The city of Limassol in Cyprus is called the business heart of the country. It is here that IT professionals, investors, and entrepreneurs from all over the world and the former CIS countries flock. It is a big city with a boisterous flow of life, which resembles Los Angeles: sun, beach, promenades, and glass skyscrapers, in which the deals with extensive checks are done. Therefore commercial real estate in Limassol is not just in demand but is a hot trend throughout the city's history and, over time, does not fade but only gains in the market. We will consider the main advantages and peculiarities of buying business real estate in this city below.
Cyprus is rapidly transforming from a pure tourist destination into a business and investment environment — a haven where your assets are safe. Cyprus' economy has been growing steadily for the past few years, recovering from the post-crisis crisis. Today it is recognized as the fastest-growing economy in Europe.
Each year the island registered about 1000 new companies, some of which — relocated from other countries, which moved the business to Cyprus to optimize the taxation and create a safety cushion for their business.
The main center where companies and investors flock is Limassol, with most expats coming from the CIS countries. For this reason, this region has the largest Russian-speaking diaspora on the island, with over 50,000 people, while the total population is just under 260,000. Adapting to this city will be easy, as Russian is heard everywhere, and services are available in your native language.
Since most relocating companies bring their staff to the island, it generates a high demand for commercial real estate in Limassol and apartments and houses for rent in Cyprus near the city.
It is also one of the most popular resorts on the island. Before the COVID-19 pandemic, the annual number of tourists was about 4 million, but the pandemic made adjustments, and there was a significant drop. However, in 2021 the situation began to level off, and last year 2 million tourists visited the island, which will grow.
Limassol has a highly developed tourist sector with many hotels, restaurants, entertainment, nightclubs, and other services.
The city covers the needs of businesses, both from the side of tourism and the side of the activities of companies. Selling hotels in Cyprus or buying office buildings for rent is profitable.
Buying commercial real estate in Limassol has the following advantages:
Thus, the purchase of Cypriot real estate has a lot of advantages and brings profit. However, success depends on initial conditions and fundamental approaches — market analysis, competitors' products, risk calculation, and the most realistic situations. SPM Real Estate specialists can conduct a full-scale analysis and create a customized business model for you.
Commercial real estate in Limassol:
The stages of construction at which it is possible to buy property in Cyprus:
Commercial real estate is often part of a multifunctional complex, such as a tower with premium apartments, part of which is allocated for service facilities — stores, restaurants, a gym, a meditation room, etc.
The price of real estate in Cyprus in Limassol varies greatly depending on the type of object and many other factors. You can buy a store for 200,000 euros and a high-rise tower with residential and commercial units, the cost of which can exceed 5 million euros. It should also be noted that Limassol is one of the most expensive cities in Cyprus, and prices there can be 40% higher than in other regions.
The following factors influence the price of commercial real estate in Limassol:
You can see the real estate prices in our catalog.
We have already discussed the benefits you will receive if you buy a property in Limassol. However, after visiting the island, many of our clients decide to stay here, and purchasing real estate opens up opportunities to do so. So what will a move to Cyprus bring you through an investment in real estate?
Advantages of moving to Cyprus:
In addition to commercial, you can also buy a residential property in Cyprus, which can be used for both accommodation and rent.
Objects represent residential real estate:
Contact SPM Real Estate and buy Cyprus real estate to make your dream of a beautiful life come true!
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