia, Larnaca and Famagusta, with more structure licenses gave in these urban communities than in 2019. Furthermore, in Limassol and Paphos, 12% less homes will be constructed.

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Number of private properties that got a structure grant from January to November 2020

Non-EU citizens purchased real estate at a 45 percent lower rate than in the previous year. The pandemic and the suspension of the citizenship by investment program are two key factors for the drop in demand, according to real estate experts cicmontecarlo-sothebysrealty.

The dynamics of real estate transactions in Cyprus to inhabitants of countries outside the European Union

Property demand in Cyprus’ major cities has also decreased, falling by 54% since January 2020. The housing market in Paphos, a coastal town in the island’s south-west, took the worst of the damage. Larnaca comes in second with a decrease in the number of deals, followed by Famagusta in third.

In 2020 and 2021, real estate sales in Cyprus’ cities are expected to increase.

In 2021, what should investors look for when purchasing property in Cyprus?

Until November 2020, investors could qualify for the Citizenship by Investment program by purchasing a property in Cyprus. Although the government ended the scheme, affluent cosmopolitans can still receive a resident permit by purchasing property on the island.

If an investor purchases one or more homes worth at least € 300,000, he or she will be given permanent residence in Cyprus. The applicant must only purchase new housing under the conditions of the program; the government does not allow transactions for secondary properties. When an investor obtains a permanent residency visa, they are able to rent out the property they purchased.

In September 2020, house prices declined by 1.2 percent year over year. The Central Bank of Cyprus provides this information. Apartments in Limassol cost between € 200,000 and € 300,000 in February 2021. A two-story villa with a private pool will cost between € 1 and € 2 million.

The Cypriot economy is expected to revive in 2021, according to central bank economists. The economy is expected to increase at a rate of 3.7 percent this year. Real estate values will begin to climb in tandem with the economy. When the country opens its borders to foreign tourists, demand for lodging will begin to rise.

our property experts advise against waiting until the second half of 2021 to buy. More properties are available to the investor at an acceptable price as long as demand and prices remain low. In addition, EU resident status will be an added benefit of the purchase.

Residents of Cyprus have unrestricted access to live, work, and study inside the country. A resident card holder can apply for citizenship after five years and travel to 173 countries without a visa.