Cyprus property sale is booming

Cyprus has seen record growth in property sales according to the new figures released by the Land Registry Office in Cyprus.

Limassol is the most popular location for property sales with over 3400 properties sold in 2018 alone.

The Cyprus citizenship by investment program have certainly boosted property sales in Cyprus. Under the scheme, the investors are required to buy €2 million investments of which buying a home or residential property worth at least € 500,000 is compulsory.

This citizenship scheme is currently capped to 700 applications annually. It also means that 700 homes will be sold for at least € 500K every year. Until 2017, Cyprus issued a total of 1497 citizenships to main investors.

Cyprus also has visa scheme which offers residence permit to investors buying properties worth at least € 300,000.

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