Explore the Best New Construction Projects in Cyprus

The housing market is hot, and people are buying like crazy. The positive investment climate in Cyprus is definitely showing no sign of slowing down. 

New construction projects are continuing to come in. More than half of available properties were sold out last year. These projects are laying the groundwork for even more wealth in this country.

How can you not love Cyprus? The Mediterranean climate and low taxes make this island a hot spot for real estate investors.

If you are looking to invest in real estate, Cyprus is the next big thing. Take advantage of this investment opportunity. It is a sure way to make your future brighter and the ROI higher.

A sneak peek at the latest construction projects

The Cyprus real estate market continues to steadily grow. With the financial crisis, there has been a shift in building permits. In fact, new construction increased by more than 9%.

Cyprus is a country that has seen an incredible growth rate of 4%. The average rate of EU member states, according to Eurostat data from 2018-2019, was 3%. This shows how well they are doing compared with other nations.

The number of construction permits is also reaching an all-time high. The value rose by 64.7% from last year. The development of luxury hotels and residential buildings with seafront views is apparent all around the island.

The policies in Cyprus have been extremely beneficial for businesses. Many are relocating there and investing heavily into new buildings for their headquarters.

Cyprus has demonstrated an impressive real estate growth rate. It is double the average growth rate of other European Union member states.

Foreign investors see huge real estate potential in Cyprus

The construction industry in Cyprus has been driven by foreign investment. Many companies have chosen to establish themselves there. Foreign investors bought half of the properties last year. Just two years ago, these transactions were worth about 500 million euros.

It’s clear that Limassol and Paphos are the most popular destinations for luxury residential properties. Investors from Russia, China and the Middle East heavily invested in this country. Unfortunately, the global Covid-pandemic has temporarily halted this trend.

The increase in foreign investment has not just been focused on the sale of properties. There has been a lot of foreign investment in properties that are still being developed currently. 

There’s something for every taste and budget. Some of the newest construction projects in Cyprus are fresh, state-of -the art residential buildings. Others even include marinas and golf resorts.

What’s in demand

The Cyprus Statistical Services reported that investment properties are mostly focused on providing luxury experiences for Cypriots and visitors. The last five years have seen several multi-million-euro contracts. They came in from new projects and investments on existing assets. Five-star hotels, malls and luxury marinas are providing the perfect balance of residential properties with commercial space.

Luxury properties are now sprouting up in Limassol. Developers have therefore created a new type of arrangements for these high-end properties. Luxurious complexes combine residential with commercial amenities. 

The Ayia Napa Marina is an inspiring project that includes two twin skyscrapers. The skyscrapers are over 100 meters high. It will also include a 600-vessel marina and 200 apartments. The complex also has 30 luxury villas, as well as many clubs and restaurants for residents to enjoy.

This is one of the most important investment opportunities in Famagusta. Even new green spaces are becoming more popular within the construction industry. These properties now advertise with green features such as lakes and environmental diversity.

Of course, the tourism industry is also seeing a large influx of investment projects. The Coral Bay Integrated Resort and Minthis Hills Resort are all five-star hotel properties that offer exclusive travel luxury.

Overview of the residential & commercial real estate projects

Urban planners in Cyprus are focused on building new commercial spaces. They combine the Mediterranean lifestyle with modern amenities. These spaces will become hubs for life, work, and entertainment.

Investment opportunities in the form of real estate are plentiful in Cyprus. People can purchase property at Del Mar, a landmark located near one of its seafronts. Leptos Marina Residence is also being built nearby. Cyprus also has the first Smart EcoCity, Neapolis. It is an ideal place for those looking to live more sustainably.

Santa Barbara Hills Park is a five-star hotel resort that includes an incredible Sports and Multi-Theme Park. It is home to some of the most beautiful scenery in all Cyprus.

When it comes to architecture, the country has some impressive and innovative projects that provide vibrant commercial space. One such example is the Santa Roza Tower. It was designed by Japanese architect Shigeru Ban for Nicosia’s central business district.

These projects are unique in the Cyprus market. They offer a distinctive commercial space unlike any other construction project.

Medical & educational properties

Many other types of construction projects have been attracting attention. Medical tourism continues to grow as well. 

Cyprus is therefore developing or rebuilding their healthcare institutions. Private investors are also taking advantage of the large number of people looking for medical care abroad.

Investment opportunities are available in other sectors

Cyprus offers an exciting investment opportunity in the energy sector. Two opportunities are currently available.  The first is Electric Ltd in Larnaca district. It has positioned itself as the first independent power producer. The company is looking for dependable financing and investment partners.

The power plant would include one that handles waste management. The other one would be focused on renewable energy production. 

Investors looking for projects that are more sustainable and eco-friendlier can invest in Helios Power’s solar energy projects. The company has a strategic location just outside Larnaca. The Cypriot government has been taking the initiative to invest in and develop several of its own facilities.

The Ministry of Foreign Affairs will cost €3 million to build. €13 million will be invested into building the Migration Department. The new Parliament Building will cost the country €80 million. These large-scale infrastructure projects are co-financed by European Structural and Investment Funds.

Conclusion: An opportunity to invest and reap rewards

The construction projects in Cyprus provide an opportunity to invest and reap rewards. This Mediterranean destination is expanding its diverse industries. More developments are coming soon and will reward investors even more than before. The country has an attractive residency program and many advantages for financial growth. It is a destination that should be on your list of places to invest in.