Cyprus sets a record in real estate sales of 1.3 billion Euros during the first quarter of this year

Cyprus is one of the countries with a strong economy that depends mainly on the public sector and the tourism sector. As we know, Cyprus is located at an ideal point on the map that allows easy access to all major shipping and air routes, including Dubai, London, Moscow and Athens, it is Which made investing in Cyprus a successful option for everyone, in addition to the rapid growth and development of the real estate market in Cyprus. One of the main reasons was the tax benefits of low rates, as the corporate tax rate is 12.5%, which is one of the lowest tax rates in the European Union. This is in addition to what Cyprus is famous for in its vast beaches that attract tourists throughout the year from all over the world. The same from the past two years, which increased the demand for real estate overlooking the beaches by tourists and visitors. When talking about the real estate market in Cyprus, it is considered one of the best markets in the world and in Europe in particular, as the country has made the process of buying and selling real estate easy for investors from outside Cyprus, and it was noted that real estate sales in Cyprus amounted to 1.3 billion During the first quarter of 2022 only, according to reports from the Land Registry of Cyprus, a total of 5,258 properties were sold, and the cities of Limassol and Nicosia had the lion’s share of property sales, with total sales in Limassol 1,581 properties worth 573 million euros, and in the province of Nicosia, a total of 1,574 properties were sold with a total value of 313 million euros, and these figures, if anything, indicate the flexibility enjoyed by the real estate market in Cyprus and the high level of confidence in the sector between property owners and foreign investors.

Cyprus offers an opportunity to invest for those wishing to obtain residency within the country through its permanent residence program, where the government launched its program for those who wish to move and live in Cyprus in exchange for buying and owning a property with a value starting from 300,000 Euros within a period up to 3 months within the so-called fast track, and by maintaining the ownership of the property for life to maintain the validity of permanent residence in Cyprus, the investor can then obtain Cypriot citizenship for himself and all eligible family members if they meet the required conditions and criteria, and by obtaining a Cypriot passport, you will enjoy free access to 174 destinations around the world, Which made it one of the most requested passports as it is currently ranked 18th according to the Reach Immigration Passport Index. To find out more details and features that this program offers you, visit the Reach Immigration website here.

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