'The prices of apartments in Cyprus to rise by double digits in coming years'

"We predict that real estate prices in the area will rise by double digits in the coming years," Bell Real Estate Group claimed yesterday (Sunday) at the launch event of its flagship project in Larnaca, Cyprus.

The elegant complex, spread over approximately 4 hectares, includes 7 architecturally designed buildings with 304 low-rise housing units, three pools, ornamental waterfalls, a sunbathing deck, a well-kept green park, a playground, a modern wellness complex with a fully equipped gym, a cafe, a restaurant, and a business complex with co-working spaces.

The numbers speak for themselves: in the Q4 summary of 2023, the average price of an apartment in Cyprus increased by an annual rate of 12.7%. Real estate asset prices, including private houses and apartments, rose across all districts in Cyprus. Nicosia recorded an increase of 5.1%, Paphos saw an 8.3% rise, Famagusta experienced a 9.5% increase, Limassol noted a 10.7% rise, and Larnaca led with an 11% increase.

"Larnaca is at the beginning of its journey in realizing its real estate potential," according to Shani Bell, founder of the Bell Group and the driving force behind the project. "Property prices are still 30% lower there than in Limassol, but this reality is going to change very soon."

Bell alludes to the ambitious project by the Cypriot government and private entrepreneurs, Land of Tomorrow, which involves a huge investment of 1.2 billion euros in developing the port area in Larnaca and transforming it into a center of commerce, entertainment, and recreation. 

The marina will be one of the most luxurious yacht anchorages in Europe, and prices in the area are expected to increase significantly in the coming years. "Larnaca is on the rise," she concludes, "and hence the tremendous potential we see in smart investment in the region, which is so friendly to the Israeli investor and is already showing impressive and consistent increases in real estate prices."

According to the Bell Group, the real estate market in Cyprus is on a growth trend due to two main reasons: tourism and positive immigration. The great weather, similar to that in Israel, results in an exceptionally long tourist season with over 4 million tourists a year (almost four times the number of residents) seeking housing solutions on Airbnb.

The second reason is the positive immigration of large numbers of foreign residents to the island. A particularly favorable taxation policy has led to the establishment of business centers for startups and technology companies (such as Microsoft, Deloitte, and Amdocs) and the immigration of their employees to the island. This is a population of high socioeconomic status that needs long-term housing solutions that suit their economic and social status.

"Tourists on vacation, digital nomads who require a comfortable workspace, and high-tech workers who have relocated to the island and need long-term housing solutions will find Bell Village a wonderful place to live in maximum comfort," Bell said.

"Understanding the future target audience led us to formulate a holistic residential concept, aiming to be a One Stop Shop for individuals and families who come to vacation or work on the island. Only a 4-minute drive from the airport, a minute and a half from the beach, and a few meters from the picturesque central boulevard of Kitty, they have at their disposal a spectacular complex that has everything they need, in addition to a well-designed apartment."

With the increase in foreign residents in the area, the demand for real estate properties in Cyprus has jumped dramatically, and more investors, including Israelis, see it as a particularly attractive destination.