The largest casino in Europe will open in Cyprus. How will this affect the real estate market?
City of Dreams is an all-inclusive resort project in Limassol, Cyprus. The main attraction will be the casino. The construction of the project should be completed in September 2022.
Cyprus plans to receive about 700 million euros per year from casino income. The opening of the complex will affect the local real estate market: sales of objects and land prices will increase in the western part of Limassol.
We tell what is known about the project and how it will affect the Cypriot real estate market.
Legal and Compliance Officer
The tender for the construction of the City of Dreams resort was won by the Chinese company Melco International Development Ltd. The construction work is carried out jointly with the Cypriot corporate group CNS, which owns the land.
550 million euros will be spent on the construction of the City of Dreams. Such figures are called by the government of Cyprus. The developer plans to create 6,500 permanent jobs. The resort will attract about 300,000 tourists a year, according to the general manager of the facility, Mr. Grant Johnson.
7500 m²
Occupies the gaming area of the casino
The casino is located next to Lady’s Mile, one of the most famous beaches in Limassol. The road to the city center takes about 10 minutes by car. You can see what City of Dreams will look like on the official website of the project.
The casino, a five-star hotel, restaurants, a shopping center, several swimming pools, spa and fitness clubs will be built on the territory of the resort. A new resort in Limassol is attracting investors, for example Israeli businessman Gilad Shabtai is investing in building infrastructure next to the project.
Real estate prices near the casino-resort will immediately rise by 10% as soon as the complex is put into operation. This is how the potential impact of the project on the value of real estate in Limassol is assessed by real estate experts Immigrant Invest.
How the demand for real estate in Limassol is growing
Demand for housing in Limassol increased by 35% in 2021: the Department of Lands and Research of Cyprus registered 3339 sales contracts.
The growth in home sales continues in 2022, with 5,090 transactions registered in the first five months. This is the highest rate since 2008.
Limassol is the leader of the Cypriot real estate market. It accounts for 31% of sales contracts in 2021. The objects in the western part of the city are in the highest demand, according to the consulting agency WiRE. The City of Dreams is located in the same area.
The west of Limassol also has the largest plots of land available for construction. Many more projects are planned to be built in the district, which will be able to attract additional investments.
Elena Ruda,
Chief Development Officer in Immigrant Invest, lawyer
Wealthy people who want to obtain permanent residence in Cyprus by investing in real estate are now profitable to purchase properties in Limassol.
When the casino opens, real estate values will skyrocket. Therefore, investors will receive not only the status of a resident, but also a highly liquid asset. The largest jump in prices is expected for objects located next to the new casino.
How to get permanent residence in Cyprus for the purchase of real estate
Permanent residence in Cyprus can be obtained by purchasing a primary residential property worth from €300,000.
An investor can also buy commercial real estate on the primary or secondary market. In this case, he will have to rent or buy housing in Cyprus. Under the terms of the permanent residence program, the applicant must have a permanent address in the country.
When buying an object, the investor pays VAT at a rate of 19%. The rate can be reduced to 5% when buying a single home for yourself and your family.
Administrative and registration fees, medical insurance and legal support of the transaction by a lawyer are paid separately.
Immigrant Invest has its own database of proven objects. All properties are suitable for participation in the permanent residence program in Cyprus.
Cyprus, Limassol
94 m² — 139 m²
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What are the benefits of permanent residence in Cyprus
Permanent residence for the whole family. The program allows obtaining a residence permit in Cyprus not only for the main applicant, but also for his family: spouse, children and parents.
Additional income from the rental of real estate. Objects in large cities and resorts of the country bring investors from 2 to 5% per annum.
Tax optimization. There are no taxes on income from abroad and inheritance in Cyprus, low rates of property and income tax. The corporate tax rate is one of the lowest in Europe — 12,5%.
Opportunity to obtain Cypriot citizenship. 5 years after receiving permanent residence, you can apply for citizenship. The Cypriot passport gives you the right to visit 176 countries of the world without visas, including the EU countries, Great Britain and Japan.
Immigrant Invest helps to obtain permanent residence in Cyprus for investment. If you want to become a resident of the country and buy property on the island, please consult investment program experts.
