Economic background on real estate investment in Cyprus:
- Cyprus gained its independence from England in 1960,
- Cyprus a member of the EU in 2004
- Cyprus received the European currency in 2008.
2 major crises have hit the Island until today.
The first in 1974 in the Turkish invasion of the northern part of the island, a part that remains in Turkish hands to this day.
A second major crisis hit in 2012-2013, when the Cyprus economy collapsed due to over-leveraging of local real estate companies, the collapse of the Greek economy and the downgrading of the government bond. After a tough rescue plan by the European Union, Cyprus began an accelerated recovery process, which already from 2015 began to yield results: a significant increase in GDP, a sharp drop in the unemployment rate, an increase in the credit rating and a sharp increase in foreign investments. The recent gas discoveries, the rising tourism market and the fact that the ratio of area to inhabitants is still low are other factors that accelerate the growth of the island. Among analysts there is a consensus that the island's economic growth is expected to continue in the coming years.
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