Cyprus the third largest island in the Mediterranean and overall the economy enjoys strong tourism, education, health and construction industries. Southern Cyprus is favoured by retirees because of its hot, dry summers and mild winters – not to mention its preferential 5% tax rate on pensions and with English widely spoken this island makes for an ideal location from many aspects.
Cyprus remains one of the most popular destinations for Europeans and other nationals that seek to invest in a holiday, a retirement or an investment home - in those terms alone the Cyprus property outlook remains favourable. In terms of risk, Cyprus is at the lower end of the spectrum and has some of the best tax breaks in the EU (if not the best), lower cost of living compared to mainland Europe, excellent weather, rich heritage and culture, superb medical facilities and infrastructure.
Additionally, the discovery of oil and natural gas in the island’s seabed areas is likely to give further boost to the Cyprus economy. As such, Cyprus real estate and construction industries are likely to boom once more despite the poorer performance of the past two years.
Cyprus has limited land space these predictions are quite likely to play out as larger portions of the nation are developed and less space is left for further construction projects to take place which in turn strengthens the market.
The location of the island also adds to a favourable outlook for investing as it is strategically located at the crossroads of three continents. Cyprus is also a member of the European Union offering investors one of the lowest corporate tax rates in the EU. There are many economic reasons for investing in Cyprus: the island’s clement weather, surpassing beauty and the government’s active marketing of the island as a place to invest.
The Cyprus property market outlook looks great in our opinion - especially within secure resort communities.
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