Cyprus joined the European Union in 2004, sparking an investment boom in the country. With the continuous influx of overseas capital and the support of the national investment immigration policy, Cyprus has achieved comprehensive and sustained GDP growth in recent years, and its real estate market and EU passport program are highly sought after by global investors. The Cypriot government expects the economy to maintain a 3% growth rate over the next three years. In a continuously growing Cyprus, investing in real estate is an excellent choice.
Cyprus Overseas Real Estate Sales
According to data from the Department of Lands and Surveys of Cyprus, a total of 426 real estate sales contracts were filed by foreign nationals in 2018. Of these, 150 were from EU citizens and 276 from non-EU citizens. The number of non-EU citizens who purchased property specifically to apply for Cypriot citizenship is currently unknown.
Paphos is a popular region for the overseas market, with 171 sales contracts filed. Limassol had 120, Larnaca 71, Famagusta 43, and Nicosia 21.
In the first 7 months of 2018, there were 2,613 real estate sales contracts for overseas buyers, with 815 buyers being EU citizens and 1,798 being non-EU citizens. Non-EU citizens purchasing property accounted for 68.8% of overseas buyers. It is evident that Cypriot real estate is highly favored both within the EU and globally.
During the first seven months, Paphos remained the most popular region for overseas buyers, with a total of 1,020 sales contracts, followed by Limassol with 785, Larnaca with 399, Famagusta with 269, and Nicosia with 140.
Annual Cumulative Cyprus Real Estate Sales
In the first 7 months of 2018, the number of property contracts filed at various land registry offices rose by 23% to 5,366, compared to 4,349 in the same period last year.
In terms of percentage, Famagusta had the highest sales growth rate at 56%, followed by the capital, Nicosia, at 36%. Sales in Limassol, Paphos, and Larnaca grew by 23%, 17%, and 9% respectively.
Real Estate Market Continues to Boom with Optimistic Prospects
The continued boom in the domestic real estate market in Cyprus has greatly boosted the confidence of investors looking to invest in property for immigration purposes. As one of the popular destinations for European property investment immigration, Cyprus has successfully attracted a large number of investors with keen business acumen. In addition to international financial giants, large domestic enterprises and high-net-worth investors have been pouring into Cyprus in recent years, all of which signal the bright prospects of investing in Cyprus.
The level of confidence investors show in the Cyprus real estate market directly reflects the overall economic performance of Cyprus. With a GDP growth of 3.4% in 2017 and 3.9% in the second quarter of 2018, along with continuous upgrades from major credit rating agencies and strong market performance, Cyprus has become a hot investment destination in the international market.
The Cyprus property investment immigration program, as one of the ways for investors to participate in the Cypriot real estate market, is highly sought after. By purchasing Cypriot property worth over 2 million Euros—whether a single property or multiple properties—investors can obtain freehold property and secure a Cyprus EU passport for their entire family of three generations in one go, enjoying generous EU benefits in education, healthcare, and retirement, among others.
Furthermore, holding a Cyprus EU passport allows for free movement, work, and residence in all 28 EU member states (including the UK, Germany, Austria, Italy, France, Finland, etc.), 3 European Economic Area member states (Norway, Iceland, Liechtenstein), and Switzerland—a total of 32 European countries—allowing you to enjoy the generous benefits of EU citizenship! 1=32!!!
Choose WorldWay for your Cyprus EU passport application and make your immigration journey easier! As a pioneer of the Cyprus EU passport program, WorldWay Group introduced the program to China in 2013. With long-standing, excellent government relations, we are your solid support on your immigration journey.
On September 8, 2018, the 2018 China-Europe Trade and Investment Forum, co-organized by the WorldWay Wealth Club and hosted by WorldWay Group and Huiyun Capital Group, will be grandly held at the Fangfeiyuan of the Diaoyutai State Guesthouse in Beijing. We look forward to your participation in the 2018 China-Europe Trade and Investment Forum. For VIP seat reservations, please call: 400-138-2929.
