Why a house in Limassol can be a valuable investment
Limassol is a rapidly developing city, with a very promising future due to many factors that contribute to its timeless significance in the area. For this reason, during the last years Limassol has seen a large flow of investors interested in the real estate sector. Buying a house in Limassol can be a very good choice of investment for several reasons.
Throughout the ages, Cyprus has served as a stepping-stone between three continents, Europe, Asia and Africa. Limassol, which is the principal deep seaport city of the island, contributes significantly to the economy. Cyprus is also the largest third party ship management centre in Europe and one of the largest in the world with most of the companies based in Limassol. Around 4% of the world’s fleet is managed by Cyprus while there are around 1030 ocean vessels around the world carrying the Cypriot flag.
Recent gas field discoveries have also attracted global energy giants, such as Eni, Kogas, Shell, Total and ExxonMobil, companies that showed a great interest in the Cyprus economic zone and were granted with exploration licenses. This recent development signifies a promising future of economic growth to the island, given the fact that new employment opportunities will be created in the energy sector, especially in the port cities of Limassol and Larnaca.
Another sector that contributes greatly to the economy is tourism. Throughout the ages, Cyprus has been a popular touristic destination, due to its rich culture, excellent gastronomy, healthy environment and of course the Mediterranean Sea and weather. In 2017, in just a week of August there were 320,000 tourist arrivals. For this reason, the tourist sector is constantly growing, with new large-scale projects underway. One of the most significant developments was the granting of a casino license to the Melco-Hard rock Consortium which will build in Limassol the first integrated casino resort in Europe, an investment of around 500 million euros, which will create 4000 jobs and will attract an approximately an additional 300,000 tourists per year.
Together with the excellent living standard, foreign investors choose Limassol as their home due to the fact that they can enjoy all the advantages the European Union system has, such as the safety, stability, efficiency and transparency. The legal and regulatory system is based on the English Common Law practices, which makes it very business friendly and ensures reliable business practices. The corporate income tax rate is 12.5%, one of the lowest in Europe.
Limassol overall has a lot to offer to people who decide to make it their home. It is a very safe city since Cyprus is ranking as the 5th safest country in the world, it has excellent educational institutes and a very modern health care system. Even though Limassol is the second largest city of Cyprus after the capital city of Nicosia, currently it is the most rapidly developing city and the number one choice of investors. Buying property in Limassol at this point is an excellent and very fruitful choice of investment.
