The benefits of this Eastern Mediterranean island are many including fabulous locations, a consistently warm climate and a wide range of leisure activities. Within this specially extended feature we find out exactly what it has to offer international property buyers, investors, tourists and businesses.
Island life
We showcase a selection of stunning properties currently for sale alongside expert advice from leading developers and real estate agents.
Cyprus has become a popular second home destination for foreign buyers and investors due to its scenic mountains, beautiful beaches and many areas of cultural interest. It also offers a number of significant social and financial benefits, including one of the world’s most advantageous tax systems and one of the lowest crimes rates in Europe. Head of International, Georgina Reilly of Select Resorts Properties, reports that the type of buyer and property on offer has changed because of the citizenship programme in Cyprus. “You used to be able to buy less expensive properties in Cyprus,” she explains, “and the British had quite a presence 10 years ago. However, with the government programme now offering permanent residency to successful applicants spending over £267,000 and full Cypriot citizenship (thus also EU citizenship), for successful applicants spending £1.782 million, international interest has substantially increased from Chinese, Russian, Asian and Middle Eastern buyers.
“This has led to an influx of luxury apartment blocks, mostly located in Limassol, along with high spec villas with magnificent sea views, changing the face of the Cypriot property market. Cyprus is not the only country in Europe to offer this type of programme so it is worth remembering that many buyers also want the Cypriot resort lifestyle, especially around the established tourist centre of Paphos. Cyprus is very much seen as a safe destination offering a fantastic climate, high-quality homes, low crime, a ski to beach concept and numerous fiscal benefits for citizens.”
Although the citizenship and residency programmes have brought in a diverse mix of buyers, Brexit delayed the British interest for a few years. “We have found over the last 10 years, British demand has weaned off, post financial crisis and post Brexit,” says Ms Reilly, “but this is now starting to change again. There are some great international schools here, and British buyers in particular like the familiarity to the UK. People generally speak English, they use English plug sockets and drive on the left for example.
Wide appeal
“For all buyers, though, Cyprus sits in an excellent location, a central hub to the Middle East, Asia, Russia and Europe. Huge amounts have been spent on infrastructure across the island, particularly in Limassol, with some apartments achieving a price per square metre equivalent to Chelsea. In terms of prices, our British buyers are spending upwards of €500,000 and other international buyers around the €2 million mark. Prices and number of foreign property purchases are on the increase year on year in Cyprus – 70% of transactions in Limassol and Paphos involve foreign ownership and the demand continues. What we see today is a very different landscape. Property prices on the island are now booming and the country has recently been rated investment grade status by international credit rating agencies.”
Located on the south coast, Limassol has a 17 kilometre coastline of Blue Flag beaches. As well as a wealth of history and culture, it is a hub for both business and leisure. Cybarco is responsible for the fruition of many of the island’s landmark projects, including Akamas Bay Villas, Sea Gallery Villas and The Oval. It is also a shareholder at the ground-breaking Limassol Marina, where it has been responsible for the exclusive sales of residential properties in excess of €370 million. Trilogy Limassol Seafront is located at the heart of this, overlooking the seafront, and only minutes’ walk away from the city’s foremost shopping district.
Michalis Hadjipanayiotou, CEO, Cybarco comments, “Based on residential sales at other projects Cybarco is involved in, like Limassol Marina, we anticipate attracting UK buyers at Trilogy. We now have the opportunity, not only to reach out to British buyers already familiar with Cyprus, but to also attract a new segment of the market: the more affluent young families or business professionals.”
Equally positive comment comes from the director general of Invest Cyprus, George Campanellas. “Increased activity levels both in terms of transactions and new permits for development realised in 2017 continued through the first half of 2018, demonstrate the enhanced confidence in the real estate sector. Increased levels of demand both from foreign investors and the domestic market have led to the revival of the construction and property development sectors.”
