In 2014, just after the recession, everything started getting better and the economy all over the island improved. Property values all over started escalating dramatically but the biggest escalations were still noticeable in Limassol. Most hi-end properties in this region enjoyed an incredible 45% increase in property value in 2017 alone and it is escalating since then.
Rental prices in Limassol skyrocket
The rental prices all over Limassol skyrocketed from 2016 onwards. Flats and houses rose with a massive 56% for flats and 42% for houses in the second quarter of 2021. This is quite a dramatic increase compared to average Cyprus flat rate increases of 8.3 % and house rate increases of 10% across the island. This is
Property markets in Limassol boom
It isn’t just the rental prices that show dramatic increases in Limassol specifically. Property values all over this city increased dramatically. The prices for apartments and houses in Limassol rose with more than 10% per six months.
Why this dramatic increase in Limassol specifically?
The improved economy is one of the biggest factors that affect property values and rental rates in Limassol mainly to the fact that Limassol has gathered some big overseas companies with thousands of employees who need rental properties. But plenty of other factors trigger this tremendous change in Limassol like the following;
A general increase in overseas interest in Limassol
Massive increases in tourism in this popular destination
The 550 million Euro casino resort that is in construction
A much more positive outlook for the island
Foreign investors who are interested in hi-end properties
Investors who are looking for hi ROI (return on investment)
The fact that more luxury and hi-rise buildings are available in Limassol than other areas
Much more businesses and work opportunities in the region.
Is it good time to invest in property in Limassol?
If you are wondering whether property is still a good investment then the answer is most certainly yes. The predictions for property markets are nothing but positive for this region and any smart property investments in Limassol is bound to either give you good returns on investment or a nice profit if you sell the property at a later stage.
The ROI on investment to buy and rent residential properties can be as high as 8% per annum.
If you are interested in buying property in Limassol then the best thing you can possibly do is to work through our expert team.
We can help you plan your investment and execute all the legal aspects of buying in Cyprus and we will give you the best possible advice with regards the best types of property investments.