The carbon reserves are privately expected to create 300 - 000 new jobs in Cyprus within the banking, finance, energy and hospitality sectors. This factor alone is a significant reason to consider investment in Cyprus, especially while the market is just rising again. However, once the planning issues for the gas extraction plant are finally resolved prime location building land could be a thing of the past..
Prime location building land is key to investment particularly in Cyprus. There is a shortage of land available for new development especially in coastal areas. Famagusta, Limassol and Paphos will struggle to cope with new investment as it is. Without doubt, this is one of the serious issues facing the government here, both in relation to property and new hotels/facilities that would be needed for expansion. A further problem associated with this is the difficulty associated with obtaining planning permission for any new development within these coastal zones and other areas. Undoubtedly from this perspective, now (2014 to 2015) is certainly the time to consider that purchase, especially with beach front and second row locations. Buyers should consider both resale and selective off plan prospects as availability even now, is thin on the ground.
Once the gas extraction plant finally obtains planning permission the prices of property and land will rise to extortionate levels.
Also worth consideration are properties and good quality developments which are slightly further away from the main towns for example on the hills overlooking Limassol, Paphos and Famagusta. Buyers and investors are increasingly looking to escape the noise of the towns and these locations with sea views are certainly becoming more popular.
Remember Cyprus is only a small island with prime location land shortages, so my tip is to invest now and hold on to these investments for up to 10 years.
