Most investors prefer to buy property in a region where there is steady progress in the economy and the environment is conducive to allow all-around growth. Cyprus happens to be such a region. According to immigration reports, most foreigners are seeking permanent residence in cyprus through the purchase of property. But, have you ever wondered why Cyprus is the best place to do this? This publication will highlight the reasons why you should buy some property in Cyprus.
Home Building Permits
Recently, the Cypriot government has issued thousands of permits to build new homes. This means that real estate agencies can now bring the latest innovations and designs to the country. Whether you are a foreigner or a local, you can grab one of these new homes, which provide a better value. All major cities in Cyprus will have hundreds of new homes, and this could even make the homes more affordable. It is thanks to the authorities that this initiative to give permits for new homes has been created.
Before Britain’s 2019 exit from the EU, citizens of the UK can still enjoy the same rights as citizens of other EU member states. Recently, some issues have been brought to the table for discussion. The sealed deal will see British citizens enjoy all the current rights of citizenship in EU member states if they live in EU countries as of now. Since Cyprus is a member of the EU, investors from the UK can now buy property and continue to receive all the benefits of EU citizenship henceforth. The time is now.
Cyprus is developing at a steady pace, and some of the projects include infrastructure development and facelifts for major cities. Limassol, which is a port city, has already started its facelift. According to reports, high-end facilities will be built in the port city as well as condos, which will dramatically increase property values. For any investor planning to obtain property in Cyprus, and particularly in Limassol, the time is now. Predictions are that the value of the property will double or triple as soon as the facelift is completed in the near future.
Improved Property Taxation
Earlier this year, the unforgiving immovable property taxation was abolished. Most people in many other countries do not expect to receive any improvements in the property tax situation in their countries. However, this move is a plus for those planning to obtain property in Cyprus. The previous property taxation system included almost ten tiers of property taxation, but now a better and highly praised tax system has been established. Even young investors who want to start small can find something for themselves. They can rest assured that the taxes are reasonable.
The Sunshine and Beaches
Cyprus boasts a lot of sunshine for the better part of the year. It also has about 50 tranquil beaches that are known all over the world. With such natural assets, Cyprus is full of tourists looking for accommodation during their vacation. Property investors around the beaches can easily convert their homes into villas and capture this endless market. Do not be left behind.
Cyprus is indeed the best choice for people looking forward to making a wise property investment. Foreigners have more to benefit from when they buy a property here. Likewise, locals can also benefit from investments here. What are you waiting for?