Cyprus Economy Continues to Grow

June 5th, 2017   •   Comments Off on Cyprus Economy Continues to Grow   

The most recent RICs property price index report shows more promising signs of economic growth in Cyprus. With improved confidence in Cyprus’ banking system, resulting in higher transactions taking place in the final quarter of 2016, the Cypriot economy is once again looking up. Last year, the economy saw an overall GDP growth of 2.9%, which was a great example of how successful the Golden visa programme is proving for the country. According to the Minister of Finance– approximately two thousand golden visa were issued to non-EU citizens last year, equating to around 4 billion euros worth of investment, which in turn makes up around 25% of Cyprus total GDP.

Compared to Q4 of 2015, rental values have also noticeably increased by 6.6% for apartments, 8.7% for houses, making the average rental yield between 3-4% p.a.

The countries Citizenship by Investment programme still holds it’s place as Europe’s quickest CBI programme. Following an investment of €2,000,000 + costs, it is possible to obtain an EU passport within just 6 months which in turn allows one to live, work or study anywhere in the EU.

Paphos luxury apartments DomusLa Vida have a wide selection of real estate investments to offer in Cyprus, including the following brand new project which has just recently been launched in the popular area of Pafos. Citizenship investors could consider purchasing a number of properties in this particular development to total the required amount of €2,000,000. With prices starting from just €240,000, this project also offers excellent choices for Permanent Residency applicants too. The developers are also offering a guaranteed rental programme of 3% p.a for a three year period. An ideal option for those who are looking for a low maintenance investment which will generate a steady ROI.

 

If you would like further details on either the citizenship by investment programme or the available real estate projects, please do not hesitate to contact us.

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