The Investors’ Prime Destination
Discover Nicosia's Real Estate
Being one of the world's most exciting travel destinations, Nicosia is a prime city for culture, business, and tourism in Cyprus. Nicosia has established itself as Cyprus’s financial capital and its central international business hub. In 2018, Nicosia became the 32nd richest city on the global chart in relation to purchasing power. The city is decorated with historical structures and incredible modern architecture, creating an amazingly striking view.
Culture, History, and Business
Located close to the Mediterranean, Nicosia has about 310,365 residents, and has been making waves across the world due to rapid development and good real estate investment opportunities. When it comes to business, personal trust, respect, and hospitality are the bedrocks of Nicosia’s business environment.
The tourist and economic attractions have made one of the world’s most profitable investment destinations. Low taxation is mainly what drives investors to this location. As well as being the country’s capital and largest city, Nicosia is also Cyprus’s economic hub. Though the monthly cost of living for one person without rent is €699.30, the city still offers the best living quality for employees or tourists, and this makes it one of the hotspots for work, tourism, and investment.
Real Estate Appeal
Over the past ten years, the property market has been evolving rapidly due to constant innovation and development. This positive trend is bound to continue as more global investors are attracted to this area. The residential market has witnessed a significant amount of improvement; there are over 360 apartment complexes currently under construction in the city. This certainly adds to the appeal of the Nicosia real estate market and will facilitate the entry of more investors in the market.
Also, the office space category has undergone some considerable changes because many organizations are increasingly interested in locating their businesses in downtown Nicosia. At the end of 2020, it is estimated the office complexes under construction will reach a whopping 70,000 square meters. Among the significant office projects that are expected to be on the market by 2021 in Nicosia are the Nicosia City Centre, the Asteroid Tower, and the Capital Gate. Furthermore, upcoming projects like the Cymiva Office Tower are in view of being delivered in 2021 as well.
If you wish to find out why Nicosia is the best investment destination for real estate and the profitable neighborhoods to look at, we will discuss further about these subjects in the subsequent articles.
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