Property boom in Cyprus

Recent interest in Cyprus property has started a real estate boom on the island. No matter where you go on the island, you can often hear the sound of construction in the background. Property developers are acquiring land at an alarming rate, trying to keep up with the growing demand for housing. But they can’t build houses and condos fast enough.

The truth is that there are more people who want to live in Cyprus than houses. Very soon the land will be gone and so is the opportunity to invest in this popular area. Many see this as a great opportunity to invest in what will soon become a rare commodity. The hope is that the demand for houses will always remain high. However, once all the land is developed, there will be a housing shortage. Big demand plus little supply equals a huge price.

Earning money on a property in an up-and-coming area requires skill and time. The skill comes when it’s time to buy a property. You need to know which properties will be highly sought after and will bring in the most money. Timing has to do with the development time period in which you buy. If you bought property in Cyprus when there was plenty of land and little interest, you would have had a higher profit margin. If you buy property when land is scarce, you will pay a higher price. This will drastically decrease your earning potential and increase the amount of time you will have to hold the property to make a profit.

As you may have realized by now, you’ve missed out on the early stages of development in Cyprus, but that doesn’t mean you can’t still make money investing in property in Cyprus. Development has reached a fever pitch, but there are still some great undeveloped properties to choose from.

There are also some great opportunities when it comes to new build properties. Developers are very willing to sell a property for a bargain price in an unfinished state. You can buy such a property; finish it and resell it for a profit.

But is Cyprus getting too crowded? Will it lose its charm? Will people disinterest in Cyprus due to a booming population? Cyprus differs from most of the trendy tourist spots in that the economy is not totally dependent on tourism. There are good jobs in Cyprus and the economy is booming. People from all over the world want to settle in Cyprus to earn a decent living and raise a family. This means that there will be a demand for permanent housing even if the demand for vacation housing decreases.

So is property in Cyprus a good investment? While development is underway, it has not been superseded by any means. There are still some great opportunities to take part in the Cyprus real estate boom and earn some money.