Do you have a Cyprus property for sale?
2018 is turning out to be a good year for those who want to sell property in Cyprus fast. There is plenty of money to be made as the property market in Cyprus has been doing far better than it has for a while.
Let’s understand why.
Let’s begin with Brexit. Cyprus has benefited from Brexit. While there were fears among British expats that they would lose their rights in the aftermath of Brexit, that has now been laid to rest.
It is widely expected that once the UK leaves the EU, the British government will start negotiations with each country in the European Union individually and ensure that British expats living in those countries have the same rights in a post-Brexit world as they did before.
The ongoing Brexit negotiations between the British government and the EU officials have gone on very smoothly indeed. This has come as a big relief to a lot of expats, especially retirees with a second home in Cyprus and other EU member states.
There is a possibility of reunification of Cyprus. Cyprus has been divided into two halves since 1974. Now, finally, there is a possibility that the two halves could come together – the Greek Cypriot South and the Turkish North.
That is good news for international property investors as a reunited Cyprus would unlock the full potential of the island for overseas property investment. So far, the Turkish north has not really benefited from the overseas property market. Hopefully, this will change.
Another factor that should do wonders for investor sentiment in Cyprus are the new flights that are going to be started from the UK to Cyprus soon this year. Cyprus and the UK are soon going to be very well connected by air, and this will mean that more Britons will come to Cyprus for their holidays, instead of going to the more expensive Spain. This is certainly good news for those who own holiday rentals in Cyprus.
The Cyprus government has decided to do away with the very complex Cypriot Immovable Property Tax which had come in for a lot of criticism from foreign investors. They have replaced it with a far simpler system.
Limassol and Paphos are the two most popular cities in Cyprus, at least among the international investor community.
The Cypriot town of Limassol has been undergoing a major facelift recently. A number of new residential developments have come up. There are already comparisons drawn up between Limassol and Dubai. Actually, Limassol is a far better place to stay at than Dubai. For one, it is more affordable and two, it is less crowded and more convenient.
The city of Paphos has been doing fairly well as well. It has been the European Capital of Culture for the past 12 months and this honour has done a lot to boost its reputation. Over €25 million has been spent on various public works projects in Paphos over the last year, which has completely transformed the city.