Real Estates Rental Market. 2021

In 2020 we talked a lot about what will happen with the rental market during the pandemic. Some of us waited to see whether the prices will significantly drop, but now, after analysing the current demand and supply, it’s possible to come to the first careful and maybe unfortunate conclusion that there’re no significant changes in the market.

Here are several factors why we have reached this conclusion:

•             Cyprus was in the safe list for a long time. Even though there is a temporary rise in cases of Covid-19, quarantine measures are implemented quickly. Mainly, expats comes from UK, Russia, Ukraine and CIS countries where the situation is more intense. So, Cyprus remains a safe and good place from an epidemiological perspective.

•             The expansion of the IT sector of Cyprus is significant. More and more companies are opening their representational offices here, “start-up visa” is still in force and dividend tax for foreigners is 0%. Rolling back of the “golden passport” program is also considered by the IT community as a good sign which shows that the government is interested in making the investment sector transparent.

•             News from the last few days: brokers are obliged to work at the location where the business is registered. This can cause a growing workforce in Cyprus as the broker companies will have to relocate their remote employees.  If your company is also facing this challenge, please keep in mind that ReLux Estates specialists will help you find proper accommodation for you staff.

Currently the market is evolving. We see that there are less and less exaggerated prices on one hand, and on the other, new residential complexes with worthwhile apartments are starting to appear. The government’s agenda covers eco-friendly districts and modern urban environments. Cyprus is developing and is ready to host new citizens who are searching for a life under blue skies.