Positive outlook for the economy of Cyprus
The economy of Cyprus is heading in the right direction. Latest data reveals signs of stability, with annual GDP growth of 2.9% in the last quarter of 2016.
According to the latest RICS Property Price Index, property prices are also on the up.
Residential prices for houses and flats have increased on a quarterly basis by 1.7% and 0.7% respectively in the fourth quarter of 2016.
Some of the notable increases were in Larnaca with a 3.3% increase for flats, and Limassol where houses increased 1.8% in value. Holiday homes also improved by 2.3% for flats and 2.2% for holiday homes.
Overall, across Cyprus compared to Q4 2016, flat prices increased by 3.7%, houses by 3.4% and offices by 4.7% as according to RICS report.
Some of the recent GDP growth as well as increasing property price index is a reflection of the ‘Citizenship by Investment programme’ in Cyprus.
Implemented in 2015 it allows international investors to obtain Cypriot citizenship through the purchase of property in the country. Cyprus Citizenship by Investment programme is seen as one Europe’s quickest and easiest CBI programme and thus a popular choice among investors.
According to the Minister of Finance around two thousand visas have been issued to non-EU citizens in 2016, equating to around €4 billion worth of investment making up around 25% of the countries total GDP.
Real estate solution provider IPN Cyprus, sees this as a positive sign for the economy of Cyprus.
IPN’s CEO, V. Kolonas, comments,
“Many property investors are on the look out for signals just like those that Cyprus is giving out at the moment. A carefully timed investment at the point when a country’s economy starts to show signs of improvement can mean impressive results.
Rising property price index, coupled by the successful performance of the Citizenship by Investment scheme, will undoubtedly attract even more foreign investment to Cyprus.”
For more information on Cyprus Citizenship by Investment programme, contact the IPN team on +357 25 31 31 81 or visit www.ipncyprus.com