February Edition 2023

20 beaches along all coasts, a wonderful mountainous area uncommon within most Middle Eastern countries, and other wonderful nature, rendering the island between crossroads an idyllic holiday destination for many. Moreover, tourism has proven to be one of the most robust sectors of the Cypriot economy with ample room for investment, both in new and old hotel structures, but also in terms of newly constructed property catering to the needs of HNWIs and UHNWIs. Taking it a step further from tourism, local construction developers have become highly sophisticated in the structures which they build and sell off to locals or foreigners, but simultaneously also cater to the needs of those looking to permanently relocate to Cyprus, of EU or non-EU status, either in the form of permanent residency, family relocation, company relocation, employee relocation or other. All in all, any savvy businessman looking for a high return on investment, could do very well when investing in real estate all across the island, whether that is commercial real estate, residential real estate, or other. In some areas of Cyprus such as Limassol, where real estate is in extremely high demand both on the corporate and residential front, yield on rent can fetch up to 8% returns on an annual basis and property resale prices can bring in gains exceeding 25-30% in some cases from past pricing. All major cities of the island are experiencing growth, with Limassol being the most expensive but at the same time fetching the highest return on investment, Larnaca now featuring some of the best investment opportunities in terms of real estate, growth and still relatively low prices, and Paphos and Nicosia also experiencing very healthy growth and high demand in housing and commercial buildings. Elias Christou: “Cyprus has been welcoming tourists from Israel and their families for decades, and we see no sign of this slowing down. In recent years, we are seeing more and more a deeper interest in the island in terms of real estate due in part to its proximity (less than an hour flight), low cost of living and ease of obtaining work or residency permit. There has been exponential growth in the number of Israelis making real estate investments either for residence, holidays homes or business purposes. Furthermore the investment of Larnaca Marina the biggest Marina on the Mediterranean sea by an Israeli private company its described to be one of the major investments on the island. The Marina will change the seafront of Larnaca creating business opportunities and providing work for the local and foreign population.”