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ORPHEUS GROUP bldg.   
12 Christaki Kranou, Potamos Germasogias,    
4041, Limassol,Cyprus

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Real estate news 2021

02.06.2021

 

The European Commission for the Real Estate Market, published last week, forecasts regarding the Cyprus indicators for the next 2 years. Despite the fact, that the macroeconomic indicators of Cyprus during 2021 will remain under pressure from the ongoing pandemic, the Cyprus economy will grow by 3.1% and 3.8% in 2021 and 2022, respectively.

The rebounding tourism is expected to be a major contributor to the island's economic recovery. Since May 10, 2021, most of the restrictions associated with the pandemic, have been lifted in Cyprus, which entailed the opening of many tourist markets.

The main blow to the real estate market was not the COVID-19, but the cancellation of the investment program. The number of transactions with foreign buyers has decreased, but the number of transactions with clients permanently residing in Cyprus has increased significantly.

The construction sector is expected to adapt to new market trends:

- Real estate focused on local demand.

In addition, it is expected, that local investment potential will continue to grow in search of profitability prospects in an environment of low interest bank rates.

 

- Real estate for foreigners applying for a permanent residence permit in Cyprus. In 2021, the government adopted amendments to the law making it easier for foreigners to obtain Cypriot permanent residence.

In our database you will find exclusive properties with a yield of 5% per annum, as well as beautiful villas that will allow you not only to live comfortably on the island, but also to apply for permanent residence.

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