2023-Cyprus-Country-Report
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CYPRUSCOUNTRY REPORT <strong>2023</strong><br />
Kourion<br />
construction of new golf courses, luxury marina developments and the upgrading of<br />
the island’s wellness and medical tourism product. A new and exciting prospect is the<br />
Republic’s first-ever luxury casino resort. The €600 million integrated resort, run by a<br />
consortium with renowned Hong Kong player Melco, exceeds five-star status and has<br />
opened a whole new market for niche tourism on the island.<br />
APPEALING 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, 2022 and <strong>2023</strong> have showed dynamic momentum in sales, underlining the<br />
strong confidence of both local and foreign buyers in the market. <strong>Cyprus</strong>’ appeal has<br />
remained strong amongst international investors, expats and retirees thanks to its<br />
Mediterranean climate, high quality of life and safety, as well as its status as an EU<br />
member state conveniently located between three continents. <strong>Cyprus</strong> has one of the<br />
highest home ownership rates in Europe and also has a longstanding market for<br />
second homes and holiday villas, making the economy heavily reliant on the sector.<br />
With new up-market developments, increased foreign investment in top hotels and<br />
major infrastructure projects springing up, <strong>Cyprus</strong>’ attractiveness as a property<br />
investment location is set to grow in the coming years.<br />
Ayia Napa Marina<br />
21
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