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Cypriot Holiday Homes High On Demand

12.03.20

Sales of luxury holiday homes remain a key pillar of the Greek and Cypriot property markets, with sales increasing in 2018 and 2019 by 5.8 % and 12.2% respectively. Popular with buyers across Europe, non-EU nationals were the largest purchaser group accounting for c.50% of total transactions since 2014. Typically, sales were concentrated in Paphos and Limassol with coastal villas and apartment complexes the most sought-after.

Paphos takes the crown as the most in-demand area with international purchasers, with a market share of 42.1 % in 2019, followed by Limassol at 26.7%. Benefitting from attractive residential investment citizenship schemes, Cyprus is also popular due to the size of homes on offer. The average size of a property in Cyprus is 141.4 sqm, which is the largest in Europe. Average sizes in similar European countries measure at 106.7 sqm in Portugal, 99.1sqm in Spain 99.1 sq.m and 93.65 sqm in Italy.

The citizenship and residency schemes on offer in Cyprus and Greece remain a huge draw for international holiday home purchasers and investors, through the Cyprus Investment Programme (CIP). In return for a property purchase of €2 million, investors will qualify for a Cypriot Citizenship with the right to live, work, travel, stay and study in Cyprus a well as anywhere in the EU, and free travel to over 155+ countries including Canada, Switzerland, and Iceland. The Cypriot passport only takes 6 months to come into effect and once acquired, is valid for life, and covers their spouse and any dependent children up to the age of 28 years.

There is also the option of permanent residency, which can be reached through a property purchase of €300,000 in Cyprus and €250,000 in Greece. This option takes typically up to 60 days. Like the citizenship scheme, this covers the entire family including the parents of both spouses.

Cyprus and Greece also regularly feature in the top five global destinations for holiday homes for many reasons. Only a four-hour flight from the UK and more than 100 flights a week, Cyprus is home to a strong expat community, so English is spoken widely, cars drive on the left and there are even UK plug sockets, healthcare is excellent and the cost of living is relatively low. On top of that, the island has no immovable property tax, no wealth gift and inheritance tax, over 340 days of sunshine per year and is one of the most beautiful in the Mediterranean, with amazing beaches, a UNESCO World Heritage Site, numerous historic landmarks and some of Europe’s most attractive real estate.

The island of Cyprus is home to an excellent variety of tourist attractions and scenic landscapes, including the historic sites of the Kykkos monastery, Aphrodite’s Rock, Tomb of the Kings, Paphos Castle and Kolossi Castle. Alternatively, the island is perfect for those with a sense of adventure, with water sports and activities offered at most coastal towns, whilst the stunning mountains of Troodos offer plenty of trails for hiking , cycling and skiing in the Winter months.

Commenting on the popularity of Greek and Cypriot holiday homes, Pantelis Leptos, Deputy President of Leptos Group of Companies, said; “The hot spot for holiday homes remains beachfront apartments with communal swimming pools. They represent the best value for money while at the same time producing the best rental yield.

“Owning is relatively carefree as the developer maintains the property and the beachfront location completes the package of a holiday home that can compete with the best investments in European real Estate. Aphrodite seafront in Chania, Crete is a prime example of such properties.”

Leptos Estates, Cyprus’ largest developer, is celebrating 60 successful years of designing and building holiday and investment homes across Cyprus and Greece. The Leading Mediterranean Property Developer has announced the completion of its 355th project and 25,000th unit. Leptos Estates operates across the most popular areas of Cyprus and Greece, including Paphos, Limassol,Crete, Paros and Santorini. Leptos specialises in delivering the finest holiday homes, hillside village properties, contemporary high-rise apartments and one of a kind seafront villas.

Leptos Estates is currently marketing a number of high-quality projects across Greece and Cyprus, including:

Paphos

Paphos, best known as the birthplace of the Goddess of Love and Beauty Aphrodite, remains a popular tourist destination and the top Cypriot destination especially to overseas buyers, investors and entrepreneurs especially from Europe and the UK, with 42% of property sales over the 12 months of 2019. One of the most beautiful regions in the Mediterranean, Paphos is home to a , Byzantine Castle, a picturesque harbour and is a UNESCO World Heritage Site, with numerous historic landmarks and some of the island’s largest and most diverse properties. This European Capital City of Culture for 2017 is the most idyllic and cosmopolitan  area on the island , which is regarded as one of the best cities worldwide to buy a holiday or permanent home.

According to a leading research report, nearly 30% of second homeowners deem the presence of a terrace or balcony essential, whilst the presence of shared facilities such as pools remain incredibly popular. British buyers in particular, favour homes with either shared or private pools, and parking, high-speed internet and safety features such as concierge or private gates remain high up on wish lists.

One of the most popular developments with British and other European buyers is “Armonia Beach Villas”, a collection of detached freehold villas by Leptos Estates. Located on spacious grounds facing directly onto the sea, villas are surrounded by landscaped gardens with a large private swimming pool. Built to the highest standards, villas also feature outdoor BBQ areas, and ample parking. Designed to look sleek and modern, the properties also respect the building character of the island, with white exterior finishes and large verandas with masses of outdoor living areas. Villas are on the market from  €2,196.000

Another popular development in Paphos is Leptos Aphrodite Gardens which is set to be the most luxurious gated resort residence in Paphos with a good selection of 1, 2 and 3 bedroom apartments, penthouses, maisonettes and villas. It is superbly located in Kato Paphos within walking distance to all amenities and facilities and the municipal sandy beaches. The area also offers a great investment potential due to its proximity to the planned Leptos 'Neapolis' Smart Eco Project. A major infrastructure project that is scheduled to include: University, Hospital, Cultural and entertainment facilities and parks. The Leptos Aphrodite Gardens comprises of 200 properties surrounding two large free form swimming pools and landscaped garden. There is also a Club house with a restaurant and bar as well as a health spa and a fully equipped gym. The site is also advantageous because it has Public green areas or parks on all 4 sides. Properties are on market from €338,000

The most popular development in Paphos is Leptos Kamares Village, which is one of the exclusive developments in Cyprus and is amongst the most distinctive in the Eastern Mediterranean. This project is characterised by its delicate stone arches and superb location with breathtaking views of the countryside and Paphos' coastline. Kamares Village has obtained prestigious international real estate awards and prides itself on being more than just an exclusive villa development. Kamares is a

community, where social life revolves around the events of the Kamares club. The community's freehold villas are set within a country club atmosphere for discerning people who want to reap the rewards of a Cyprus' Mediterranean lifestyle. The use of stone, wood and arches typify the landscape whilst swimming pools, barbeques, sun terraces and even private tennis courts add luxury to the

Mediterranean outdoor lifestyle. Properties are on market from €395,000

Limassol

Limassol is a vibrant city to the east of Paphos. Major infrastructure projects include a new DP World cruise terminal, the construction of Europe’s largest casino resort “City of Dreams”, private jet and yachting services, golf courses and new designer retail offerings. These new facilities and services have transformed Limassol into a lively, cosmopolitan destination that has become very appealing to an international audience.

Recently, Leptos Estates launched its premier waterfront project, Limassol Blu Marine. Located in vibrant Downtown Limassol on the sea front, Blu Marine will house 247 sea-facing apartments set across three striking towers of 33 floors, 29 floors and 5 floors respectively. Blu Marine will feature breath-taking views of the Mediterranean Sea, deep private balconies, 24-hour concierge and luxury amenities including a state-of-the-art Health Spa and Gym. Apartments are available from €1,138,000.

Pantelis Leptos, Deputy Chairman of Leptos Group of Companies, comments; The majority of Brits buying in Limassol at the moment are doing so for investment. There has been considerable growth in the area over the last 2 years and this is only expected to increase further once all the new facilities, high rise apartments and resorts have been completed. Those buying now therefore know they are very likely to benefit from a healthy return on their investment, plus once the project has been completed, they have the peace of mind of a ‘lock up and leave’ style apartment with necessary concierge, security, housekeeping and management services to run things smoothly.”

Crete

Greece is rapidly becoming one of the most popular real estate markets in Europe. Properties are appreciating at a healthy rate and rental incomes are strong. However, not all locations in Greece are equal. Nearly 22% of Greek GDP is derived from tourism, therefore it makes absolute sense to look for properties on the islands, where the tourism industry flourishes. Of the islands, Crete, Santorini and Paros remain incredibly popular for holiday homes.

The biggest island of Greece, Crete welcomed  almost 5 million tourists from around the world through its two International airports. With directs flights to practically all of Europe and many major UK cities, Crete is immensely popular to tourists and real estate investors alike.

Aphrodite seafront is an award-winning development next to a sandy beach and is an envied example of Mediterranean coastal properties. The development comprises 1, 2 and 3-bedroom apartments, penthouses, townhouses and villas, all surrounding a large communal pool. Properties are surrounded by exquisite landscaped gardens, which includes a gentle winding stream, and sun terraces. The development also boasts a full property maintenance service, which will ensure that the value of your precious home will be preserved.  Properties start from €345,000 .

Paros

Paros Island is located in the heart of the Cyclades, a few hours away from Athens by ferry. The island is alternately described as Greece’s best- kept secret and its biggest up-and-comer and it’s always raved about. While there are several reasons to visit Paros, the island is most renowned for its natural beaches, cosmopolitan nightlife, and the many ancient monuments.

One of the most popular developments on the Island is Leptos Paros Gardens which is situated in the picturesque fishing village of Molos, It is spread over a glorious plot the stretches all the way to the beach. The design of the development draws its inspiration from the beautiful town of Paroikia, consisting of one and two bedroom apartments, two and three bedroom garden villas and exquisite penthouses. The superb location combined with the carefully planned interior design and layout, along with fully landscaped communal gardens, a clubhouse and swimming pools make the Paros Gardens the ideal investment for year-round enjoyment. Properties are on market from €250,000.

Leptos Estates properties are available with payment plans for a range of budgets, some properties are even VAT-free, and purchasers will also receive a Leptos Gold Club Membership that provides residents with exclusive benefits and VIP access at the Leptos Group’s range of hotels, Hospital and University.

With an extensive after-sales support service and rental guarantees, Leptos Estates is the leading provider of new homes in Greece and Cyprus. For more information, please contact Leptos Estates on +357 26880120 (Cyprus), +30 28210 20830 (Greece), +44 7874093174 (UK), email: info@LeptosEstates.com or visit www.leptosestates.com

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