Owning a hotel in Cyprus is an investment that will help you get a stable income. The island is very popular among tourists from all countries.
Cyprus receives more and more tourists from year to year. The tourism sector of the island’s economy is booming. The demand for accommodation during the tourist season is overstated. Tourists prefer to come to Cyprus during the winter months, as during this time you can also enjoy the mild climate and sunbathing.
In response to high demand for housing, Cyprus developers are building new hotel properties. It is now quite easy to buy a hotel in Cyprus due to the favorable tax situation in the country and the location of local banks towards foreign investors.
Estate of Cyprus offers assistance in purchasing a hotel or hotel on the island. We have a large selection of offers in various price categories.
Cyprus hotels features
There is a huge number of hotels on the island, which can be divided into the following types:
- Coastal and mountainous. Hotels located on the coast are aimed at beach holidays. The most active period of their work is mid-spring-late autumn. Mountain hotels in the summer are popular with locals who go there to relax on a budget vacation. And in the winter season, they are filled with tourists – lovers of snow and skiing.
- In the city and in the countryside. These two types of hotels are very different in scale and color. The city hotel is open all year round – not only vacationers, but also working people become its guests.The size of such an object can be different: from a house with a couple of floors to a multi-storey building. A village hotel usually consists of one or more cozy eco-style houses. This type of accommodation is chosen by tourists who want to be away from the bustle of the city and enjoy the beauty and proximity of nature.
- Hotels in Cyprus with a year-round opening schedule and seasonal. Hotels of the first type are usually located in the city or in the suburbs and accept guests at any time of the year. Seasonal establishments are open from March to November. And if this is not a mountain hotel, then it is closed for the winter.
- Big hotels and small ones. In Cyprus, there are both boutique hotels with only a few rooms and large hotel complexes that can accommodate several thousand guests. There are both family (private) hotels and entire hotel chains.
If you plan to do business on your own and attract family members, reducing the cost of staff, then you should choose a small object with 10-30 rooms. Buying a large hotel requires a management staff and a large team of staff. You can also purchase a ready-made business (with a staffed staff of workers) or transfer project coordination into the hands of a management company.
Why buy a hotel in Cyprus:
- The hospitality business is a reliable investment destination in Cyprus, because there is a high flow of tourists all year round. You will not be left without guests, especially with the high quality of service.
- Owning a hotel generates an annual income of 2 to 5%. Working with a management company, you will receive about 4% per annum.
- Fast payback.The timing depends on the hotel category and size. A small hotel with 20 rooms costs less but pays off more slowly. Medium and large objects at the start will require more expenses, but they will take you to the “plus” much faster.
- High quality construction projects. Modern and high-quality buildings are being built in Cyprus, using certified materials. You can purchase a finished object, as well as at the stage of project or construction.
- Favorable economic situation. You can easily get a loan in Cyprus. Local banks meet foreign investors halfway, show loyalty and offer favorable lending conditions.
You can manage your business remotely while in your country. The management company will take care of all the issues on the spot.
Hotels in Cyprus are being built in specially designated areas. These can be areas with a picturesque landscape or places in the central areas of cities. All objects with developed infrastructure, good transport accessibility. Be sure to have a beautiful adjoining territory and ample parking for guests.
Buy a hotel in Cyprus: prices
The cost of an object depends on the location, infrastructure, size, payback and other factors. In addition, it is important at what stage the project is. If this is a hotel under construction or recently built, then it will be cheaper. But you need to consider the costs that you will need for advertising, purchasing equipment and hiring personnel. Equipped hotels or a completely ready-made business are expensive, but these are projects with which you can already start.
The cost of proposals starts from 950,000 € and reaches several tens of millions. The average price for 1 m² is 1300-1800 €. In Paphos, you can buy an object of 730 m² for 2,500,000 €. In Troodos, a 500 m² building costs 4,300,000 €. In Limassol and Nicosia, properties are usually more expensive, so we will find you a suitable hotel in Cyprus in terms of cost and location. The catalog contains objects in various cities of the island. Contact us by phone or chat on the website – we will make you an individual selection of offers.