Do You Have Property For Sale In Nicosia?
There is a huge demand for properties in Nicosia, especially from foreign investors from Scandinavia and the UK. Nicosia is, of course, the capital of Cyprus. It is the hub of all business activity in the region. There are plenty of employment opportunities to be found here.
Apartment prices in Nicosia have gone up by 5 to 10% over the last year. The property market here has certainly benefited from the uptick in Cyprus’s economy.
The number of property transactions in Nicosia has gone up by 42 percent last month, compared to the same period 12 months ago. This compares well with other cities like Paphos, where the number of property transactions has gone up by 27 percent only.
So Who Is Buying in Nicosia?
Nicosia gets buyers from all over the world. But who are really buying? Well, the biggest buyers of properties here are the locals.
Cyprus is a rich country and most people belong to the middle class or the upper middle class and have high disposable incomes. For them, investing in property is a better alternative to investing in stocks or just saving the money in a bank.
Not just that, every person in Cyprus wishes to have a home of their own. Cyprus is one country where the home ownership ratios are very high. Most people have their own homes. Only a small section of the local population lives in rented accommodations.
In the past, the locals used to buy multiple properties, many in addition to the one that served as their primary residence. But that is not the case anymore. Since the economic recession of 2008 to 2013, speculation in real estate has been curbed to a large extent. People buy a home only if it is to serve as a residence.
Just as impactful as the local buyers are the British and Scandinavian buyers, as well as buyers from other parts of Europe. Cyprus has a large British and Scandinavian expat community and a lot of them wish to settle down in Nicosia.
They are attracted by the relaxed and laidback lifestyle here, as well as by the modern amenities. Nicosia is very much an urban city that offers plenty of opportunities for business and work. There are many jobs to be found here. This is good news for expats as they can live here and earn a decent income as well.
In addition to that, there are many expats who are attracted by the low taxes and low cost of living here. This is especially true among those aged 45 and above. Pensions are tax free in Cyprus and home prices are quite low. So there is always a chance of getting a prime property in Nicosia for an affordable price.
Then you have wealth, high net worth individuals from China, Russia, Brazil and other countries who invest in properties in Cyprus to get the Golden Visa, which assures residency permits for an extended period of time with the possibility of getting a European Passport. This is an attractive prospect as well.