Cyprus Real estate and construction sector overview
The real estate and construction sector is amongst the leading GDP contributors industries in Cyprus.
Purchasing a real estate property in Cyprus has long been a renowned investment option for overseas investors. This is because Cyprus is a European island that combines an appealing legal and tax system with favourable investment incentives and a high standard of living, natural beauties, and sunshine all year round.
The Cyprus real estate market after 2013 started to regain its popularity and attract the interest of overseas investors. With the introduction of the Cyprus Investment Program, which lasted until the 1st of November 2020, Cyprus became even more attractive to non-European residences.
After the Cyprus Investment Program's termination, the country manages to hold its position among the top investment destinations for buying a real estate property, primarily because of its favourable legislative and tax framework, the provision of the Cyprus Permanent Residency programme and the stable political and economic environment.
By capitalizing on its competitive advantages, Cyprus has managed to gain the reputation of a business and investment hub that offers solid investment opportunities in a secure and highly business-oriented environment.
Tourism-related projects are very popular and constitute prime investment assets. The evidence is the numerous multi-million euro contracts for acquiring hotels and shopping malls by foreign investors in Limassol, Nicosia and Paphos.
Additionally, residential and commercial property sales have significantly increased in the past three decades, mainly because individual overseas buyers invest in Cyprus for business and pleasure purposes, while international companies choose Cyprus for establishing their offices.
Limassol and Paphos are leaders in the real estate market, a trend projected to continue for the coming years.
During the pandemic, the sector had significant reductions and a shift of interest since local and international investors were very sceptical whether they would continue their investments plans or hold them until the economic environment could forecast future values.
How can RSM experts help you reach your goals and aspirations
Our professionals with years of experience in the real estate and construction sector have the know-how, expertise and capability to offer their audit, tax and consulting services to assist in navigating successfully through today's challenges.
Whether you hold a private or a public entity or you are an individual investor, our versatile experts can support you in any real estate transaction by providing professional advice, interpreting financial information, and calculating future value projections.
An overview on real estate tax levies in Cyprus, offering an insight in where to invest in the specific market.
"The Overview of the Cypriot Real Estate section includes the most important information about Cyprus Taxation rates for residents and non-residents individuals and companies.