City Based Property Investment Alternatives in Cyprus
The property market in Cyprus is dynamic and multi-layered; at first glance one might assume it’s simply a market that sustains holiday home, relocation and retirement interest with perhaps an element of jet to let property investment on top. However, look closer and you’ll find a market that’s robust, competitive and of maximum interest to investors no matter which approach they choose for the generation of optimum real estate returns.
According to Martin Pearce, UK Sales Manager of Aristo Developers: “one of the lesser known, yet tried and tested property investment approaches that’s becoming better known since Cyprus joined the EU, entered the eurozone and raised its profile as an international business hub, is the city-based corporate letting opportunities that abound in entrepreneur Theo Paphitis’s birthplace of Limassol. Limassol is the largest port in the Mediterranean, its home to hundreds of international companies, and it’s a city in the process of a multi-million pound overhaul that includes the creation of a luxurious marina that certainly puts it on the map. As a result Limassol is emerging as one of the most dynamic markets in Cyprus with strong levels of buy to let opportunity.”
With the expansion of both Larnaca and Paphos airports which serve Limassol, a strong road infrastructure, together with extensive flight routes to Europe and the Gulf states, and with taxation and regulation competitiveness of Cyprus as an international business location, the number of companies that have chosen Limassol’s central business district for their regional headquarters has risen significantly. This has had a direct impact on the rental demand for quality, well located property, with investors cashing in on high-end corporate demand from companies whose executives fly in, conduct their business and fly out again. Barclays Bank, BNP Paribas, Deloitte & Touche, Four Seasons and Holiday Inn hotel groups are just a tiny handful of the hundreds of multinationals that have a presence in Limassol, which just goes to show what a strong market it is for property investors to consider.
Limassol has also become the Cypriot centre for the massive base of wealthy overseas business interest on the island. The island is not only considered safe, it’s seen as a location where the quality of life is excellent and the standards of living, education, healthcare and even shopping are very high indeed. This has had a further impact on the market with many foreign investors buying and renting homes in and around Limassol. Further positively influencing the market is the fact that the city has stunning beaches, it’s rich in history and culture, it’s the wine growing capital of Cyprus, home to the Cyprus University of Technology and it’s now in the process of having a complete and luxurious make-over. Money is pouring into the Limassol Marina Project for example, and this is set to transform a large area of the city and offer a new direction for tourism in Limassol that in turn offers investors additional areas of investment approach to consider.
For those seeking the broadest range of rental demand in Cyprus, Limassol is certainly the most dynamic location to examine. Investors can tap into corporate letting opportunities, long-term rental demand, short-term tourism demand and they can certainly benefit from the overall development of Limassol’s appeal which is having a direct effect on underlying real estate values. Rental yields can be strongest in the corporate let and short-term tourism letting business, but for those who prefer consistent year round returns, long-term letting city based apartment stock to professional and local demand is proving most popular.
In terms of the type of property in demand and renting and reselling well in Limassol, quality, well located and serviced apartment stock is excellent for both the buy to let market and also those serving tourism interest in the city as well. Aristo Developers has a range of quality apartment developments across Limassol that are being targeted specifically by international property investors with large buy to let portfolios. Take the range of Regina Court property developments that feature modern and stylish apartments, spacious penthouses and well appointed studios; each Regina Court project offers a buyer a choice of facility and amenity from onsite swimming pools to covered parking for example. Prices start from EUR 197,100 plus VAT and for more information about these properties and the range of investment opportunity available in Cyprus and in Limassol in particular, please contact Aristo Developers on 0800 082 0601 or visit www.aristodevelopers.com.