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nicolas contavelis
New Member
Veronica, I have not received your email. maybe was looking for an email with the name of Veronica?
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Cyprus is a beautiful country, we have lived here for 13 years and hope that we will never have to return to the UK.Cyprus is very beautiful. I was gone in summer vocation for last year and stay in Cynthiana Beach Hotel. It was very nice and I also want to buy property in Cyprus.
To my understanding, Cyprus is attractive to investors because of the low taxes set out in the law, which is precisely for this purpose, to encourage investors from all over the world to buy properties for investment in this country. Cyprus real estate investors can enjoy affordable prices and a high return on real estate, which can reach 13 percent a year. Especially considering the potential for price increases. Another particularly significant area is the island's extensive tourism. Cyprus attracts millions of tourists a year, mainly Europeans, who are leveraging the local economy and becoming perfect consumers of local real estate in the era of Airbnb.In Cyprus, real estate investments have been popular for many years among the British and the Russians.In general, Cyprus is a great place to buy property if you want to live there or you want to buy European passport fast (it takes 6 month),but it may not be ideal for investors.
1) Under Cyprus’ citizenship-for-investment program, investors have to retain ownership of their qualifying properties for at least three years. In March 2014, the investment threshold was lowered, ushering in a lot of new property buyers who wanted passports. Now that three years have passed, a lot of people who benefitted from the program want to sell their investment properties. The number of people who will try to sell their citizenship-for-investment properties will probably grow proportionally to the number of people who bought passports a few years ago, in my opinion. This process could temper the rise of real estate prices in the country. And if that trend coincides with the forecasted rise of mortgage rates in Europe, the prices may even decline.
2) For the last few years developers have been increasing construction volumes, which might lead to an overproduction of meters. Demand might exceed supply significantly as a lot of people buy properties not for living but for Cypriot passports only.
For this reason, I recommend exercising extreme caution in the Cypriot real estate market (unless you just love Cyprus and want to make a second home for yourself there).
Do you mean that they are interested in obtaining a European passport for residential purposes or is this also beneficial to investors? Thanks in advanceIt is also becoming popular with rich Americans who want to get European passports. They do have to invest at least 2million but for anyone with that amount of money to invest it does ensure a gateway into Europe very quickly.
Also some rich South Africans are starting to show interest.
We have had American clients who are unhappy with the current US government and want to get out.
Possibly 10% these days although a few years ago discounts of as much as 25% were not unheard of.What kind of discount might cash buyers be able to negotiate in Cyprus?