Why are Russians investing in real estate in Cyprus in 2023?

Cyprus is the perfect place for investments.

Cyprus is one of the most attractive islands for investment, relocation, and vacation, captivating with its remarkable charm, rich cultural heritage, and well-developed infrastructure for tourists. In this article, we will explore why an increasing number of Russian citizens are choosing to invest in real estate on this island, what advantages this offers, and what types of properties are available for purchase in 2023.

What are the benefits of purchasing real estate in Cyprus?

Investing in real estate in Cyprus opens up a wide range of opportunities for the new owner, including:

• Enjoying the mild climate and mesmerizing scenery of the island;
• the possibility of obtaining a residence permit through investment;
• the advantages of low taxes compared to other countries in the European Union.

Investors will also be able to take advantage ofhigh-quality education,modern medical servicesandreliable social support systemsResidential properties on this island are renowned for their high construction quality, reasonable prices, stable demand, and the potential to generate a decent rental income.

Advantages of investing in real estate in Cyprus

The benefits of investing in real estate in Cyprus are clear and obvious. The island stands out among other countries as one of the most attractive investment destinations in 2023. On specialized portals you can find more than 6751 housing ads, where:

• Prices start at 1.75 million euros for exclusive living space just steps away from the sea in Chloraka.
• Prices reach 2.08 million euros for a new villa with a pool and stunning views in Arma.

In addition, Paphos offers unique affordable options, including at least 10 elite waterfront villas starting at 1.2 million euros. There are also new gated complexes with modern amenities in prestigious areas of Limassol, among which stands out a project with a pool, expected to be completed in 2026, featuring 144 apartments priced from 484,000 euros.

Types of real estate in Cyprus

Regarding the types of real estate available in Cyprus, several categories stand out:

• secondary housing
• new objects;
• commercial spaces.

Investors may consider buying based on their goals and financial capabilities.

The nuances of real estate acquisition

When purchasing real estate in Cyprus, certain aspects need to be considered. First and foremost, it is important to clearly define your investment goals — these can be:

• personal use;
• for rent
• future resale.

Study key areas with high income potential, analyze market trends, and select the most attractive offer.

Conclusion

In summary, creating an investment portfolio in Cyprus can be a truly profitable decision that not only helps generate income but also enhances the quality of life. Each property on the market offers a unique opportunity for investors looking to tap into the advantages of this wonderful island. Cyprus indeed has a promising real estate market that provides not only comfortable living conditions but also excellent opportunities for long-term investments.

Investment opportunities in Cyprus

Cyprus offers a wide range of attractive investment property options, among which 14 apartments stand out, with a starting price of 260,000 euros. These apartments are located in a modern residential complex that includes amenities such as a private pool, well-maintained green areas, and stunning panoramic views of the picturesque surroundings.

Housing offers in Limassol

In Limassol, which is considered one of the most popular cities on the island, there are 81 real estate offers available with a price range starting from 363,000 euros. This includes a gated residence with swimming pool and gardens, conveniently located near the coast and the city center.

Modern apartments and permanent residence

If you are interested in more modern housing options, there are 68 properties available starting from €425,000, located in the very center of Limassol. For those planning to live permanently or looking to obtain citizenship, there are 10 apartments available for purchase aimed at securing permanent residency in Cyprus.

Program for obtaining permanent residency in Cyprus

One of the most important aspects of choosing a country for real estate investment is the possibility of obtaining permanent residency or citizenship. Cyprus has implemented a program that allows foreign investors to obtain permanent residency by investing in real estate starting from 300,000 euros. To date, this program remains the only one available to Russians among all the countries in the European Union.

Real estate market and statistics

After the cancellation of the citizenship by investment program in 2019, the primary real estate market began to develop more actively due to the popularity of the residency program offered to foreign buyers. According to the latest statistics, the average transaction value for real estate in Cyprus has increased from 195,000 to 295,000 euros over the past four years, which almost meets the minimum requirements for obtaining residency status.

The process of obtaining permanent residency

As statedDmitry BozhkovThe fact of buying real estate, regardless of its stage of construction, is important for obtaining a residence permit. Investors have the opportunity to purchase housing both at the construction stage and at the final stage.

Help with moving to Cyprus

If you are considering moving to Cyprus and obtaining permanent residency status, our specialists are ready to assist you in preparing all the necessary documents and in the process of obtaining PR. We will provide consultations on relocation and help you choose the property that best suits your needs.

Education and social guarantees in Cyprus

Cyprus is also known for its high level of educational services and social support. Education on the island is accessible to both native citizens and residents. There are numerous public and private educational institutions in Cyprus that enjoy international recognition. A variety of educational programs are offered in several languages, including English and Russian.

Participation in the Erasmus+ program

In addition, university students in Cyprus can participate in the exchange program.Erasmus+that provides the opportunity to study and gain experience in other countries.

Social security system

The Republic of Cyprus has established a comprehensive social security system covering many aspects related to:

• medical services
• workplace safety
• pension provision

All employed citizens and residents are required to contribute to a social fund, which offers many different benefits and allowances, ensuring a comfortable life on the island.

National Health System of Cyprus

In Cyprus, there is a national healthcare system called GESY, which provides citizens on the island with access to a variety of free or subsidized medical services. This system significantly simplifies the process of obtaining medical care, making services more accessible to the general public.

Investing in real estate in Cyprus

Investing in real estate in Cyprus is a very attractive opportunity for creating a steady source of income. If the property is rented out, it can provide stable monthly earnings and gradually increase in value. The annual return on such investments can vary between6%to8.5%which depends on the characteristics and location of the object.

Rental rates in different regions

There is a constant interest in renting both residential and commercial properties in Cyprus. Investors can either manage their own properties or hire management companies to handle the rentals. Depending on the specific region, potential rental prices can vary significantly.

• In Limassol:
  • One-bedroom apartment: around 1,800 euros
  • One bedroom apartment: approx. 2,500 euros
  • Three-room apartment: 3,000 euros
• In Paphos:
  • One-bedroom apartment: 1,000 euros
  • Two-bedroom apartment: 1,800 euros
  • Two-bedroom apartment: €2,100
• In Larnaca:
  • One-bedroom apartment: 1,000 euros
  • Two-bedroom apartment: 1,600 euros
  • Three-room apartment: 2,000 euros
• In Nicosia:
  • One-room apartment: 800 euros
  • Two-bedroom apartment: 1,100 euros
  • Three-room apartment: 1,500 euros

Climate and tourist season

The climate in Cyprus, with its unique weather diversity and about 300 days of sunshine per year, makes this island an ideal vacation destination. The long tourist season, which lasts from May to October, creates ample rental opportunities for tourists and vacationers. Investing in residential and commercial real estate in a market with such attractiveness can be a hedge against inflationary risks.

Long-term value of real estate

Real estate is an asset that can maintain its value over the long term and provide income through rental payments or capital appreciation. In 2022, the inflation rate in Cyprus reached a record high of8.1%due to the global rise in prices for raw materials and services. It is forecasted that inflation will decrease to in 2023.3.8%Property owners on the island who have owned their homes for more than10For years, they can sell it without paying VAT, which makes such transactions more profitable. The only tax in this case will be the profit tax.

Rise in real estate prices

Cyprus continues to show steady growth in real estate prices, allowing owners to enjoy all the benefits associated with obtaining permanent resident status. According to Dmitry Bozhkov, head of the real estate sales department in Cyprus, there is noticeable interest from both local residents and foreign clients, particularly from Russia, the UK, and other countries.

Growth rate of housing prices

Real estate prices in Cyprus continue to rise, outpacing inflation. The Central Bank of Cyprus reported an increase in property prices in the second quarter of 2023 across all regions. In nominal terms, compared to the previous quarter, prices in Nicosia have increased by1.4%, in Limassol — on4%in Larnaca — on4.1%and in Paphos, on6.5%, and in Famagusta — on2.5%. Over the past year, apartment prices in all areas have continued to rise for the eighth consecutive quarter.

For example, the price of apartments in Nicosia has increased by4.2%, in Limassol — on13.9%in Larnaca — on13.1%and in Paphos, on16.3%, and in Famagusta — on2.5%compared to the same quarter of 2022.

Rising real estate prices in Cyprus

In the early stages of building construction in Cyprus, there is a steady increase in real estate prices. During the period between the start of sales and the completion of construction, the cost of apartments and houses can rise by 20-30%.

According to Dmitry Bozhkov, the head of the sales department, since 2017, citizens who own property in this country are required to pay a local tax, which is calculated based on the market value of their property. This tax amounts to approximately 0.1-0.2% of the total value.

In addition, income received from property rental is also subject to tax: income tax rates range from 0% to 35%. An important point is that if your income does not exceed 19,500 euros, no tax is levied. A rate of 20% applies to income in the range of 19,500 to 28,000 euros, and a rate of 25% applies to income from 28,000 to 36,300 euros.

For more detailed information about taxes and related expenses associated with property ownership in Cyprus, you can refer to specialized literature.

Popular areas for investment in Cyprus

The main areas for investment on the island include magnificent apartments and luxurious villas, which are particularly sought after in the most attractive locations, such as:

• Larnaca
• Limassol
• Paphos

Limassol, known for its developed infrastructure, has become a magnet for Russian-speaking residents, while investors from European Union countries often choose Paphos.

Life in Limassol

Limassol is a resort city that offers numerous opportunities for comfortable living and relaxation. This city is home to 10-15% of Russians and expatriates from the CIS countries. The eastern districts of Limassol, such as Neapolis, Ayia Zoni, and Agios Tychonas, are particularly attractive to investors.

New construction projects located near casinos have a high potential for value growth. This is due to a shortage of supply and limited land area in these regions, which leads to a significantly greater increase in prices during the construction phase.

Real estate market offers

As of today, there are 1,360 real estate properties available in Limassol, with prices starting from €242,000 for a new closed residence with a pool in a prestigious area, scheduled for completion in 2026. There is also a complex of villas and apartments with underground parking priced from €484,000, set to be completed in 2024.

In the Agios Afanassios area, you can find 14 apartments starting from €260,000 in a residential complex with:

• swimming pool
• well-maintained gardens
• magnificent panoramic views

The city also features exclusive residences with pools and gardens located close to the beach, starting at €425,000, offering a total of 68 apartments. Moreover, there are 10 modern apartments available, starting from €197,000, in a new complex by the beach in Pareklishia, with completion expected in 2024.

Thus, the real estate market in Cyprus offers a variety of investment options, making it an attractive continuation for buyers.

New complex of villas in Cyprus

A new complex with villas has emerged in Cyprus, conveniently located near Limassol and Moni. There is an opportunity to purchase one of the seventeen available apartments, with prices starting from 290,000 euros. Of particular interest is a unique three-level villa, priced at 1,280,000 euros. Its total area reaches 247 square meters, and the land plot itself is 782 square meters.

The popularity of Paphos among Russian-speaking emigrants

Paphos, considered one of the oldest and most picturesque cities on the island, ranks second in popularity among Russian-speaking emigrants.

Investors typically choose areas like Kato Paphos, which represents the historic part of the city, as well as the rapidly developing district of Geroskipou, rich in various construction projects. AlthoughpricesThe prices for residential real estate continue to rise, but they are still affordable in this region.

Real estate prices in Paphos

In Paphos, the price of apartments ranges from 1,400 to 1,700 euros per square meter, while the median housing price in the best areas reaches 308,000 euros.

• Two-bedroom apartments in the developed districts of Paphos can be purchased for prices ranging from 150,000 to 300,000 euros.
• Villas with private pools and sea views are aimed at buyers with a budget starting from 400,000 euros.

Currently, there are 609 properties up for auction in Paphos, including private residences just 100 meters from the beach in Chloraka, with starting prices of 1,750,000 euros.

New offers in Paphos

Among the new offerings, it is worth highlighting a private residence with a business center and restaurant, located in the center of Paphos. Construction is scheduled to be completed in 2025, and prices for the five available apartments start at 205,000 euros.

A new low-rise residence is also being built near the beach, with sales starting at 270,000 euros, and completion expected in 2024. Additionally, there are more affordable options available: starting from 230,000 euros for apartments in a residence with a pool, conveniently located close to the beach and the center of Paphos.

Proposals in Konya and Polis

In the prestigious area of Konia in the city of Paphos, there is a modern complex of villas and townhouses, with offerings starting from 360,000 euros. Polis offers investors a gated residence with pools and greenery, with prices starting from 273,000 euros.

Larnaca and its appeal to investors

Larnaca is the third largest city in Cyprus, which successfully combines tradition and modern trends. This city is becoming increasingly attractive to investors, often overtaking Paphos in the number of real estate transactions. Most often, investors prefer properties located near the central part of the city.

The Livadia area: growing interest

In 2023, there is a growing interest in the Livadia area, which is located close to the new marina. High rental potential is associated with this location, making it particularly attractive for luxury hotels and resorts.

The infrastructure is actively developing here, which allows real estate to pose serious competition in the short-term rental market, thereby attracting the attention of potential investors.

Prices for apartments in Larnaca

In the prestigious corners of Larnaca, the price of one bedroom apartments ranges from €200,000 to €350,000. There are 1,042 properties in this area with prices starting from €568,000.

One of the new residential complexes with villas and pools is located in close proximity to the beach and will be ready for occupancy in April 2023, offering a total of 61 apartments starting at a price of 540,000 euros. Another gated complex with bungalows and villas is just 400 meters from the sea and was also built in 2023; it offers 9 apartments priced from 445,000 euros.

In the very center of Larnaca, you can find a modern residential complex that offers 14 apartments starting at 668,000 euros, as well as another gated villa complex by the sea, which includes 8 apartments priced from 600,000 euros. Additionally, there is a new residential project that will provide...direct access to the beachand will complete its implementation in the fourth quarter of 2024, offering 15 apartments at a starting price of 320,000 euros.

In the near future, a new low-rise residential complex will begin operations in the center of Larnaca, with construction expected to be completed in the third quarter of 2025. This complex will offer 9 apartments starting at 675,000 euros. Not far from the beach, there is also a new residential project with a pool, located just 80 meters from the shore, where 27 apartments are available starting at 603,000 euros.

In Pyla, located in Cyprus, there is a gated complex of villas with swimming pools which offers 15 apartments.

Investing in real estate in Cyprus

Investments in housing in Cyprus are becoming increasingly attractive for foreign investors looking to secure a reliable income. Three main categories of real estate in Cyprus should be highlighted:

• Secondary market
• New buildings
• Commercial real estate

Secondary real estate in Cyprus

When it comes to secondary real estate in Cyprus, it is often characterized by not the best condition of properties built before 2005, especially compared to new constructions erected after 2010. For example, old buildings significantly lag behind new ones in terms of standards.energy efficiencyandearthquake resistance.

Buildings constructed after 2016 already significantly surpass their predecessors in these criteria. European building standards began to be implemented in Cyprus after its accession to the European Union in 2004, and this process occurred gradually. Thus, even after 2004, new structures continued to emerge that were built according to outdated standards.

Seismically active regions and energy efficiency

Cyprus is located in an earthquake-prone zone, so older buildings built before the introduction of European norms are less reliable in terms of seismic resistance.

Real estate sales management in Cyprus

In Cyprus, the management of real estate sales is entrusted to Dmitry Bozhkov, who manages this sector.

Advantages of the secondary market

When considering the secondary real estate market, one of its main advantages is the ability to conduct a thorough legal check of the properties, as well as the opportunity to assess the quality of construction work on completed projects. Secondary housing is typically located in areas with already developed infrastructure and established communities.

Interest in the primary market

In terms of the primary market, Cyprus has seen a significant increase in interest in new builds, especially from overseas investors from countries such as:

• Israel
• Germany
• Poland
• United Kingdom
• Russia

In 2022, Limassol and Paphos became the centers for the majority of transactions, each accounting for 34% of the total volume of foreign purchases, while Larnaca followed with 20%.

Statistics on real estate transactions

According to information provided by the Central Bank of Cyprus, the number of real estate transactions in the second quarter of 2023 increased by 26.5% compared to the same period in 2022, totaling 4,115 transactions compared to 3,254. This growth is driven by increasing interest from foreign clients; however, the majority of transactions are still carried out by local residents.

The number of properties purchased by foreigners in the second quarter increased by 38.5% compared to the same period last year, and most of these transactions involved new buildings.

Reduction in the issuance of building permits

Despite the growing interest, statistical data from Cyprus indicates a decrease in the number of building permits issued. From January to June 2023, 3,608 permits were issued, which is 7.4% less than in the same period of 2022, when the number reached 3,898. The decline in new projects has been observed since the first quarter of 2022.

Impact of supply shortages on prices

The supply shortage in the market is affecting real estate prices in Cyprus, which continue to rise, showing an annual increase of over 10%. One of the most resilient segments of the market is residential property in the price range of 200,000 to 300,000 euros, driven by high demand for new housing and active investments in the private sector.

Investment activity

Investment activity also continues due to attractive market conditions and affordable pricing.

Real estate in Cyprus: modern offerings

There is an active real estate market in Cyprus, with a large number of new listings. Currently, there are 1,472 properties available for sale, among which you can find interesting options. For example, in the center of Limassol, you can purchase spacious apartments with terraces and pools for €795,000. These apartments have an area of 196 m² and include three cozy bedrooms, making them an ideal choice for family living.

Apartments in Larnaca

In Larnaca, you can find new apartments at an attractive price of just €175,000. They come with parking and offer a view of the lake. The total area of these living spaces is 70 m², and the number of bedrooms is limited to one, making them suitable for single residents or couples.

Luxury apartments in Limassol

Luxury apartments in Limassol are also worth considering, as they offer amenities such as furnishings, a spacious terrace, and access to pools and a spa. For €1,040,000, you can acquire a 229 m² residence with four bedrooms, making this property particularly appealing to those who value comfort.

New residence

There is another tempting offer - a new residence in Limassol, provided with developed infrastructure. There you can buy 140 m² two-bedroom apartments at a price of 160,000 €. In Paphos, there are options that offer small gardens in renovated complexes located just 300 meters from the coast. These apartments have a size of 49 m² and a plot of land of 68 m² and are priced at only 64,000 €.

Available housing options

For those looking for affordable options, it is worth considering the under-construction complex in Güzelyurt, where premium-class apartments are offered. The area of such housing is 45 m², and it is only 150 meters from the beach. The minimum price starts at €2,220,000. Additionally, there is a new building in Paphos with a total area of 440 m², priced at €677,000, as well as a new four-room residence in a prestigious complex — 125 m² with three bedrooms.

Advantages of investing

Investing in new real estate in Cyprus opens up numerous opportunities and can be a profitable solution for those looking to preserve and grow their money.Prices for propertiesunder construction are usually raised, which provides investors with an expected capital gain of up to 15% per year. Modern technology in construction and the absence of tall buildings allow housing to be delivered on time. Investors can alsoto get a residency permit,Investing in Cypriot real estate is a significant advantage.

Flexible payment terms

In addition, many developers offer clients a variety of payment schemes, including installments, which allows a more flexible approach to the issue of investment.

Disadvantages of new buildings

However, it is important to consider some negative aspects of buying new properties in Cyprus. New apartments often cost more than those on the secondary market, especially in tourist areas or near the sea, where there are virtually no available plots of land left.Land pricesThere has been a noticeable increase over the last two to three decades. However, it is worth noting that the quality of construction for new projects meets the most modern standards.

Tax aspects

When purchasing real estate on the primary market, a value-added tax of 5% applies; however, for subsequent investments, this tax increases to 19%. It is important to know that in Cyprus, it is not possible to rent out property and simultaneously benefit from tax programs when making the initial purchase of real estate. This information is crucial and deserves special attention before you make a decision about buying a property.

Introduction to Collaboration with Clients

In our interactions with clients, we place great importance on researching developers, carefully considering all available alternatives in the regions of interest, and assessing the quality of construction work.

We conduct inspections of ongoing projects ourselves and examine the properties from the inside, so that investors have a complete understanding of the potential returns on their investments within two years after purchase.

Many clients turn to us for help in better understanding what expectations may arise in the future.

The commercial real estate market in Cyprus

Dmitry Bozhkov, who heads the sales department, points out that in 2022, the share of transactions involving commercial real estate in Cyprus was only 4%.

The country boasts a stable economy, an attractive tax policy with low corporate tax rates, and favorable conditions for foreign investors, making it one of the most interesting destinations for investment.

It is also worth noting that Cyprus is part of the European Union, which provides access to the single market and transactions in euros, thereby simplifying business operations for foreign organizations.

Interest in commercial real estate

There is a high interest in commercial real estate in Cyprus, especially in areas such as:

• tourism
• hotel business
• retail trade

Every year, the island welcomes millions of tourists who need accommodation, entertainment, and retail services. Many international companies operate in Cyprus, seeking modern and well-equipped office spaces for their activities.

Trends in the rental market

According to a study by the consulting company KPMG, rental rates for commercial real estate in Cyprus began to rise in the first quarter of 2023.

• In Nicosia, the cost of renting office spaces has increased by 16%.
• in Paphos - by 12%

It is expected that this trend will continue over the coming years, as the demand for quality commercial spaces is growing. At the same time, the yield from commercial real estate has remained stable:

• Office spaces show an ROI of 5.2%
• Retail showed a slight increase to 5.8% (up 0.2%).
• The warehouses have a yield of 4.3%.

Options for commercial real estate in Cyprus

The Cyprus market offers a variety of commercial real estate options. For example:

• In the tourist city of Orkolini, you can find shops in a multifunctional complex priced at €150,000 with an area of 26 m², built in 2021.
• A restaurant on the first line of the sea in this area is for sale for €2,949,000, covering an area of 351 m².
• Shops in a new high-rise residence in Larnaca with an area of 75 m², to be completed in 2024, for €1,010,000.
• Luxury offices in a new building with parking in the business center of Limassol, with a total area of 246 m², for €1,648,000.
• Modern office space of 104 m² in the historic center of Limassol, expected to be delivered in 2024 for €562,000.
• Functional offices in a new building on the central street of Limassol, with an area of 309 m², priced at €1,410,000, and scheduled for completion in 2024.
• A new office building in the center of Nicosia with an underground parking area of 217 m² for €848,000, expected to be completed in early 2024.
• Offices with an area of 163 m² in the business center of Larnaca for a similar price, with construction completion in 2024.

Conclusion

Considering all the factors mentioned, it can be concluded that Cyprus continues to be an attractive destination for investments in commercial real estate due to its favorable geographical location, stable economy, and developing market.

Features of buying real estate in Cyprus for foreign citizens

In Cyprus, there are a number of specific rules regarding the purchase of real estate by foreigners who are not part of the European Economic Area. The maximum allowable area for buying a home or land for construction is 4,014 square meters. It is also important to consider that owning a second property may lead to certain restrictions, especially if the property is intended to be used as a vacation home.

The process of obtaining permits

Foreign investors must first obtain the approval of the Council of Ministers of Cyprus before proceeding with the purchase of real estate. This stage can take a significant amount of time — up to three months. The process of obtaining permits is an important step that should not be overlooked.

Stages of investing in real estate

Investing in real estate in Cyprus involves several key steps after selecting the right property:

• Deposit submission:A deposit is required to take the property off the market. Usually, this deposit is about 1% of the property's value, but it cannot be less than 3000 euros.
• Booking and preliminary contract:After making the deposit, a preliminary contract is signed, and the amount of the first payment is also discussed on an individual basis.
• Payment of taxes and fees:After approval, payment of all necessary financial fees is made.

Registration of a transaction in the land cadastre

Then the buyer needs to register the transaction in the land registry. The following documents will be required for this:

• Completed application form No. 270;
• Copy of the approval from the Council of Ministers of Cyprus;
• Documents confirming the registration of the property;
• Confirmation of tax payment;
• Certified sales contract;
• Proof of funds for purchasing from abroad.

Once all the necessary documents have been collected and approved, the remaining payment for the property can be made. The completion of the transaction is confirmed by receiving the certificate of ownership. For new buildings, this document is issued after the construction is completed.

Advantages of remote processing

It is worth noting that the entire process of purchasing real estate can be done remotely. A professional team in Cyprus is ready to provide all the necessary support to make the transaction as comfortable as possible.

Real estate market analysis

Choosing real estate for investment in Cyprus is an important step that requires careful analysis of many factors. The main aspect to focus on is the property's price. It is advisable to conduct a detailed analysis of prices for similar properties on the market and to study potential trends in their value in the future.

Trends in housing prices

According to data from the Central Bank of Cyprus, positive trends in housing price growth were recorded in the second quarter of 2023.

• In Paphos, the average cost of apartments has increased by 16.3% year-on-year.
• In Limassol, the growth was 13.1%.

This data confirms that real estate in Cyprus remains a sought-after investment. The conditions and accessibility provided for investing make the process appealing for both personal use and generating income from investments.

Cyprus: An Attractive Place to BuyReal Estate

Cyprus continues to be one of the most desirable places for real estate purchases, offering a variety of options. Currently, there are 4,208 listings for apartments for sale. Prices range from €1,750,000 for a unique gated residence located just a hundred meters from the coast in the Chloraka area. This beautiful spot is suitable for both permanent living and seaside vacations.

New opportunities in Limassol

An interesting option is a new gated residence in a prestigious part of Limassol, where only five apartments are available, with prices starting from €242,000. The complex with a swimming pool is scheduled for completion in 2026. In this area, there are 144 apartments priced from €484,000, including luxury villas and apartments, as well as underground parking, located near the center of Limassol in the Agios Athanasios area. The completion of construction is planned for 2024.

Residential complexes with well-maintained green spaces

For those who appreciate beautiful landscapes, a residential complex with well-maintained gardens and a swimming pool is offered in Limassol. There are 81 listings with prices starting from €363,000, as well as 68 apartments starting from €425,000 in the most modern residence located in the city center. Equally interesting are 10 apartments on the coast of Parekklisia priced from €197,000, which will be ready by 2024.

New residence in Paphos

Another attractive feature is the new gated residence, which includes a business center and a restaurant in the heart of Paphos. The completion of this complex is expected in 2025. It offers 20 apartments suitable for both businesspeople and tourists.

Investment aspects

The investment aspects of real estate require thoughtful analysis, including the calculation of potential income and associated costs. Investors must carefully analyze possible net profits or losses. Notably, many owners achieve significant net returns in Cyprus due to low operating expenses, making this country more attractive for investment compared to other European Union countries.

Location and its significance

The location of the property plays a crucial role in the investment strategy. It determines:

• Cost
• Potential rental income
• General interest in housing

Factors such as infrastructure, available amenities in the area, safety levels, and the reputation of the neighborhoods are taken into account, as well as their proximity to important transport hubs and airports. More detailed information about various areas in Cyprus for living and investment can be found in our specialized materials.

The type of real estate and its impact on profitability

Moreover, the type of property is also significant, as it directly affects potential profitability, maintenance costs, and the conditions for purchasing housing. In 2023, among foreign buyers, the most popular options are:

• Two-bedroom apartmentwith an average price of around €300,000
• One-bedroom apartmentsthat are less common

Such properties are ideal for both renting out and permanent living, especially in the context of a program where the requirements for the number of sleeping places must meet the needs of the entire family.

Conclusion

In conclusion, it is worth noting that investing in real estate in Cyprus is not only a financially advantageous decision but also an excellent way to improve one's quality of life. The island is an ideal place for those seeking a combination of stability, comfort, and an appealing atmosphere for living. Every year, more and more Russians are choosing Cyprus as a new place for life and business, and this is not just a whim, but a conscious step driven by the real benefits that the island offers.

The main advantages of Cyprus

• The opportunity to obtain residency and citizenship.
• Permanent residency program in Cypruswith a minimum investment of 300,000 euros.
• High level of educationand access to quality medical services.

This becomes especially relevant in light of the current global situation, where stability and security are at the forefront.

Diversity of real estate properties

Cyprusreal estate offers a variety of properties — from modern apartments to luxurious villas, making it an ideal choice for any investor. As time has shown, the demand for housing in Cyprus is only increasing, which is confirmed by high rental yields and protection against inflation.

Result

Thus, to summarize once again, it can be confidently stated that Cyprus is not just a corner with beautiful landscapes and a mild climate, but a country where your investment capital will not only be protected but also multiplied.

It is important for the investment process to be guided by experts, which ensures the right choice of assets and simplifies all bureaucratic procedures. This will allow everyone to take a conscious step towards their new life in sunny Cyprus.