The Department of Lands and Surveys of Cyprus has released data for February 2024, indicating a vibrant real estate market.
According to official statistics, during the second month of 2024, 1,284 properties were sold on the island, marking a 14% increase compared to the 1,131 contracts concluded in February 2023.
Out of this figure, 772 units (60%) were purchased by local residents, while 512 (40%) were acquired by foreign investors. This data reflects significant interest from both local residents and foreign buyers in Cyprus real estate.
Sales to foreign investors were particularly prominent in Larnaca, showing a remarkable growth of 44%. This impressive figure indicates high interest from foreign buyers in the real estate market in this region.
The city of Larnaca, with its developed infrastructure, quality educational institutions, and favorable business environment, offers broad opportunities for both investment and creating a cozy and comfortable lifestyle.
Furthermore, foreign investors have a unique opportunity to obtain Permanent Residency (PR) for the entire family, making Cyprus even more attractive. The initial PR card is issued for 10 years, providing long-term prospects for investors and their families. This further enhances the appeal of Cyprus for those seeking not only stable investments but also the assurance and security of their future.
Interestingly, even rental prices continue to rise, and demand remains high, even outside the tourist season. According to the latest data, average rental prices on the island increased by 8% compared to the previous year.
Growing rental prices, combined with constant demand, make investments in rental properties in Cyprus attractive for investors seeking stable passive income from their assets.
📌 Therefore, if you are considering purchasing property in Cyprus, now is the best time!
✔ Prices continue to rise
✔ Demand remains high
✔ Opportunity to obtain PR and create a “Plan B” for EU residency
✔ An additional bonus will be passive income from renting out your property
Choosing Cyprus means selecting not only a great place to live but also a strategic decision for the future.
Contact us to receive all the necessary consultations and assistance in realizing your investment plans in Cyprus.
Our experts will provide you with comprehensive support and legal guidance on all aspects of investment, helping you make informed decisions and achieve your goals!
OBTAIN PROFESSIONAL IMIGRATION ADVICE
If you have any questions in any of the directions, please contact us.
READ ALSO
Purchasing land plots in Cyprus
TOP 5 reasons to move your business to Cyprus in 2024
Taxes for individuals in Cyprus.Tax optimization for individuals
Non-Domicile Tax Residency Status in Cyprus. Tax optimization in Cyprus
Residence Permit and Immigration to Cyprus
Cyprus is one of the few places in Europe where a mild climate, low taxes, […]
Amid the closure of investment programs in other European countries, Malta retains its exclusive status: […]
The Republic of Cyprus is rightly considered one of the most attractive jurisdictions for conducting […]
