Cyprus Climbs To New Heights

Cyprus has recorded one of its strongest years of property growth in recent times, transacting on over €10billion worth of property since January. Leptos Estates, Cyprus’ largest property developer, has continued to see growth spurred on by foreign investment, with 45% of all transactions coming from EU and non-EU investors. Real estate has now become the fastest growing economic sector on the island, seeing the number of building permits double this year, and a 25% rise in the value of sales on the previous year.

The number of sales of high value residential properties (€1.5million +) rose by 68% during the first half of the year, with the transaction value of this sector of the market representing a 46% increase compared to the same period in 2018. The sales of high value properties contributed to 20% of all transactions in 2019, with Cyprus’ citizenship and residency schemes playing a significant part. A further uplift across all property price indices was recorded across the same period, reflecting the positive sentiment in the economy and the Cyprus real estate sector.

Many overseas purchasers opt for a “lock up and leave” option, providing peace of mind when they are out of the country and many high value homes offer these as standard. Developments that offer concierge, security and housekeeping services will ensure their property is safe and well-maintained and ready for them when they arrive. Such prime developments are also seeing the strongest capital growth, making them even more attractive in the long term.

Only a four-hour flight from the UK and more than 100 flights a week, Cyprus houses 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 inheritance tax, over 340 days of sunshine per year and is one of the most beautiful in the Mediterranean, home to beautiful beaches, a UNESCO World Heritage Site, numerous historic landmarks and some of Europe’s most attractive real estate.

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 for UK buyers, with 42% of property sales this year. One of the most beautiful regions in the Mediterranean, Paphos is home to a Kato, a UNESCO World Heritage Site, numerous historic landmarks and some of the island’s largest and most diverse properties. The safest and most secure area on the island, Paphos is still seen as one of the best Mediterranean cities to buy a holiday or permanent home.

Paphos is the most popular spot for overseas buyers and investors and leads the way in terms of real estate activity between January and October this year, with 41.7% of sales on the island, compared to Limassol with 27.6% of transactions, Larnaca with 16.3%, Famagusta with 7.5% and Nicosia with just 6.9%. Paphos continues to deliver some of Cyprus’ most attractive real estate offerings, a mix of modern apartments, large-scale resorts and luxury seafront villas.

One of the most popular developments with British and other European buyers is “Coral Seas Villas”, a collection of detached freehold villas by Leptos Estates. Seafront Villas with private swimming pools and gardens are incredibly sought after, especially with holiday and retirement purchasers. Coral Seas Villas feature private gardens and private pools, and residents have access to a large communal pool, health club and ample parking. Villas are on the market from €750,000.

Paphos is also popular with Indian purchasers, its seafront villas allowing them to both accommodate large families and appreciate the beautiful sea views.

Limassol

Limassol is a vibrant new city to the east of Paphos. Under the influence of heavy investment into infrastructure, this dynamic city has become an attractive destination for international businesses as well as tourists. Leptos Estates has projects worth over €1billion in the city, set to create over 1,000 jobs during contraction and over 200 permanent, long-term jobs.

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. In fact, 81% of all foreign transactions in Limassol relate to non-EU buyers, with Russian and Middle Eastern investors on the top spot. For these nationalities, the area’s supply of luxury lateral apartments, cluster of leading private schools and business headquarters makes it the top destination in Cyprus.

Leptos Estates has also noticed high net worth Asian families spending increasing amounts on luxury new build apartments in Limassol, allowing them to appreciate the burgeoning luxury lifestyle offerings of the city.

Limassol contributed to over half of all €1.5million+ property sales this year, with the quality of real estate in the area now in line with premium property hotspots such as London, New York and Dubai, and the luxury lifestyle offerings now available making it an attractive option.

Earlier this year, Leptos Estates launched its latest 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. To the east of the project and just 330 meters away, sits Limassol Marina, the old port, the medieval castle, and the multifunctional seaside park home to an array of restaurants, cafés, international offices and retail offerings. To the west via the Aktaia Odos (once constructed) will be an extension of the existing park and the port, and just a short drive to the new DP Port, casino and golf course.

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. The office tower of Blu Marine has been sold and residential sales are progressing well.

Cyprus’ citizenship and residency schemes have been incredibly popular, attracting an estimated €5 billion worth of investment since 2013 and contributing heavily to the island’s flourishing real estate market. In return for a property purchase of €2 million, investors will qualify for a Cypriot passport with the right to live, work, travel, stay and study 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. This option takes typically only 60 days. Like the citizenship scheme, this covers the entire family including the parent of both spouses.

Pantelis Leptos, Deputy President of Leptos Group of Companies, comments; “Cyprus has experienced a strong year of sales across all price brackets. The quality of new developments here is improving every year and I believe what we now offer is in line with other global investment hubs. This, along with the citizenship and residency schemes, excellent standard of international schools, private hospitals and newly constructed leisure facilities, make Cyprus a brilliant investment destination.”

Leptos Estates’ unparallel real estate offering includes ultra-modern, new build homes, luxury hillside mansion, beachfront apartments and coastal villas.

For more information, please contact Leptos Estates on +357 26880120 (Cyprus) email: info@LeptosEstates.com or visit www.leptosestates.com