The Cyprus real estate market defied expectations in the final quarter of 2023, exhibiting resilience and growth amidst global economic headwinds. Despite inflationary pressures, rising interest rates, and a higher cost of living, key indicators point towards a thriving market primed for continued success. Market Highlights: Significant transactions: 3,534 properties changed hands in Q4 2023,...
A gastronomic journey through Cyprus: from authentic taverns to haute cuisine. For the second year in a row, Wiz Guide, with the support of Bank of Cyprus, has conducted a review of the restaurant scene in Cyprus. 12 judges visited 1834 establishments incognito, evaluating not only the taste of the food but also the atmosphere, service, and value for money. Results of 2023: 7 out of 10 of the...
Are you ready to unlock the world of Greek real estate investment? 4 Strategies: 1️⃣ Investment Resort Property: 13%+ per year: Renting to tourists provides a steady income. Be prepared: Management requires effort. Seasonality affects demand. 2️⃣ Real Estate in Major Cities: 6% per year: Long-term rentals provide a stable income. Capture the...
The short-term rental market in Cyprus is rapidly growing, attracting the attention of both travelers and investors. Yannis Kotzias, General Manager of Phaedrus Living: "This is a natural progression, considering the global momentum of short-term rentals, and Cyprus, being a tourist destination, is no exception." Why is short-term rental profitable? Increased financial gain: Average...
The Ministry of Culture and Tourism has announced plans to open 6 new public beaches in 2024. 2 new public beaches will be opened in Antalya, and 1 public beach each in Bodrum, Muğla, Izmir, and Giresun. The new beaches in Antalya are planned to be opened in the Lara and Konyaaltı districts. They will be equipped with everything necessary for a quality vacation: sunbeds, umbrellas, showers, toilets,...
Key changes: * Increased minimum investment: The Greek government plans to raise the minimum investment required for a Golden Visa, aiming to curb program popularity and stabilize housing prices. * Targeted increase: Specific areas, like Piraeus, Rhodes, and Crete, may see bigger jumps from the current €250,000 threshold. * Exception for listed properties: Lower thresholds might apply to incentivize...
The Venetian lion: a symbol of the city, adorning it since the 13th century. ⠀ Where can you find it? ⠀ * On fortress walls * On building facades * On columns and bridges ⠀ What does it mean? ⠀ * Strength and power * Wisdom and knowledge * Justice and protection ⠀ Paw above a book: ⠀ * Open book: a symbol of evangelization * Closed book: a symbol of authority and...
Othello's Tower and other features of Famagusta Castle The city of Famagusta (currently located in the unrecognized "Turkish Republic of Northern Cyprus") has preserved numerous buildings from the Middle Ages and the Venetian period in Cyprus to this day. ???? One of the most important historical landmarks is Famagusta Castle and the so-called Othello's Tower. It is believed that during the Byzantine...
Türk kahvaltısı Turkish breakfast is not just food, it is a special tradition. ⠀ The phenomenon of Turkish breakfast was organized with the appearance of coffee in the 16th century. But back then, it was food before coffee. Breakfast (kahvaltı - kavhe altı) implied food before having a cup of coffee. ⠀ By the 18th century, breakfast became a morning ritual with a variety of dishes - including...
Owning real estate abroad is not only a pleasant investment, but also concerns related to remote management. How to make this process as comfortable and efficient as possible? ????⠀ Two main formats: ✅ Facilities management: a management company, condominium, or realtor responsible for the maintenance of the property (fixed fee). ✅ Property management: a company that works with tenants and...