As the world takes on the complications of the Coronavirus disease, the landscape of world economies is changing. There is no better time to find the best place to buy an investment property and garner the financial and lifestyle rewards that come with entering the real estate market.
Property Experts Cyprus breaks down some of the advantages of buying an investment property for business or personal reasons. Then learn why Cyprus is one of the best places to buy an investment property in its many unique and developing areas around the Mediterranean.
6 Benefits of Real Estate Investment
There are many reasons why you should find the best place to buy an investment property. Real estate is one of the longest and steadiest ways to increase wealth.
It also offers the chance for investors to find locations that could benefit their medical, educational, and lifestyle options to get the best quality of life for themselves and their families. Investing in property also makes it easier to gain residency in global destinations quickly.
Here are some of the top benefits of real estate investment and why you should compare destinations to find the best place to buy an investment property.
1. High Return on Investments (ROI)
Many new development projects are happening around the world, such as metro areas in the United States like St. Louis, San Francisco, Los Angeles, and Las Vegas. Yet, these are not the only locations seeing large-scale development projects taking shape, such as new marina projects in Cyprus.
These overlooked destinations in the past are now offering investors high ROI as the housing market continues to expand while real estate property prices are still comparably cheaper when compared to metro areas in well-established markets. These newly-discovered real estate markets have good future outlooks for ROI for potential property investors.
2. More Options for Traveling
When selecting cities to invest in, the flow of goods and people is also important. Investing in real estate gives you more opportunities to pick locales that offer global destinations nearby to discover. Picturesque retirement and lifestyle destinations can be fruitful investment options.
3. Affordable Housing
Choosing the right real estate market to invest in also means affordable housing options for you and your family. The average home costs as well as the cost of living in cities you are interested in investing in provide another level of financial well-being to your decision to invest in a property.
4. Wage Growth
Many metro areas booming in business options also have growing real estate markets. Investors can see their wages increase through their buying and renting out real estate properties. As job growth and the standard of living increases, the median home price in these cities will also increase, ensuring that investors and residents see their wages improve.
5. Medical and Lifestyle Opportunities
The medical, educational, cultural, and historical value of a city is important to consider when buying rental property. The investment in a property allows the investor to have options when it comes to the quality of life for future generations.
6. Residency Options
Along with many business and lifestyle advantages, the best place to buy an investment property will also open the door to residency options through the investment process.
Many destinations around the world, such as Cyprus, offer residency status. The Cyprus program gets you access to the European Union in as little as a few weeks.
Best Places to Buy an Investment Property in Cyprus
For sunshine lovers and fans of the Jewel of the Mediterranean, we have selected the best locations for real estate in Cyprus in five districts:
Limassol
From beaches to mountains, swimming or skiing, Limassol is one of the most versatile and expensive cities to invest in Cyprus. This is also why 8 percent of the residing population are Russian citizens, nearly 40,000 expats who have invested in property.
The real estate market in Limassol consists of some of the costliest villas on the island. However, it is also a great market for property investors interested in offices and apartments in many city skyscrapers. Hotels and large-scale resort complexes are also developed or under construction.
Limassol is the city to be in for investment potential in new development projects for the wealthiest area in Cyprus. These upscale properties have already shown to be a profitable business and have encouraged the Cypriot government to continue initiatives that draw foreign investors to the island with favorable tax and business market policies.
Limassol is a great base for property investors wanting to discover Cyprus and conveniently located close to other Cyprus locales and the rest of Europe, along with Asia and Africa. 240,000 residents in the metropolitan area have already taken advantage of Limassol’s business and lifestyle potential. First-class investment properties in Limassol are worth their value to their investors and their residents.
Nicosia
Established as the financial and international business center of Cyprus, Nicosia is the capital city and a place of Turkish-Greek heritage. Finding a job for the weekdays and things to do on the weekends is easy in this important city of Cyprus.
As such an iconic Mediterranean destination, Nicosia is one of the most affordable cities to live and invest in property. The real estate market is competitive despite being the capital of a European Union country. Purchasing real estate in Nicosia is fairly straightforward and rents are often long-term.
Property investors can have peace of mind that their ROIs will be stable and continue to grow as the city is in a strategic transportation hub between Europe, Asia, and Africa. While Nicosia is not as tourist-centered as other Cyprus locales, the capital continues to expand its expat community and business sectors of companies interested in operating in one of the most business-favorable economies in the EU.
Investment properties in Nicosia are some of the most affordable on the island, starting at about half the price of properties to buy anywhere else in Cyprus and with just as many modern and grand features as the others.
Larnaca
Between the delightful seafront promenades Mackenzie and Finikoudes and the cultural Church of Saint Lazarus and the Larnaca Castle, Larnaca is full of business opportunities. As Cyprus’ economy continues to grow, especially with service industries such as tourism accounting for 80 percent of the country’s GDP, Larnaca is home to many international companies.
The real estate market has kept pace with the expanding business sector. Larnaca is the best place to buy an investment property in Cyprus with options in the city center or unique neighborhoods such as the Mackenzie area. Every investor can find the right neighborhood for investment preferences and budget.
Since Larnaca is renowned for its Cypriot handicraft products, it also gets many visitors throughout the year looking to explore all that Larnaca has to offer. Yachting and water sports are popular activities as well as diving to see the Zenobia shipwreck, one of the 10 dive sites in the world for experienced divers. The Larnaca Salt Lakes, Mosque of Umm Haram, and many citywide annual festivals are other popular attractions for visitors to the city.
With a host of historical, cultural, and business growth in the area, Larnaca is one of the top cities to buy a rental property in Cyprus. The real estate market and tourism continue to make Larnaca a premium destination to invest in properties that are stylish, relaxing, and high in ROI value.
Moreover, the redevelopment of the historic Port and Marina in Larnaca – the island’s largest infrastructure project – will attract additional funds and investments in this district. Construction is scheduled to start in 2022 and to be completed in four phases by 2037.
The first phase is scheduled to be completed after 5 years so that citizens can use and enjoy the new spaces. The upgraded Larnaca Marina will have more space for more and bigger boats and mega-yachts, as well as additional offices, cafes, event venues, sailing schools, diving schools, and shops. The whole project is estimated to bring almost 20 billion Euros to the region, and create 4,000 jobs.
Finally, the new Metropolis Mall in Larnaca, which is scheduled to open in February 2021 will also upgrade the region and attract further locals, tourists, and expats.
Paphos
In the southwest of Cyprus, Paphos is the unofficial location for British and Chinese expats on the island. Divided between Kato Paphos (Downtown Paphos) and Pano Paphos (Uptown Paphos), the city is a well-preserved World Heritage Site by UNESCO and the island’s jewel for green spaces.
Besides the cultural and natural value of Paphos, affordability of housing and real estate investment is one of the hallmarks of this Cyprus city. A 1-bedroom apartment in the city only costs about 300 Euros a month to rent, making this one of the most affordable cities to live in within Europe without sacrificing the quality of life.
Real estate investment properties range from 4 to 5 bedroom houses in scenic locations for just a few hundred thousand Euros to mansion properties complete with a swimming pool and garden landscaping for a million Euro.
Either way, Paphos is a peaceful place perfect for families. The crime rate is low and the atmosphere is welcoming. Hospitals and educational institutions are some of the best on the island.
Property Experts Cyprus has the best places to buy an investment property in Paphos, whether you are looking for designer apartments, urban downtown apartments, or stunning villas all around town. New construction projects are also available as investment options, giving you a chance to make your mark in this gorgeous historical city.
Famagusta
The district, as well as the city of Famagusta, has attracted many investors to the east coast of Cyprus. 42,000 residents make this the fourth-largest city on the island. As a district of Cyprus, Famagusta offers investment properties in popular destinations in Famagusta city: Ayia Napa, Protaras, and Paralimni, to name a few.
Tourism, construction, and industrial production are key economic business industries in the district. As these industries grow, so does the booming real estate market.
One particular focus has been to turn the district into a thriving example of sustainable living. The Famagusta Ecocity Project is the latest real estate investment development that seeks to make Famagusta a center for peace and sustainability while at the same time drawing high-quality trade, business opportunities, increased tourism and garnering better investment.
In 2017, Famagusta Ecocity officially set up its NGO status and began taking on projects that would renovate real estate properties using eco-friendly principles such as relying on renewable energy sources, producing less to no waste, and establishing economic and ecological security.
The Ayia Napa Marina is another huge investment development in Famagusta. The marina can house approximately 600 yachts in both wet and dry storage options. Two stylish towers boast views of the Mediterranean Sea over 100 meters into the Cyprus skyline. More than 200 options are available for apartments in the towers, ranging from 1 to 4 bedrooms or two penthouse apartments on the top floors of the towers.
Apartments aren’t the only housing options available. Over 30 luxury villas can be found at the marina in three housing complexes. Be it Beach Villas, Peninsula Marina Villas, and Island Villas. The Yacht Club and Beach Club, along with a hub of shops and restaurants, make the Ayia Napa Marina one of the biggest investment trends in Famagusta.
Property Experts Cyprus also has a wide range of sea-front listings ready as your potential investment property. Many options are still under construction and come with a variety of price tags to meet any investor’s budget.
The Takeaway
Property Experts Cyprus is ready to get you started on your real estate investment journey. We offer a range of services that help you compare the best places to buy an investment property in Cyprus and also get your residency status in order.
The team at Property Experts Cyprus not only gets you the key to your new investment property but also makes sure you are right at home.
