Buying Property in Cyprus Bolstered by Government Support

Summary: The Cypriot government is determined to attract more investment to the nation which bodes well for property investors

The beautiful island nation of Cyprus has long been a favourite vacation destination for Europeans.  With its incredible historical sites and incomparable weather, beaches and golf, it is hard to top Cyprus as a holidaymaking hotspot.  For real estate investors, the country’s natural draws have paid off with profitable returns and decent rental yields.

As much as Cyprus has going for it, it appears as if the climate is only going to get better.  Open government support for commercial investment is absolutely a good sign for the real estate industry.  Let’s explore what is presently happening in Cyprus and why commercial growth has some potentially fantastic spin offs for real estate investments.  If you’re considering buying property in Cyprus to invest in, retire to or to just use as a holiday home, the country’s one of the most interesting in the field right now because buying property in Cyprus is bolstered by government support…

Here’s why: -

Since its 2004 European Union entry, Cyprus has been working to expand its standing as an international centre for commerce.  Recently the country’s minister of commerce, Antonis Michaelides, spoke at an event where he played up the country’s advantages as a hub for commerce with not only Europe, but also Asia and Africa.  Cyprus is serious about growing its commercial side, and Michaelides wants to make sure international investors are aware of the potential that can be found here.

“My country has seriously taken up the challenge of intensified competition emanating from its accession to the European Union and the worldwide trend toward globalisation,” Michaelides is quoted by Assetz.com as saying.

Michaelides pointed out the natural draws of Cyprus for international investment, including the stable economic environment, infrastructure, skilled labour force and an attractive business climate.  All of these factors bode well for residential investors, as well.

So, what does Cyprus’ push for more commercial investment mean for the real estate market and its investors?

As Cyprus continues to expand its business base, the spin offs for the real estate market could prove rather beneficial.  If more companies take up Cyprus’ call for investment, the demands for full-time and holiday housing could continue to increase.  This could bode very well for buyers looking at resale potential, and of course for buyers who desire buy-to-let income.

Cyprus sweetens the deal for investors both on the real estate and commercial end.  The country’s ever-growing tourism market makes it very attractive to residential investors.  Its tax structure for corporations is a big draw for commercial investors – only 10%, which is the lowest in the EU.

Cyprus’ already strong economy and real estate market could see even further growth if the country is successful in attracting the attention of international corporations.  Its unique location and favourable investment climate are giving it a leg up.  Should investors really take advantage of the government’s push to bring more business to the country, real estate investors only stand to gain.

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