Cyprus’ dynamic recovery from the financial crisis has gained our Island international praise and great admiration. Cyprus has achieved a remarkable economic growth in 2016-2017 and the national GDP growth stands at 3%. The economic projections and macroeconomic indicators such as the tourism sector, hospitality, banking, real estate, citizenship-by –investment etc., show that this figure will be maintained in the coming years.
By fortuitous event in the annals of Cyprus, Paphos has won the honoured title of the Cultural Capital of Europe in 2017 attracting many thousands of visitors who delight at the rapid transformation of our once tired Paphos into an attractive modern dynamic city against the background of strong historical context and Paphos UNESCO treasures. Indeed, the whole of Cyprus is strewn with a myriad of precious historical sites to delight the large number of visitors and archaeological experts alike.
With its great climate, azure seas, sunshine throughout the whole year, accessible beaches, the outdoor lifestyle and the affordability and frequency of direct flights, Cyprus has swelled its tourist numbers to an all-time high. In fact the news is that Cyprus tourism is booming! Arrivals from Jan - July 2017 are the best that Cyprus has on record, with close to 2 million arrivals ( 1,997,256) recording a 14.8% increase when compared to the same period in 2016.
Moving on to the Cyprus real estate sector, the popularity of the Citizenship By Investment Scheme is a highly attractive scheme that allows international investors to live, invest and work in Cyprus and have the enormous benefit of visa-free travel to other countries in the European Union as well as other countries.
The issuance of new building permits has surged by 44%, which is very promising for the construction sector. So new properties are being constructed and the sale of properties rose 18% in July 2017, with the banking sector recording a higher demand for mortgage loans, helping the banks to meet the loan restructuring indicators.
So the Republic of Cyprus needs to pat itself on its back for a job well done, as well as keeping up the momentum for the future. The ‘new Cyprus’ is reaping the benefits of the past years of austerity and is now surging ahead for a very happy future.