Since bank problems in 2013, Cyprus has worked hard to recover and has become one of the fastest growing economies in the EU. The country’s fortunes were turned around in just three years after the banking crisis and left the recession behind in late 2015, much earlier than had been predicted by the relevant European agencies.
So what we see now is a new Cyprus with an economy that is flourishing and the World Bank has classified it as a high income member state with its fortunes built on the service sector and particularly tourism and real estate, which is where Fitzgeralds come in.
Tourism and the Real Estate Sectors are the main employers on the island as well as all the allied services required to support both sectors. Unemployment is declining rapidly and it is predicted to drop to 11% in 2018, which is a dramatic drop from a few years ago.
New incentives in Cyprus have brought a great surge to tourism, with many companies being set up for the purchase of property for the tourism market, so essentially tourism and real estate are working hand in hand. Many tourists visit the island of love, fall for its charms and even return with their own bespoke bolt-hole from the world. Currently, property sales at Fitzgeralds are constantly reaching new highs each month, despite the rate of the British Pound to the Euro. Apartments are very popular at the moment and they just fly out of the door!
The location of Cyprus is also very unique in the Eastern Mediterranean, with a track record of one of the safest places to be. A stone’s throw from Africa, the Middle East and Europe, Cyprus is the sunshine island that has everything. The reason that the island is so popular with the British is that we drive on the same side, English is widely spoken, there is approximately 340 days of sunshine per year and there are now so many flights coming to the island both from the UK and also from more exotic destinations. Many long term British visitors now visit many destinations served by low cost airlines, including Tel Aviv, Abu Dhabi, Eastern Europe, etc, etc, creating a long-term holiday in the sun with an adventure thrown in too.
Fitzgeralds pride themselves on their role in making Cyprus great again and work hard at bringing professionalism and excellent service to Real Estate Services. Come and see us and judge for yourselves!