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Is this the right time to be selling property in Cyprus?
Well, that depends on your perspective. Cyprus property market is finally back on its feet and things look very good. There is no shortage of foreign buyers who want to invest in properties in Cyprus, so you should make good money by selling overseas property here.
Russians, Scandinavians, Chinese, Russians, Australians, Britons, Irish and other Europeans, they are all buying properties in Cyprus. This is such a major change from 2013 when it looked like most investors had given up on Cyprus.
Cyprus was back then thick in the middle of a full blown economic crisis and property prices had crashed. A lot of people who put their money into Cyprus lost their shirt. Now, things are much different, according to Nigel Howarth, a property market analyst based in Cyprus.
Mr. Howarth says in an interview with the Telegraph, “Things are definitely better, the economy has improved. Cyprus is considered a safe destination, and so it does well with tourism.”
“A lot of development is targeting well-heeled, high net worth buyers from overseas. More foreigners than Cypriots have bought property in the last year,” Mr. Howarth adds.
There is certainly a new found optimism in Cyprus, which we haven’t seen in a while. You can see that by the fact that apartment prices have gone up by 7.4 percent and there have been a slew of new residential projects.
Cyprus has seen a lot of overseas property investment since 2004, which was when the island formally joined the European Union. Back then, the buzz about Cyprus was about how you could buy high quality properties for ridiculously low prices.
Now the prices are not that low anymore. So if you’re selling property in Cyprus, you should be able to get a good price for it, keeping in mind the demand from international investors.
What has helped is the Golden Visa offered by the Government of Cyprus. Any non-EU national who purchases a property worth €300,000 (£264,000) in Cyprus is given a Cyprus residency permit an EU passport. Not bad!
This scheme is so popular with investors from China and Russia in particular that it has led to thousands of property investments worth a total of €4 billion since 2013.
That’s good news for those interested in selling property in Cyprus. According to Nikiforos Pampakas, who heads a leading real estate development firm Limassol Marina, there has never been a higher demand for properties in Cyprus. “We need expansion. International investors want it, and locals now realise the benefits. Cyprus feels confident, it’s evolved. It offers the whole package to investors looking for a nice lifestyle,” Mr. Pampakas says.
But is there is going to be a crash any time soon in the Cyprus real estate market? Unlikely, according to local property experts, as the current real estate boom in Cyprus is based on a more solid footing, than the one we last saw in 2007.
If you want to buy or sell your property in Cyprus contact us today.