Angelos Loizou, Chairman of the Cyprus Tourism Organization (CTO), stated that the number of tourists visiting Cyprus in 2017 exceeded 3.6 million. He emphasized that the surge in tourist numbers has presented greater demands and challenges for the island's tourism industry, particularly in terms of accommodation.
In a news release issued by the CTO, the Cyprus News Agency mentioned that the strong performance in the surge of tourist numbers is inseparable from the government's overall support for the tourism industry and the collaborative efforts between the tourism sector and various foreign parties. Precisely because the government launched a series of incentive measures and plans, several hotels on the island have completed internal renovations and upgrades, and can now provide a total of 100,000 additional accommodation beds for tourists.
As Cyprus welcomes its peak tourist season, it also ushers in an optimal time for investment in the country. Such a massive number of tourists will inevitably provide a strong boost to the development of Cyprus's hotel accommodation and real estate industries. According to relevant data, the Central Bank of Cyprus pointed out that the average house price from April to June this year rose by 3.3% compared to the same period in 2016; the average house price from January to March rose by 1.5% compared to the same period in 2016. Bank executives stated that the year-on-year growth value of housing prices on the island reached 0.4% in the second quarter of this year, with a quarter-on-quarter increase of 0.1%; this is the first time in 7 years that a year-on-year increase in housing prices has occurred for a quarter. The decline in the unemployment rate and the strengthening of confidence are important factors supporting the rise in Cyprus housing prices.
With a strong economic recovery, a booming tourism industry, and the steady and orderly development of the real estate sector, the government attaches great importance to the construction and improvement of education, medical care, and national public facilities, with the core focus on improving the quality of life for local residents. At the same time, Cyprus possesses numerous advantages such as first-class teaching standards, unforgettable scenery, a pleasant Mediterranean climate, and a safe living environment, which has led more and more international investors to set their sights on Cyprus. By purchasing real estate in Cyprus, one can also obtain EU passports for three generations of the family. Holding a Cyprus passport allows for visa-free travel to more than 150 countries and regions worldwide, the freedom to live, work, and study in any of the 31 European countries (including 27 EU countries such as Germany, Italy, and France, as well as Switzerland, Norway, Iceland, and Liechtenstein), and the enjoyment of the same citizen benefits in the 27 EU countries.
Experts state that the rapid rise of Cyprus real estate is inseparable from its improving economic situation and the upcoming new casino. For investment immigration to Cyprus, one should seize the opportunity in a timely manner. By investing 2 million euros in the purchase of real estate, one can also quickly apply for immigration to Cyprus in one step, allowing the whole family to obtain EU citizenship and achieve a double harvest of wealth and status.
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