It has been nearly a month since the banking crisis in Cyprus. At the Beijing Spring Property Expo held from April 11th to 14th, dozens of Cyprus developers participated, and Cyprus property projects continued the strong momentum seen in the previous two expos.
At the "Cyprus Day" event on the first day of the expo, the Ambassador of Cyprus to China, Ms. Mariotis, was invited by Worldway Immigration, the organizer of the European Pavilion, to attend the event and deliver a brilliant speech. She detailed the current favorable situation in Cyprus and the immigration policy—the only one in Europe that allows for obtaining permanent residency in one step through property purchase—which boosted the confidence of Chinese investors.
The Ambassador of Cyprus to China, Ms. Mariotis, delivers a brilliant speech at the "Cyprus Day" event in the Worldway European Pavilion
Worldway Immigration Group participated in the exhibition jointly with many well-known European property developers. President Dr. Winner Xing stated, "The Cyprus banking crisis can be said to have reshuffled the local real estate market. The developers participating this time are among the most capable in the region, able to withstand the impact of the crisis, and they have brought investment projects with low risk and high cost-effectiveness. Currently, the price advantage of Cyprus property is very obvious, and the immigration threshold is also very low, which is quite attractive. The guests on-site were very interested in this project, and many investors signed inspection agreements on the spot."
This Beijing Property Expo brought together influential developers from the four hot-selling property regions of Cyprus: Paphos, Limassol, Larnaca, and Ayia Napa. In addition to bringing sea-view apartments, garden houses, and mountain villas, Worldway brought investors the most competitive new project after the Cyprus banking crisis—a finished, fully furnished hotel-style apartment project in Paphos. Once launched, this project immediately attracted strong interest from Chinese investors.
Excellent Geographical Location
The Paphos hotel-style apartment project is located in the city center of Paphos, the birthplace of Aphrodite and the European Capital of Culture. It is opposite the soon-to-be-completed largest and most luxurious shopping center in Cyprus, which is also one of the three major shopping centers in the country. Transportation is convenient, and it is about a 3-minute drive from the harbor.
Finished, Fully Furnished Properties
Each apartment has an exquisite design, with spacious and bright rooms, excellent visual effects, and a full set of furniture and appliances. Garages and outdoor parking spaces are available for selection.
300,000 Euros for Two Apartments, Flexible Disposal
The hotel-style apartments are 50-60 square meters per unit. Investors can purchase two units and choose to live in one and rent out the other, or rent out both. The total price is around 300,000 to 350,000 Euros.
No VAT
Under the promotion and advice of Worldway, the preferential policy of waiving transfer fees in Cyprus has been successfully extended to the end of 2014. It is understood that when investors purchase their first primary residence, as long as they have paid the VAT, they do not need to pay the transfer fee; for properties that do not require VAT, the transfer fee is only half, and the transfer fee ranges from 3% to 8%. Purchasing the Paphos hotel-style apartment project does not require VAT.
Five-Year Rental Guarantee
Rental income from Cyprus properties has always been stable. The Paphos hotel-style apartments provide a full-year rental guarantee service for 5 years. Regardless of whether the property is rented out, the owner's annual income is guaranteed.
Title Deeds Available, Immediate Transfer
The Paphos hotel-style apartments already have title deeds. After purchasing the property, investors can immediately process the transfer and own the property with permanent property rights, which is safe and fast.
Recently, Worldway clients, Mr. and Mrs. Wu, went to Cyprus for an inspection. On March 31st, they signed the purchase contract, legal agreement, and other documents, purchasing a Paphos hotel-style apartment property worth 300,000 Euros. Based on the foreseeable generous rental income of the project, the developer promised a 5-year rental guarantee, with an annual return of 5%, and a net rental income of no less than 4.3%.
Regarding purchasing property during the Cyprus financial crisis, Mr. Wu stated that it is currently very cost-effective to buy property, and he is very confident in the future development of Cyprus. "300,000 for two units, high rental return, title deeds, city center location, convenient transportation... Just based on these advantages, we don't need to look at anything else, we can book it directly. Furthermore, the economy of Cyprus itself has always been very good, with well-developed tourism, financial services, and natural gas energy. It was only because they bought a large amount of bonds from their 'brother country' Greece that they suffered from the banking crisis due to the impact of the Greek debt crisis. Now, the EU aid funds have been confirmed, and the crisis will pass soon. It is impossible for Cyprus to exit the Eurozone, and the value of the permanent residency obtained will not be 'discounted'."
