In 2020 wetalked 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 thefirst careful and maybe unfortunate conclusion that there’re no significantchanges in the market.
Here areseveral factors why we have reached this conclusion:
• Cyprus was in the safe list for along 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 ofCyprus is significant. More and more companies are opening theirrepresentational offices here, “start-up visa” is still in force and dividendtax for foreigners is 0%. Rolling back of the “golden passport” program is alsoconsidered by the IT community as a good sign which shows that the governmentis 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 haveto relocate their remote employees. Ifyour company is also facing this challenge, please keep in mind that ReLuxEstates specialists will help you find proper accommodation for you staff.
Currentlythe market is evolving. We see that there are less and less exaggerated priceson one hand, and on the other, new residential complexes with worthwhileapartments are starting to appear. The government’s agenda covers eco-friendlydistricts and modern urban environments. Cyprus is developing and is ready tohost new citizens who are searching for a life under blue skies.