2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Kourion<br />
current construction of the Republic’s first-ever luxury casino resort. The €600 million<br />
integrated resort, run by a consortium with renowned Hong Kong player Melco, will<br />
exceed five-star status and open a whole new market for niche tourism on the island.<br />
ATTRACTIVE REAL ESTATE<br />
The <strong>Cyprus</strong> real estate sector was showing strong market performance straight<br />
through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.<br />
However, by October 2021, sales to the European market increased 68% and <strong>2022</strong><br />
has shown dynamic momentum in sales so far. <strong>Cyprus</strong>’ appeal has remained strong<br />
amongst international investors, expats and retirees thanks to its Mediterranean<br />
climate, high quality of life and safety, as well as its status as an EU member state<br />
conveniently located between three continents. <strong>Cyprus</strong> has one of the highest home<br />
ownership rates in Europe and also has a longstanding market for second homes and<br />
holiday villas, making the economy heavily reliant on the sector. With new up-market<br />
developments, increased foreign investment in top hotels and major infrastructure<br />
projects springing up, <strong>Cyprus</strong>’ attractiveness as a property investment location is set to<br />
grow in the coming years.<br />
Ayia Napa Marina<br />
19
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