Cyprus is ‘next property investment hotspot’, says agency
Cyprus is set to join London, New York and Paris as a top international property hotspot, says a leading agency.
Chestertons International says there has been growing interest from investors for luxurious Cyprus properties, with sales rising 23% in October 2015 year-on-year.
Yiorgos Georghiou, Sales Director at Limassol Marina, explains, “Cyprus is now being viewed as the next hotspot after top investment destinations like London, New York and Paris. The economy of Cyprus is set to take-off due to the government’s stringent reformative measures.
“The Quarter 1 growth levels were gradual, however, this was followed by a surge in Quarter 2 and the economy reported an even faster growth in Q3. The country is now being applauded for its focus on reforms, higher economic growth factors, stability in the banking system and for pushing the country’s fiscal performance towards a positive trajectory,” said the UAE and GCC investors
Cybarco, part of the prestigious Lanitis Group of Companies, is the developer of some of the most prestigious projects in Cyprus and has more than 70 years’ expertise in developing high-end projects both in Cyprus and abroad.
Due to growing overseas investor interest, Cybarco recently unveiled Limassol Marina’s high end residences to Gulf Cooperation Council (GCC) investors through Chestertons, which has received growing interest from United Arab Emirate and GCC investors.
Declan McNaughton, Managing Director, Chestertons UAE, says, “Cyprus has carved a niche for itself over the years and the investors in this region are seriously considering properties in this country. Limassol Marina is an exclusive waterfront development designed by world-renowned team of architects and engineers. It combines elegant residences and a full service marina with an enticing mix of restaurants and shops, to create a lifestyle uniquely shaped by ‘living on the sea’.
“This outstanding collection of stylish homes provides a luxurious retreat just a short stroll from the historic heart of Limassol town. Limassol Marina consists of 162 luxury apartments and 74 exclusive properties comprising of peninsula and island villas.”
In October 2015, around 463 contracts for the sale of residential and commercial properties were recorded at the Land Registry offices across Cyprus, compared with 375 a year before. Out of the 463 contracts, 76% (352) were domestic buyers, while 24% (111) were non-Cypriot investors.
Brennon Nicholas, Head of International Sales, Chestertons MENA, says, “We have received a considerable amount of interest from Middle Eastern investors who are seeking to establish their second homes overseas. With a surge in demand for foreign properties by Middle Eastern buyers, Chestertons is now able to offer an extensive range of international property options from our office in Dubai.
“This integrated waterfront development has 650 berths for yachts up to 110m. It offers luxury apartments and villas with private berths or direct access to the beach. All residences benefit from stunning sea views, every modern comfort and the highest standard of living. The development is surrounded by dining and shopping establishments, spa, fitness and cultural facilities throughout the year.”
Chestertons recently created a new International Properties arm that will focus on European Union-based properties for UAE investors. This new division will also help the Emiratis to explore several new investment opportunities due to the current visa-free-travel status in the Schengen zone. The company will facilitate UAE investors to buy properties in Spain, Monaco, Cyprus and several other EU countries from its office in Dubai.
Chestertons International has 70 offices including those in the United Kingdom, UAE, France, Spain, Italy, Singapore, Russia, South Africa, Australia and Barbados.
Source: Opp – Cyprus is ‘next property investment hotspot’, says agency
