Since May 2019, considerably fewer people have been applying for Cypriot citizenship after changes in the country’s citizenship-by-investment programme; nationality obtainment measures have been toughened. Tranio looks into the situation and how it might change going into 2020.
How are things going on the global real estate market? What future challenges does it face? International real estate plaftorm Tranio presents an overview of the main trends that investors can focus on today and for the next year.
Tranio analysts investigate how
Maintenance costs in Cyprus are rather low in comparison to average European charges. Owners pay some €1,700 per year for apartments and about €2,900 for villas with private pools.
Cyprus spends 7% of its GDP on education, making it the third largest state investment in education in the EU after Denmark and Sweden.
Cyprus is a member of the EU but is not a part of the Schengen area. It remains a popular destination for foreign buyers thanks to its favourable financial and immigration policies, which give wealthy investors access to residence and citizenship. Documents must be translated in Greek or English.
Republic of Cyprus has a more favourable tax regime than other European countries. For example, there is no inheritance tax in Cyprus.
Foreigners can obtain mortgages in Cyprus, where such loans are granted for off-plan real estate, existing properties and renovation.
Cyprus is an open real estate market and demand has been growing for property in the country since 2016. The warm Mediterranean climate, relatively low residential property prices, and opportunity to obtain residency/nationality through investment (when buying property worth at least €300,000/€2M respectively) are all attractive to potential buyers.
Cyprus is home to many major resorts that fuel this key real estate market.
The government of Cyprus has lowered the financial threshold for its citizenship by investment program.
The best locations in Cyprus, Slovenia, France, Mallorca and Austria to spend €1.5M on property including taxes and other expenses.
It's been nearly a decade since the crisis and most European markets have now entered the recovery stage. Here's Tranio's breakdown of the best housing markets in 2016.
Property in Cyprus was badly affected by the 2008 recession and the country's banking crisis in 2012, but better things are to come according to this article by Ivan Chepizhko.
Money is flooding into European commercial property markets. This article by Tranio expert, Yulia Kozhevnikova, reviews the top trends, destinations and segments to look at this year.