For so many years now, Cyprus has been one of the main tourist attractions in the Mediterranean. The city of Larnaca, in particular, has one of the highest tourist revenues in all of Europe. Each year, thousands of tourists visit the region for its stunning beaches, exquisite weather and one of a kind culture. For this reason alone, it makes perfect sense to invest in Larnaca real estate.
The future of Larnaca real estate, in a nutshell, is very promising. This glorious city in Cyprus has always been a magnet for vacationers and expats all year round. But in recent years, a lot of changes have taken place, making the area even more attractive for investors.
Cyprus Passport Scheme
In 2013, the economy of Cyprus was not in a very good state. Anyone can attempt your main chance alles spitze online echtgeld. In an effort to make things better, the government of Cyprus set up a program to attract foreign investors. The rules of the program state that any foreigner who invests at least US$2 million in the country gets a Cypriot passport. Also, with an investment of at least US$500 thousand, a foreigner can qualify for a permanent residence permit. Most of these investments come in the form of real estate purchases.
Needless to say, this program was a massive success. Since its launch, the Cyprus passport scheme has generated more than US$8 billion. Unfortunately, it also raised a lot of controversial issues with its apparent risk of money laundering. Because of these problems, Cyprus ended the program in October of 2020.
Despite this, the program has already triggered a rapid rise in interest in Cyprus real estate. Now, even the investors who are not after the citizenship are looking keenly at properties in Cyprus. In the coming years, experts predict that this trend of buying Cyprus real estate will go on. Even without the bonus of a Cypriot passport, many foreigners will still have their eyes on Cyprus real estate. This is especially true for properties in the areas of Limassol and Larnaca.
Recent and Upcoming Developments
Even before the pandemic took the world by surprise, there have already been a lot of developments under way that are poised to change the shape of Larnaca real estate. One of these is the major expansion of the Larnaca port and yacht marina. The target was to turn Larnaca’s existing yacht marina into the primary port of Cyprus. This is a huge project that included the construction of casinos, cafes and hotels in the vicinity of the coast.
Another chief construction project is the putting up of the Metropolitan Mall right at the heart of Larnaca City. Once completed, this landmark is set to become the shopping and entertainment capital of Cyprus. It is true that there are still a lot of challenges that the real estate market is still facing at the moment. But the completion of this mall is expected to boost the value of both commercial and residential properties all around the district.
Property Values Due to The Pandemic
There is no question that the future of Larnaca real estate is very bright for the long term. However, in the coming months, the property market is still feeling the effects of the lockdown. In fact, things have not yet even gone back to normal in the real estate industry, as in everywhere else. There is still some level of hesitation on the side of both property developers and investors as to what steps to take next.
One thing that is certain is the lack of demand for real estate, which naturally leads to a high supply. There are several factors related to the pandemic that has caused this, such as local unemployment, less foreign travel, as well as investment plans changes.
While this seems like a bad thing, it can actually be very good for property investors who have the ability to purchase at the moment. Due to the oversupply, property values will go down for sure. If you are interested in Larnaca real estate and have the funds to make a purchase, then now is the perfect time to do so. Prices will stay low for the next few months, and will likely rise quickly once the lockdown is officially over and things go back to normal.
The city of Larnaca is filled with a rich heritage, an amazing culture and awe-inspiring architecture. It boasts of a harmonious mix of old and new, which is a delight to residents and tourists alike. Owning property in this exquisite part of the world is and always will be a great privilege.
According to real estate analysts, 2021 is going to be the year that the Larnaca real estate market will be able to start to bounce back. Slowly but surely, the property market will inch its way back to the booming business that it was before. As establishments reopen and the beaches get populated by tourists again, there is no doubt that the real estate business in Larnaca and in other parts of Cyprus will be stronger than ever.