Cyprus – A Sea of Possibilities

Cyprus – A Sea of Possibilities

The island of Cyprus is situated in the heart of the Mediterranean Sea, between Lebanon, Israel, Greece, Egypt and Turkey.  

Cyprus is a member of the European Union and the European country closest to Israel (flight time from Israel is 45 minutes). 

About one million two hundred thousand people reside on the island on an area of 9,251 km. For comparison – the area of Israel is 22,145 km.

The currency of Cyprus is the Euro. 

Larnaca – the Eastern City

Larnaca is situated on the southern coast of the island of Cyprus and is the third largest city after Nicosia and Limassol. The international airport of Cyprus is located in the city of Larnaca, with convenient access to the city center. It also has the second largest commercial port on the Island.

The city, which was built on the ruins of ancient Citium, is home to the Greek Cypriot Church, the large synagogue in Cyprus and the 3 main religions, for example the Church of Saint Lazarus and Hala Sultan Tekke.

Larnaca’s beautiful parks and beaches with their sport and recreation facilities enrich its charming coastline. Both visitors and locals enjoy the long coastline with its numerous beaches.

Larnaca’s main street offers excellent quality shopping, a shopping experience with leading brands and local boutiques. This street runs parallel to the Finicoudes promenade with its enchanting strip of palm trees, beaches, hotels, restaurants and cafés.

The residents of Larnaca are industrious people who enjoy quiet days and long weekends.
The city has round-the-year incoming tourist activity.

Numerous students study in the universities throughout Larnaca, enhancing the city’s young atmosphere, night life and innovation.

The Office of Tourism is currently investing in building several 4 and 5-star hotels in the city, in 2 large parks with playgrounds for children and in renewal of the old market, which promises vibrant colors, scents and sounds throughout the day.

The port and marina in Larnaca are undergoing renewal by Israeli and international developers and are planned to be among the largest and most upscale on the island.

Larnaca is surround by villages such as Pervolia, Kiti, Oroklini, Livadia and Pyla.
Each of these villages has an old village center and new developing centers offering diverse quality of life.
The best and most famous cafés and taverns of ancient Cyprus are located in the Larnaca area.
When considering relocation to Cyprus, Larnaca is one of the popular choices among young families. It offers inexpensive land and housing prices as well as private schools, good public schools and a broad employment market.

The Danos/BNPRE GROUP conducted a survey in the summer of 2021 among real estate market experts and investors:

38.9% reached the conclusion that Larnaca is the most attractive city for investing in Cyprus, due to the accessible real estate prices combined with large infrastructure projects beginning to be built in the city.

So what is special about Larnaca in terms of real estate?
✦ Larnaca is the center of Cyprus, with an international airport and convenient access in every direction
✦ From Larnaca – to Ayia Napa – 35 minutes
✦ From Larnaca – to Nicosia – 40 minutes
✦ From Larnaca – to Limassol – 40 minutes

Up until recently the main coastal strip in Larnaca was home to the logistics center of Petrolina, the largest oil company in Cyprus.
A project to remove the fuel storage tanks from the coast began about a year ago, and the logistics center was relocated to Limassol, leaving the long coastal strip available for development and construction.
Larnaca is about to receive an investment budget of about €2 billion, the largest budget invested in Cyprus, and perhaps in all of Europe, in relation to the size of the city and future investment in the city.
€1.2 billion – to build a port and a marina
€1 billion – to develop the coastal strip and the city
Current and future International hotels in the city: RADISSON, BEST WESTERN, MARRIOTT.

Why Invest in Cyprus?

A Solid Investment

The asset price for the investor is lower than the monthly rent

High Yield

Average yield: a new asset 4.5%, a second-hand asset 6%

Developing Market and High Demand

Relatively high population growth rate and international workers

Limassol

The city of Limassol is situated on the southern coast of Cyprus and is the second largest city in Cyprus. It is considered the largest and most important metropolitan on the island, with a large port that serves as an important commercial hub.

Hundreds of thousands of tourists visit Limassol every year, mainly from Europe.
The city’s main attractions are its impressive coast, the archeological sites such as Limassol Castle and the Cyprus Medieval Museum, as well as annual festivals that take place in the city.

The city’s attractiveness has made Cyprus one of the most stable European countries at this time, both economically and politically.

Hospitality and Tourism

The hospitality and tourism sector has played an enormous role in the economy of Cyprus over the years.

Aside from the significant and continuous growth of the tourism sector in Cyprus, the government promotes investment in this sector, with local government incentive programs for local and international investors to renovate and upgrade existing hospitality assets and expand hospitality offerings. The combined effect of these factors led to the encouraging growth of the hotel sector in recent years.

With millions of tourists each year, mainly from Europe, the tourism sector in Cyprus is the backbone of the island’s economy and an important economic lifeline.
The long-term strategy of Cyprus is to become an established destination year-round, while upgrading the quality of its tourist offering.

Commercial Hub

Limassol is the commercial heart of Cyprus in numerous commercial and industrial areas. These industries include the manufacture of dresses, furniture, shoes, beverages, food products, prints, metal works, electronic devices, plastic products and other traditional industries.

One of the main employment fields in Limassol is forex and cryptocurrency. This market generates revenue and contributes to the city’s development in terms of both employment and improved city infrastructures and appearance.

The new port in Limassol is currently the island’s main port. Cyprus is an established player in the shipping industry, and Limassol serves as a center for many international shipping companies. Moreover, most of the Island’s cargo (import and export) is handled through this port.

Services

Life in Limassol offers its residents natural beauty and a rich cultural heritage, high-level education institutions, a vibrant community and excellent health services. After receiving permanent residency or a residence permit, EU citizens and residents are entitled to receive a ‘medical card’ and to reduced medical fees. Persons working in the medical field are cautious professionals and for this reason medical tourism is very popular here.

Economy in Limassol

The city of Limassol plays an important role in the economy of the Republic of Cyprus. After the conquering of Famagusta and Kyrenia by Turkey in 1974, Limassol became Cyprus’s main port, which led to the growth of its tourist trade and to the island’s vital growth rate.

Over the past two years about €1 billion were invested in projects in Limassol, among them: the Oval, the ONE, the Parklane Luxury Collection Resort & Spa, the Lanitis Seafront, and Europe’s largest Integrated Casino Resort. Along with the development of the marina and the old port and the Olympic Residence, all these construction and property plans are at the forefront of Cyprus’s economic development. The number of people who want to invest in Limassol has grown, especially in the past year.

Property Prices

Last year alone apartment prices in Limassol increased by 8.6%, while house prices rose by 1.6%.

This is due to strong demand as well as to improvements in the banking system. Investors can rest assured that property acquired in Limassol can definitely generate large profits. With the steady rise in prices as well as in demand, it is a sure success. Many investment projects in Limassol also create more jobs. Therefore, the population of Limassol is expected to increase and demand for property only continues to rise.

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