Mr. Sofoklis Christodoulou, CEO of Limassol Blu Marine, tells us where the Cyprus property market is heading, because of inflation, increase in interest rates and flows of demand.
The Property market in Limassol will not be affected negatively. As we are noticing there is an increased demand for office space and Residential accommodation from foreign Companies who have moved to Cyprus to work in the financial services, shipping and ICT sectors.
This is expected to further expand due to the rising number of international workers who have already relocated to Cyprus or are planning to do so. Cyprus is now very friendly to ‘business Investors’ as many new benefits & incentives have been recently announced.
We already see Investors from Europe, Russia, Ukraine, Belarus, Lebanon, Israel, India & middle East coming and investing in a second home or a permanent residence or to even relocate their businesses
However, the supply of office space is limited for ICT companies as well as of residential accommodation for their highly skilled and paid employees.
Property prices in Limassol are stable and demand has been particularly high for apartments, both by Cypriots and foreign buyers. However, residential rental prices in Limassol continue to increase.