The coronavirus pandemic has hit the economy of every country around the world and Cyprus is no exception. The GDP decline was 4.6% in 2020 and it is expected to improve considerably in the year 2021 and Standard & Poor’s (S&P) has projected a 5.5% growth for the year.
The property market was at its peak in 2019 but by March 2020, there was a sharp decline and this was not just due to the coronavirus pandemic, it was also due to the decline in buying of property by foreign investors. The sale of houses in Cyprus resort towns like Paphos and Limassol also saw a decline.
The GDP decline was halted due to the steps taken by the government of Cyprus. One of the major reasons for the halt in the decline was due to the fact that the government allowed construction companies to resume their work in the month of May itself. When the whole world was reeling in the pandemic and when there was forced lockdown everywhere, the government of Cyprus had taken steps to stop the economic decline and they should be commended for that.
Lockdown restrictions lifted in May and nearly 25000 shops were allowed to function. Beaches were opened in June and cafes and restaurants were opened following that. All these steps ensured a slow and steady economic recovery.
The Health Service in Cyprus was not put under enormous stress as has been done in other countries. Every health service professional and staff was tested. The whole community responded and the spirit of the Cypriots needs to be really celebrated because they took care to ensure the pandemic did not spread in their country. All these small steps have ensured a return to near normalcy.
The Cyprus Citizenship Program is one of the major reasons for the development of the property business in Cyprus. People from many countries who wish to attain Cyprus citizenship take part in the program. However, there were many doubts among people who wanted to invest in property in Cyprus because of the new Cyprus Citizenship Program. Everyone wanted to wait and watch and only when the necessary amendments were made there is a buzz about it now.
The driver of the real estate market, which is the Cyprus Citizenship Program is all set to bolster the economy considerably in 2021. For those who want to take part in the program the ideal places to invest are Nicosia, Paphos and Limassol. The property prices are lower than it used to be earlier and it is the right time to invest there.
Supply of residential properties is at an all-time high in Cyprus and demand is lower than it used to be. Even if you do not want to take part in the Citizenship program, you can invest in residences here to make healthy profits in the long run. Many investors feel it is the right time to enter the real estate market in Cyprus and if you are considering investing, it is time to dive in now!