How is the demand for real estate in Cyprus growing in the context of new realities?

Increasing interest in real estate in Cyprus

The growing interest in real estate in Cyprus, especially in cities like Limassol and Paphos, clearly illustrates the transformation of the housing market. Limassol has become a magnet for entrepreneurs and active individuals, as well as for those seeking entertainment opportunities. Meanwhile, Paphos is the perfect choice for those who aspire to a quieter life in a beautiful home by the sea.

The rise in popularity of real estate

Real estate in Cyprus is attracting more and more investors, making the process of finding suitable housing a challenging task. Nowadays, the market on the island is showing steady growth, comparable to the turbulent waves in which, according to myths, the goddess of love Aphrodite was born.

Sales records

From January to October 2022, housing sales in Cyprus reached record levels, comparable to the situation observed in 2008. Apartments in modern residential complexes in Limassol are often sold out even before construction begins, indicating strong interest from both investors and the local population.

Changes in the market

According to local real estate agents, Russian-speaking buyers have always played an important role in the market. However, since March 2022, following the start of the conflict in Ukraine, there has been a noticeable increase in interest from Russians and Ukrainians.

Mainly, buyers are interested in apartments in the mid-price range (from 200,000 to 600,000 euros), while the demand for high-end properties has slightly decreased. Despite this, Russian clients still show interest in expensive real estate, although many of them face difficulties in conducting financial transactions.

New trends

Experts note that the profile of the buyer has changed, which has contributed to the growing popularity of affordable properties in Paphos. Cyprus is being considered as a potential new place to live by many people. More and more companies, especially in the information technology sector, are relocating their offices and employees here, attracted by favorable tax conditions for IT businesses, a comfortable climate, and a high level of education and healthcare.

Programs for obtaining residence permits

The additional appeal of Cyprus is enhanced by various programs for those wishing to obtain residency. One of the most popular initiatives is the opportunity to acquire permanent residency through investments in new properties starting from 300,000 euros.

• This sentence concerns:
• the investors themselves
• their families (including children up to 25 years old and parents)

Opportunities for Russians and Belarusians

It should be noted that Russians and Belarusians can still successfully conduct transactions in Cyprus, although the process has become more complicated. Issues with opening bank accounts for citizens of Russia and Belarus do not hinder the conclusion of deals. Payment for the purchase of residential property can be made directly from Russian accounts to the accounts of Cypriot developers, which simplifies the transaction and makes it accessible for foreign buyers.

Conclusion

Thus, Cyprus continues to be an attractive destination for real estate investments, drawing clients from all over the world.

Overview of Limassol

Limassol is a unique city that harmoniously combines business opportunities, exciting leisure activities, and active pursuits. Located in the south of Cyprus, it sits between two major towns – Paphos and Larnaca. The travel time to Larnaca International Airport is about thirty minutes, and it's almost the same to Paphos. This resort city is the second most populous on the island, surpassed only by the capital, Nicosia, with a population of over 185,000 residents.

Port city and economy

As an important port center, Limassol has a significant impact on the economic life of the country. The new port terminal, located on the southwestern edge of the city, accommodates modern cargo and cruise ships, as well as ferries. In the old port, situated in the historical center of the city, a modern yacht marina has been created, which has become an integral part of the new elite residential complex Limassol Marina.

Business activity

Limassol is rightly considered the business center of Cyprus. The city has an active and dynamic atmosphere, and its cosmopolitan spirit attracts many people. Over the past few years, Limassol has undergone significant changes, largely due to the construction of modern high-rise buildings along the coast. One of the first new developments was the One complex in the Neapolis area, which marked the beginning of a wave of high-rise construction. Currently, 37 buildings taller than ten stories have been completed or are nearing completion in the city.

Real estate market

The real estate market is once again seeing a surge in developer activity, as they enthusiastically dive back into implementing their projects after a brief pause. A significant number of properties in these modern high-rise buildings are entering the segment.luxuryThey were previously part of the "citizenship through investment" program, which was canceled by the authorities in November 2020. The minimum investment amount for this program was two million euros. After the suspension of this program, interest in expensive housing noticeably declined, prompting developers to halt their ambitious plans. However, there is currently a renewed interest in such offerings.

Popular residential complexes

One of the striking examples is the famous complex.Del Mar, which was created in partnership between two developers, Leptos and Zavos, because they decided not to take on large risks alone. According to information from realtors, the apartments here were sold very quickly, indicating a growing demand for housing. The developers are responding to market needs by offering new properties with an increased number of apartments. A striking example of such activity is the projectGarden Square...which includes 800 apartments – this is an impressive number for Cyprus. Another interesting project worth mentioning is...Limassol Greens.

Famous neighborhoods

Among the most popular areas of Limassol, the following can be highlighted:

• The old part of the city
• The stunning Limassol Marina
• Neapolis
• Hermes
• Dasudi, located near the picturesque beach of Agias Tychonas in the eastern part of the city.
• Agias Athanasios, which is conveniently located on the hills near the coast
• Agios Nikolaos

Suburbs of Limassol

For those seeking a quieter and more secluded life, suburban areas of Limassol are suitable, such as:

• Erimi
• Colossi
• Episcopes

These areas offer comfortable living conditions away from the hustle and bustle of the city, while still maintaining proximity to all the advantages and opportunities that Limassol has to offer.

New residential complex in Fasuri

In the picturesque suburb of Fasouri, near a casino, water park, and golf club, a new premium residential complex called Sunset Gardens is being built.

Currently, there are almost no real estate listings in Limassol in the price range of 300,000 to 4,000,000 euros, as all available properties have been sold out.

This situation is prompting buyers to look for alternative opportunities in Cyprus, with particular attention being drawn to the city of Paphos. This region still has a wide range of offers, and housing prices are 30% lower than in Limassol.

The convenient location of Paphos makes it easy to travel between Paphos and Limassol, creating a comfortable environment for living in one city and working in another.

Paphos: the perfect place to live by the sea

Paphos is the perfect choice for those who want to enjoy a full life by the sea. This city has a rich history spanning nearly 4,000 years and is located on the southwestern coast of the island of Cyprus.

The opinion of the local authorities

From the perspective of local authorities, the ancient city of Paphos in Cyprus should resist the temptation to build skyscrapers. Instead, it is recommended to focus on modernizing and preserving the historical heritage. Currently, the population of Paphos is not particularly large, which eliminates the need for high-rise buildings to address housing issues. The city is undergoing noticeable changes, and Mayor Fedonas Fedonos is actively sharing news about plans to improve urban infrastructure with residents through social media. Currently, work is being done to update the road network, which is expected to be completed in the next six months.

Climate and environmental features

Paphos stands out for its climate compared to other resorts, such as Limassol. Despite the fact that these two cities are only 60 kilometers apart, the climate in Paphos is milder, the sea is cooler, and the city itself has a lot of greenery.

Real estate in Paphos

The variety of real estate in Paphos includes many villas and apartments, primarily located in low-rise apartment complexes. In Limassol, on the other hand, there are fewer houses, with a focus mainly on apartments.

• The average price of a two-bedroom apartmentIn new buildings in Paphos, the price is approximately 200,000 euros.
• For350,000 eurosYou can buy a secluded house by the sea.

It should be noted that the level of development in both Paphos and Limassol varies. The proximity of modern residential complexes to older buildings is quite noticeable. Real estate experts do not recommend investing in properties built more than 5-6 years ago: such buildings often have single-glazed windows, which leads to poor thermal insulation and, consequently, high heating costs. Additionally, central heating is absent on this sunny island. Although winter temperatures rarely drop below 14-15°C, it can still be cool in the houses, prompting residents to turn on air conditioning for heating.

Construction of high-rise buildings

In the parts of Paphos where the construction of high-rise buildings is permitted, a prestigious complex by Soho Resort is being built, consisting of two multi-story buildings and several dozen villas. The Pearl Tower project is also being implemented, which includes two towers with heights of 10 and 12 floors. This project will operate as an apart-hotel.

New projects and investments

It is worth noting that new projects are emerging in the real estate market, such as the Minthis Hills villa complexes, located in the picturesque village of Tsada, just ten kilometers from the coast. Experts emphasize that the city of Polis is actively developing and may be of interest to potential investors, as well as the neighboring village of Lachi, both of which are part of the Paphos municipality and are located north of the main city.

Result

Ultimately, Limassol is rightly considered a more dynamic city focused on the business environment. Meanwhile, Paphos offers its residents and investors a unique atmosphere that combines elements of historical heritage with modern architectural trends.

Conclusion

In concluding the article about the current situation in the Cyprusreal estate market, I want to emphasize that this popular Mediterranean island has become a true magnet for buyers, thanks to its unique features and attractive living conditions. The evolution of buyers' preferences and demands in recent years clearly illustrates the dynamics of changes in public demand.

The appeal of Cyprus

Cyprus, as a country with a mild climate and picturesque landscapes, continues to attract the attention of not only foreign investors but also local residents who seek to improve their quality of life. Changes in the social profile of buyers lead to a demand for more affordable housing options, which, in turn, alters the strategy of construction companies and realtors.

Regional differences

Some regions, such as Paphos, are becoming increasingly popular due to their cozy atmosphere that promotes a peaceful lifestyle, while Limassol offers an active and diverse way of life, ideal for both business and leisure. World-famous attractions like Limassol Marina complement the modern urban landscape and provide residents and visitors to the island with a sense of comfort and safety.

Investment opportunities

In the current challenging economic climate around the world, Cyprus remains a reliable choice for those seeking investment opportunities or dreaming of a new life in the sun. Housing programs that allow for residency permits make Cyprus even more attractive. Additionally, the lack of a requirement for Russians and Belarusians to open a bank account during the transaction opens new horizons for buyers.

Market adaptation

We are observing how the real estate market is adapting to the demands of the times, demonstrating flexibility and readiness for change. Ultimately, the decision to move to Cyprus or purchase property can be seen as an important step towards a harmonious and comfortable life, where everyone can find their unique corner.

Result

Thus, despite the existing challenges, the real estate market in Cyprus continues to grow and transform, reflecting not only local but also global trends. I hope this article has helped you better understand the situation in this market and has inspired you to take further steps in your search for your ideal home on this beautiful island.