In the matter of a couple months, Covid-19 pandemic has brought most of the countries to their knees. Not only causing the dreadful numbers of infections and fatalities, world economies are also badly shaken. Surprising the worldwide property prices, including Cyprus properties, were not affected too badly. This may be due to governments’ generous stimulus packages. During this time, governments are freely printing trillions of dollars to support their economies and businesses.
After coming off from the peak, some countries are slowly and cautiously begin to open up their economies in stages while keeping an eye on the public health and their health system capacity.
While there is uncertainty when investing during these times, it has shown that investing in real estate has been relatively safe and stable as compared to the volatility of the stock market.
In the 1st quarter of 2020, like in most countries, Cyprus real estate activities have taken a hit. Construction activities were stopped during the lockdown.
Why Invest In Cyprus Real Estate Now?
Many investors have given the thumbs up for Cyprus’ response to the pandemic. Following closely to their medical experts’ advice, Cyprus has acted very quickly and imposed a lockdown early as soon as the first cases appeared. As a result, Cyprus only reported 16 deaths as of 13th May and is among the first countries that have already started to open up their economies.
As Cyprus opens up, some real estate developers will want a quick recovery and will be keen to offer promotions to investors after months of inactivity. During this period, smart investors will be able to make use of this opportunity to secure their property at attractive prices. Cyprus real estate experts have predicted that Cyprus real estate market is set to rebound in 2021.
The government will also be looking into quickening the approval process for their permanent residence and the citizenship investment programs. For those who are not familiar with Cyprus investment programs, Cyprus grants residency to individuals and their families if they invest a sum of money onto Cyprus’ economy. For example, a minimum of €300,000 or more in real estate investment is needed in order to apply for permanent residency in Cyprus.
In view of the covid-19 situation, some developers are also offering remote buying. It means that you can choose and secure your property without travelling to Cyprus. As soon as the virus situation allows for travel, you can then travel to Cyprus, take biometrics, collect the PR and (switch property if not satisfied with the original choice.) The developers understand and are flexible in their timeline to help clients during this period.
This is a good time to invest in Cyprus and (if you want) get your permanent residency at the same time for free!
In the meantime, stay safe and happy investing!