Cyprus’s new construction projects show a positive rising trend as investors keep coming in. Residential and commercial real estate are both selling like hotcakes. Cyprus is becoming the newest center for real estate investment for many overseas investors.
This week’s article by Docrypto examines the several uncommon investing prospects for brand-new construction projects in Cyprus. The basis for much more wealth creation in the upcoming years is being laid by these massive enterprises. Investing today and reaping the rewards in the future can be quite profitable.
Foreign Investors
A significant portion of Cyprus’ construction industry is now driven by foreign investment thanks to the residency by investment scheme. Foreign investors acquired half of all the real estate that was sold last year.
The most popular locations for luxury residential properties are still Limassol and Paphos, where deals worth more than 500 million euros were thought to have taken place two years ago. Sales grew by 23% more than expected in the first quarter of 2019. These investments were made mostly by foreign investors from the Middle East, China, and Russia. This trend briefly stopped between 2020 and 2021 as a result of the global COVID outbreak.
The selling of newly developed properties has also received attention from foreign investors in addition to already built properties. Modern residential buildings are one type of new construction in Cyprus, but marinas, golf resorts, and other commercial buildings are also being built.
Residential & Commercial Real Estate Projects
The Mediterranean way of life and urban commercial and office space are the main goals of new development projects in Cyprus, which also have a strong focus on the country’s thriving tourism sector. In busy places all around Cyprus, these areas are anticipated to develop into major centers for living, work, and leisure. These residential-commercial pairings are giving locals, midday shoppers, or professionals the ultra-high-end experience whether they are in the center of the city or have oceanfront views.
The Del Mar, the Limassol Landmark, the Leptos Marina Residences, and the Pafilia Tower, all of which are located on Limassol’s seafront, are among the investment prospects in Limassol. Located in the centre of Paphos’ tourism district, Neapolis is Cyprus’ first Smart EcoCity and provides a variety of residential lifestyle options within substantial green spaces.
In addition to a sports and multi-theme park, rehabilitation center, geriatric care and monitoring, and a residential development with more than 700 homes for sale, Santa Barbara Hills Park, a five-star hotel resort in the Paphos hamlet of Agia Varvara, also has a residential development.
Both the Limassol Landmark and the Santa Roza Tower in Nicosia are construction projects with the goal of giving Cyprus impressive and long-lasting dynamic business space. Like no other construction projects in Cyprus to date, these huge structures provide commercial space.
Exclusive Luxury & Tourism
Many of the new development projects in Cyprus are investment homes designed to give locals and visitors luxurious experiences, according to the Cyprus Statistical Services. In the past five years, a number of multimillion-euro contracts have been generated by both new initiatives and investments in existing assets. Commercial and office space are combined with residential elements in luxury complexes offered by five-star hotels, shopping centers, and upscale marinas.
The popularity of the Limassol Marina has sparked increased construction in opulent, commercially and residentially zoned beachfront areas. The 220 million euro Ayia Napa Marina project includes two twin skyscrapers that are over 100 meters tall, a marina with 600 vessels, over 200 flats, 30 luxury villas, and a number of clubs, restaurants, and shops. One of Famagusta’s major investment prospects is this one.
New green spaces are also hitting the construction industry. This includes:
- The Aristo Eagle Pine Golf Resort in Limassol
- The Aristo Venus Rock Golf Resort in Paphos
- The Berengaria Hotel Spa in Prodromos village at Troodos Mountains
- Limassol Greens Golf Resort
- The Vasa Golf Resort in Vasa Kellakiou village of Limassol
- Elea Estate in Paphos
- St Elizabeth Golf Resort in Limassol
The most sought-after areas are Limassol and Paphos, and many of the villas are marketed as having amenities like lakes, recreational areas, and environmental diversity.
A significant increase in significant investment projects is also being observed in the tourism sector. Five-star hotel and resort establishments in Paphos include The Coral Bay Integrated Resort, Limni Bay in the Limni neighborhood, Minthis Hills Resort Paphos, and The Continent Resort.
Projects for Medical & Educational Buildings
There are other new development projects in Cyprus that are drawing interest from abroad and receiving foreign investment besides residential and commercial projects. Cyprus is building new medical facilities or renovating existing ones as the trend toward medical tourism grows, and private investors are profiting from the increasing number of people seeking medical attention abroad.
Examples of excellent medical facilities or living quarters for persons with particular medical problems and demands include the Athena Medical Centre in Nicosia, the Gardea Private Medical Resort close to Limassol, and the Medlife Village on the outskirts of Akamas National Park.
In addition, development initiatives include investments of 4 million euros in the Kyperounta Pulmonary Clinic, 2 million euros in the Athalassa Psychiatric Hospital, and several hundred thousand euros in the first aid departments of the Makarios and Kyperounda hospitals.
EDUC.POLE is a unique Cyprus investment project in the educational sector that provides space to interested organizations or individuals working in or investing in a highly qualitative topic or project. For individuals who meet the requirements for higher study, each space is set aside.
As its diversified sectors flourish and it continues to reward investors, new construction projects in Cyprus offer worthwhile investment prospects in this Mediterranean country. Cyprus already ranks highly on the list of places where you should make investments and provides investors with a number of benefits for financial growth as well as a desirable residency program.
To make the most out of your investment opportunity, DoCrypto can be your partner whether you’re looking to invest in the private commercial sector or an opulent new home to call home. To learn more about some of the most prestigious new construction projects in Cyprus, get in touch with our staff. You can then easily begin living the Mediterranean lifestyle right now.
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