The real estate sector is one of the shining stars of the Cypriot economy. In the past few years, the sector has continued to grow faster than the overall economy. A close tour of most Cypriot cities like Limassol, Nicosia, and Paphos shows that the number of real estate projects is increasing. In this article, we will look at some of the best reasons to invest in the Cyprus real estate project.
Quality Service Providers
A common challenge of investing in real estate in many countries is that they lack the quality service providers. These providers include contractors, furniture stores, and real estate agents. Cyprus is known for having quality service providers. Most of them are small local companies. There are other big international brands like CENTURY21 that are helping improve the state of the sector.
In the past few years, the demand for quality real estate in Cyprus has been increasing. This is partly because the domestic economy has been improving. This has led to an increase in the number of wealthy Cypriots who can afford to invest in property. Another reason is that demand is coming from international buyers. Some of these people are coming to Cyprus to retire because of the lower cost of living. Others are coming to start or establish their businesses in the country. This is simply because Cyprus is known for its lower taxes. Third, there are other foreigners who are coming to take advantage of the country’s investment passport. Therefore, most properties are being sold out before they are completed.
Taxes are an important thing to look at when you are building a real estate project. Most developers want to invest in a place where they will pay less money in taxes. These taxes also include those of the construction products. Therefore, the cost of building and the final cost of selling tends to be significantly lower.
In most countries, the process of constructing is very long, tedious, and expensive. This is simply because of regulations. For example, in the United States, developers go through months of regulatory approvals. They are required to spend a lot of money on environmental impact assessments. These regulatory stages are required in Cyprus but the process is relatively easier. This can save you a lot of money and time.
Cyprus is a small country that has a lot of potential. The potential is mostly because of how the Cypriot government has positioned the country. They have made it a member of the European Union. They have also invested a lot of resources on infrastructure. Also, they are positioning it as the preferred destination for businesses. They have done this by putting in place incentives and making it possible for all businesses to thrive. Therefore, the country has become a small powerhouse in the region.
Cyprus has all you need when it comes to real estate investments. It has an excellent weather, a good location, and good incentives to boost the economy. Therefore, this is a country you should consider investing in.