Cyprus: Better days are coming, and it won’t be long
Cyprus may well be one of the first countries to overcome the pandemic crisis
The coronavirus outbreak is affecting the whole planet and our property investment destinations are no exception. Cyprus is facing a particularly difficult challenge. With just over 20%, the contribution of the tourism sector to the Cypriot GDP is particularly high and government officials had to take a well-balanced decision on March 15th, when President Nicos Anastasiades announced the closing of all borders as well as unnecessary movement within the country. The Republic of Cyprus, which has suffered a deep crisis in its banking sector only a bit more than a decade ago, was now facing a new crisis involving unprecedented social distancing rules, restrictions on free movement and self-isolation. With the pandemic seeing increasing numbers of infections and fatalities every day, it soon became clear that not only people's health, but also the country's economic outlook was in danger.
A fast recovery through a quick response with a scientific approach
But the more crises people go through, the stronger people get. And this is certainly true for the Cypriot people, having gone through very tough periods, with many of them still remembering the Turkish occupation of the northern part of the Island resulting in a decades-long conflict as well as the financial meltdown a bit more than ten years ago. There is no way that the government or the people of Cyprus wouldn't have done anything in their power to overcome yet another crisis.
With only a few confirmed cases, and taking advantage of the fact that Cyprus is an Island, the government ordered a total lockdown of the island just days after the first confirmed infection. Testing equipment was ordered timely and took just a couple of nights to arrive in chartered planes arriving from Greece. Mass testing was done efficiently across healthcare professionals as well as other contact professionals like supermarket employees or police forces. This allowed micro-outbreaks to be stopped before they became real outbreaks. The usual polemic political discussions and differences were set aside and scientific facts were put forward. This was not only important in order for the government to receive the correct and quick advice on measures to be taken, but also for the population to obey these measures. There was a need for neutral and clear facts people could trust in.
Many countries praise themselves for their crisis-management, but Cyprus certainly has the reason to do so
The factual results of the way Cyprus handled the worldwide pandemic situation is amazing. While most countries are still struggling to confirm that the infectious curve has been flattened and the peak of the outbreak is passed, Cyprus has brought the number of new daily infections down to 5 in only 7 weeks (compared to 57 new infections on the peak day of April 1st, 2020). Also, with 2,4%, the fatality rate in Cyprus is much lower than in most other countries. So far, 20 persons have lost their lives due to the COVID-19-outbreak in Cyprus. The gradual opening of the country is imminent with heavier restrictions affecting people's daily lives most soon to be lifted. It may take another month or more before regular flights will reach the island again, and the Cypriot tourism industry will have a difficult and challenging season and year, but it looks like not everything is lost for this summer. Better days are coming, and they are coming very soon.
Investors are rewarded for their trust in Cyprus as a safe place to live
Unlike tourism, the property business and real estate investment market in Cyprus have not stopped working or doing business during the pandemic outbreak. For investors from all over the world, Cyprus is still the beautiful, peaceful and safe island to live and invest in. The way the government handled this crisis was only a proof to existing investors on how well they chose their investment location. The Cyprus Investment Program continues to attract wealthy individuals and business persons from all over the world. Permanent resident permits can be obtained for investments in residential properties of €300.000 or more. And also European retirees still look at Cyprus as the perfect place under the sun to live in, or to generate extra revenue through the holiday rental programs. And for those still looking to invest in Cyprus, there is no need to wait for those flights to fly again. With special offers and promotions, this is the perfect time to plan your next successful property investment on the island of Aphrodite. Contact us for any information you need on Cyprus or the Cypriot property market, or provide us with your search criteria and receive a first-class selection of available properties. And why not take a virtual trip to the south-east of Cyprus to find your perfect new-built property under the sun.