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Real Estate Market 2023: Early Predictions to Know Now

posted 2 years ago

We are rounding the corner of 2022 and quickly heading toward a new year. That makes this a perfect time to prognosticate real estate matters for 2023. With mortgage rates escalating higher, home sales — and, in some areas, home prices — hitting the brakes, and increased uncertainty felt throughout the market, many homeowners, prospective sellers, and prospective buyers are nervous about next year.

If we talk about the elite new property (worth more than a million euros), then, of course, the investor hype that was before the closure of the passport program is no longer expected.

Although Cyprus is one of the smallest countries in Europe, its property market has been blooming for many years now, driven by high demand and low-interest rates. Despite the reported increase in prices, the Council for Registration of Real Estate Agents has stated that the Cypriot housing market is not experiencing a bubble at the present time.

Of course, the difficult events in some countries important for Cyprus: the war in Ukraine and the ongoing economic crisis in Lebanon — slightly increasing the demand for luxury real estate (especially Limassol and Larnaca).

Why investing in Cyprus is the right thing to do and which city to choose to invest in

Buying property in Cyprus is one of the investment options that expats should think about when moving to the island. Cyprus is one of the most beautiful islands in the Mediterranean Sea that hides many opportunities for people that choose it as a place of residence.

Despite its small size, Cyprus combines the hot Med weather with an excellent set of services in the financial and tourism sector that are among the top in the European Union. Many large companies move to Cyprus, transferring personnel that should rent or buy a home there. Therefore, the demand has increased significantly, especially after the war between Russia and Ukraine started in February 2022.

Investing, in general, is a commonwealth-building and management strategy a lot of folks get into. Many people invest in different things, such as stocks, mutual funds, precious metals, and other alternative investments to generate wealth for the long term.

The strategic location of the island made it a popular, multicultural tourist destination and an ideal business hub in the region. Cyprus is very attractive for High-Net-Worth Individuals (HNWI) as it offers a great combination of lifestyle and a strong business environment and a luxurious lifestyle. While the British-influenced legal system and the widespread use of the English language make it easy for investors to do business in Cyprus.

Expats purchase real estate across four main cities in Southern Cyprus: Nicosia, Larnaca, Limassol, and Paphos. In general, where to buy real estate in Cyprus largely depends on your lifestyle preferences and budget.

Cyprus Golden Passport Discontinued

The halt of the Citizenship by Investment Program (Golden Passport) in late 2020 also put an end to overpriced properties and many developers offer less expensive apartment and housing options.

While this is generally a positive effect for home buyers and renters, it forced property owners and developers to tap into new local target audiences and markets.

Nonetheless, to date around half of the properties bought in Cyprus every year are acquired by foreigners to obtain a Golden Visa (residency) as well as to leverage tax and business advantages. This trend persists despite the Golden Passport (citizenship) discontinuation and Covid disruptions.

Finally, these latest developments haven’t stopped property developers from slowing down. Many of them have successfully shifted their markets, resulting in a 17% increase of new building permits in 2021 at an overall lower volume, indicating smaller-scale projects to offer more affordable housing options for their local and international customers.

Cyprus Golden Visa Program Still Strong

Fuelled by recent economic and political events, the Cypriot residency by investment program is more popular than ever. Global HNWIs, investors, retirees, and their family members benefit from a fast and efficient EU residency through real estate investment. It allows the holder to live, do business, and study in Cyprus.

With the 2021 updates to the Cyprus Golden Visa program, residency through real estate investment in Cyprus has become even more attractive.

  • Since March 2021, a bank deposit and a Cypriot bank account are no longer required for the residency program.
  • The real estate investment can now also be made with second-hand commercial properties, in addition to new properties from developers. The restriction of a maximum of two properties for investment has been lifted for second-hand commercial properties. However, residential and commercial investments cannot be combined.

The Cypriot RBI starts with real estate property investment from 300,000 EUR (~363,000 USD) plus lawyer costs, stamp duty, and VAT

Those looking for European citizenship can also apply to the Greece Golden Visa program, which offers a direct investment route to a Schengen Visa Residency.

How H. Priority Trust Services Can Help?

We are a boutique consultancy firm with years of experience delivering bespoke solutions for international families. With an experienced, hands-on team, we help clients from around the world to acquire Greece Golden Visas or properties in Cyprus while diversifying their portfolio with robust investments in Cyprus Permanent Residency

At H. Priority Trust Services, we can simplify access to property investments, provide local insights, help with legal assistance, tax planning, and more — all while ensuring efficient, personalized, and confidential service. If you’d like to inquire about our Cyprus property investment services, we encourage you to contact one of our property specialists.

Conclusion

As a foreigner, buying real estate in Cyprus with the professional consultation of our highly qualified team is a very good idea because you will get value for your money. Our property lawyers offer clear advice and a strong commitment to enable an efficient and secure real estate transaction.

Also, your property in Cyprus can be a Plan B for you in case there’s an emergency in your home country. Filled with great experiences, good scenery, and lots of fun, Cyprus is the ideal place to purchase a property. If you are confused, you can just make inquiries and hire the services of a good lawyer to help you out. At H. Priority Trust Services, we have a real estate lawyer who will walk you through the entire process needed to purchase property in Cyprus. Before you know it, you can be a proud owner of a choice property and a great investment in Cyprus.

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