It’s now possible to buy real estate in Cyprus with cryptocurrencies, an extra development driver for the local market.
This year, the real estate market in Cyprus shows steady growth and high demand. According to Global Property Guide, in H1 2024, the number of real estate transactions increased by 8% and their total value reached €2.07 billion. Particularly noticeable is the interest in luxury properties, which accounted for 27% of all transactions in Q1 2024. In Limassol, 51% of all transactions were for properties worth more than €200,000.
The main growth drivers for the Cypriot real estate market are an attractive tax regime and increasing interest from foreign investors. Foreigners are actively acquiring real estate for investment and residence through the Cyprus Golden Visa program, which requires participants to invest at least €300,000 in local real estate.
An additional growth driver is the possibility of buying real estate using cryptocurrencies. It became possible this year when Dream Hill began accepting crypto payments via solution provider CryptoProcessing. Cryptocurrencies are particularly appealing to foreign investors as they avoid high bank fees and speed up cross-border payments. Moreover, the Cypriot authorities plan to implement the MiCA bill, a new pan-European crypto legislation, by the end of 2024. The regulations are expected to enhance transparency of crypto transactions and investor protection.
Commenting on the partnership, Max Krupyshev, CEO of CryptoProcessing, noted that the crypto payments sector is actively developing, with over 600 million people around the world already using cryptocurrencies to pay for goods and services. He also said that transactions processed by CryptoProcessing are fully compliant with regulatory requirements, including anti-money laundering (AML) checks.
The demand for cryptocurrencies as a means of payment is evidenced by the CryptoProcessing data, according to which in July, the company processed almost 855,000 transactions in crypto and fiat worth €875 million. Besides, the volume of processed funds was 34.3% more than in July 2023, and 4,670% more than in July 2019, when the company started its operations.
Recently, it became known about the strategic partnership between CryptoProcessing and Akurateco, one of the leading providers of payment processing software.
