Why Scala for Cyprus property market

Scala is an online real estate platform for buying, renting, and selling properties in Cyprus and what we want is to be sure that every real estate requirement in Cyprus is fulfilled in a seamless, user-friendly manner. Unlike other portals, Scala is 100% born in Cyprus and is dedicated solely to Cyprus property market. People who come to our website are looking solely for property in Cyprus – not for property in other country or for something that has no link with the real estate sector in Cyprus. Scala follows the guidance of Cyprus Association of Real Estate Entrepreneurs (CREAA) and, in accordance with the real estate laws and regulations in this country, only licenced real estate agents in Cyprus, property developers in Cyprus and property owners and legal representatives of property owners in Cyprus are allowed to list properties on our website.

The Cyprus property market plays a key role in the economy of the country and it has always been a brilliant choice for property investment. As a consequence, in recent years, thanks to some leading property developers like Pafilia, Cybarco, Leptos Estates or Cyfield, the Cyprus real estate market has evolved in a spectacular way. The top 6 tallest residential buildings in Cyprus have been completed between 2020 and 2021 and that says also a lot about the future. The ONE tower in Limassol (170m), home to some of the most opulent apartments on the global property map, is not only the tallest building in Cyprus, it is also the tallest residential seafront building in Europe! That is amazing, but not something that cannot be surpassed. The Cypriot Government has already approved the construction of Aura (197m), an irregular residential tower of ‘Sky Villages’ on the coast of Cyprus.

Limassol, just a small seaside village a few decades ago, is now compared to to some of the world’s most renowned metropolitan areas in the world. Comparisons have been drawn between Limassol and cities like New York and Las Vegas and visitors can easily see why. The Limassol skyline is littered with recently erected skyscrapers along with countless beautiful, ultramodern residential and commercial properties.

Nicosia, the capital of Cyprus, has developed a strong real estate market within both the commercial and the residential sector and presents some good investment opportunities for Cyprus property buyers. With a year round rental market, rather than seasonal, Nicosia's real estate market differs from that of many other seaside cities on the island and is mainly driven by local demand for residential properties compared to Limassol’s market which is driven by both locals and foreigners

In the coastal districts of Paphos and Larnaca and in free Fmagusta region, the property landscape is significantly different. The districts and capital cities have a more traditional and vocational character with a high demand and supply of coastal and mountainous home properties at affordable prices. The commercial/business building growth in such districts is currently low but investing in a house in Paphos or Larnaca is considered to be of lower risk and higher ROI odds compared to Limassol.

Due to the fact that Cyprus was a former British colony and is a current EU member state, the process of acquiring property in Cyprus for investment purposes is a mixture of UK and European constitutional procedures. Compared to other Mediteranen zone countries like Greece and Italy, the legal process is less complex and bureaucratic but the transactional fees on top of the property value itself are a tad higher- Cyprus Republic ranks somewhere in the middle among 30+ European countries with average real estate transaction fees costing anywhere from 3.5%-10.2% on top of the property’s price. These include title deed transfer fees, attorney fees, and stamp duties.

Cyprusi is a magnet for tourists and discerning buyers seeking a home in the sun because of its pleasant Mediterranean climate with hot summers and mild wet winters. This beautiful island with endless blue skies and the most ''Blue Flag'' beaches per coastline in the world also attracts a lot of millionaire entrepreneurs due to its harmonized EU legislation and a favourable tax regime. The strategic positioning of Cyprus in the eastern Mediterranean, at the crossroads of Europe, Asia, the Middle East and Africa adds value to the above while the high level of professional services play their own part.

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