The real estate index in Cyprus is much lower than its equivalent in Israel, and at the price of an average apartment in Israel it is still possible to buy, in Cyprus, a luxurious villa with a swimming pool in a touristic area. The Cyprus real estate market, badly hit by the crash of 2008, has been showing signs of recovery for several years, but still offers impressive properties at prices which are 30% lower than prior to 2008.
The island of Cyprus, with a million citizens, welcomes over 3 million tourists every year. In 2017 more than 3.6 million tourists arrived in Cyprus, about 40% of whom (approximately 1.5 million tourists) chose to stay in Paphos. The largest European casino to be built in 2021 near the city of Limassol, about an hour’s drive from Paphos and the marina, which is about to be built near Paphos itself, is supposed to even increase the number of tourists in the region.
Advantages for the Israeli Investor
Accessibility: Real estate investment in Cyprus is an investment in a European country located about 40 minutes away from Ben Gurion Airport. In addition to the airport in Larnaca which offers many daily flights to Israel, the renewed airport in Paphos opened the west of the island for new tourism and Ryanair has daily return flights to and from Tel Aviv.
Yields: Property in Cyprus can bring in annual returns far higher than the usual returns in Israel.
Family vacation: When not rented, the property can be used for your own family vacations.
KEYNOTE ASSETS LTD was incorporated in Cyprus by Dr. Noam and Alice Shani, former senior executives in the fields of biotechnology and marketing. The company owns income-yielding properties (luxury holiday villas in Cyprus), which it manages and rents to holiday makers from around the world. In view of the great interest in investments in Cyprus, KEYNOTE ASSETS now offers consultation for purchase and management of similar properties in Paphos, Cyprus.
We offer to accompany you through a process similar to the process we have undergone on our own, which includes searching and buying a yielding property in the Paphos area that will be registered in your name in the Cypriot Land Registry. The property you purchase can be used for family vacations and for the rest of the time we, or another management company we introduce you to, will manage the property’s short-term rental activity for you. This allows you to enjoy the best of both worlds – a family vacation along with good income from your income-producing property in Cyprus. Should you decide to sell the property in the future, there is a good chance that you can sell at a handsome profit, as real estate prices in Cyprus are still at about 30% below their level before the big crisis of 2008 and are expected to continue rising in the coming years.
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