Cyprus’ largest development group, Leptos Estates, is spearheading a strategic initiative to attract GCC investors looking for a valuable foothold in the Mediterranean.
As a beacon of economic stability and growth, Cyprus extends an exceptional offer through its Permanent Residence Programme, enabling investment in property starting at $328,000. This initiative not only promises a lifetime immigration permit for investors and their families but also a chance to partake in the country’s remarkable economic performance, which has recently seen a 5.1% increase in GDP – outpacing many of its European counterparts.
The building boom across Cyprus in recent years has seen investors boosted by a 21% average annual return on off-plan new build properties. Investors from the GCC region typically favour larger purpose or bespoke built villas in secure gated residences occupying prominent locations on the island.
Pantelis Leptos, Co-President of Leptos Group of Companies, said, “Cyprus continues to be a popular choice for purchasers particularly from GCC Countries looking for a destination that can provide a private and exclusive lifestyle, whilst also providing the benefits of freedom of movement across Europe. Due to its thriving economy and numerous substantial development projects, Cyprus is now being recognised as a leading global luxury investment destination. We have seen a marked increase in sales to those buying not only for the Residency programme but also to make the country a place to call home be it permanently or as a major base during business or travel through the year.”
This economic growth and stability, as well as a multitude of major regeneration and infrastructure projects across the island, have been the catalyst for an unprecedented and steady increase in transactions due to the influx of tourists and Middle Eastern investors favouring a move to Cyprus and acquiring real estate.
The growth achieved led to a record year of sales for Leptos Estates, with the prime developer announcing a 15% rise in off plan property sales in 2023. On an annual basis, overseas sales (both EU and non-EU citizens) rose by 16%. 2023 saw the highest number of sales to the overseas market since the market peaked in 2007.
Cyprus also benefits from its year-round warm weather and sunshine, whilst an abundance of blue flag beaches attracts tourists from all over the world, as well as natural hotspots and mountain ranges, which includes a winter ski season, means that there is regular high demand for rental/holiday home usage.
Adonis Beach Villas, an exclusive collection of super modern detached luxury villas on the Paphos coast have proven popular with MENA investors, as they look to secure a prime home in a secure location. Ranging in price from US$1.5 million to US$3.49 million +VAT, the luxurious beachfront super homes overlook the Mediterranean Sea and feature modern architectural design and finishes, services, facilities, and amenities of the highest standard. Each home comprises private overflowing pools, landscaped gardens, large verandas and expansive outdoor living areas.
Located in Limassol is Blu Marine, a striking collection of contemporary towers, which comprise over 240 apartments that benefit from 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.
Close to Dubai Port, Limassol Marina, and Old Town, as well as featuring its own private beach, MENA investors have purchased at Blu Marine for personal use, as well as to benefit from the impressive rental yields on offer. Apartments are available in a range of sizes, from one-to-five bedrooms, with prices starting at US$800,000 + VAT.
tanvir@dubainewsweek.com
