In the second quarter of 2018, the House Price Index (HPI) in Cyprus rose by 0.6% to the range of 103.98 units. Experts believe that this growth is commensurate with increase in demand in real estate. Fortunately, Limassol along with foreign investors are driving the market with about 37% of the transactions in Cyprus.
Limassol is the second largest urban center in Cyprus after the capital, Nicosia with tourism attractions littered here and there. The city boasts of exotic beaches, including a highly equipped bathing beach and entertainment spots. It is the home of various award winning wine and brandy companies with many other industries flocking the city. Its two ports make it easily accessible.
In the light of the above, new residential areas, offices, tourist attraction sites and what have you are springing up to accommodate the growth in demand. The prices of properties are rising as well, naturally and Limassol is leading this trend. It is however expected that residential rents will be more stable this 2019 with the banks’ intending residential sales auctions and new developments in the market.
The best part is that foreigners can partake in the ownership of property in the entire Cyprus though there are rules of course. The Chinese are purchasing loads of properties in Limassol, especially in the Marina. Limassol boasts of high end commercial real estate to the delight of the foreigners. The government has various incentives for foreign investors too.
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