THE LUXURY SIDE OF CYPRUS
Combining Mediterranean sun with unparalleled access to three continents, Cyprus stands out as a uniquely desirable opportunity for buyers. These buyers are the customers of Anastasia Yianni, CEO of Cyprus Sotheby’s International Realty, who manages the sales of some of the island’s most exclusive luxury properties.
“Cyprus is special for a number of reasons”, says Yianni. “It is an immensely beautiful place to live, with unrivalled access to nature and good weather all year round, but investors also value its location.” Cyprus is a short flight from Europe, Africa and the Middle East, making it perfect for jet-set internationals.
On top of this, Cyprus’ picturesque towns are home to a historic local culture. The island has been inhabited since ancient times, ruled by Greeks, Byzantines and Ottomans over the course of many centuries.
Cyprus’ popularity is reflected in the strength of its sales performance. According to a report from Cyprus Sotheby’s, there has been a 30% year-on-year increase in the volume of property sales. In some areas of the island such as Limassol and Pafos, the sales increase reached 40% and 58% respectively. Sales to foreign buyers are particularly successful, increasing 61% in total.
“Over the past few years we’ve seen Cyprus’ property market expand enormously, despite global economic headwinds,” says Yianni. This is a result of strong demand from buyers, who continue to be attracted to Cyprus’ unique charms despite the difficult economic situation. “We see buyers from all over the world looking to invest here, especially Europeans. It remains a very popular market”.
Anastasia Yianni, CEO of Cyprus Sotheby’s International Realty
These buyers are looking to invest in Cyprus for a number of reasons. Some are looking for a holiday homes, drawn to Cyprus’ beaches and sunny weather. However, many are also looking for permanent residences. “A lot of wealthy investors looking to retire somewhere sunny turn to Cyprus”.
Frequently though, the biggest draw for these permanent residents is Cyprus’ citizenship laws. Buyers that invest over €300,000 are able to receive a residency card in under 60 days. From there, investors can go on to apply for permanent residency, and later citizenship. Thanks to Cyprus’ EU membership, becoming a citizen of Cyprus also grants the buyer also confers the benefits of being a citizen of the EU.
“Obviously this is an extremely attractive offering for investors from non-EU member countries’, explains Yianni. EU citizenship confers total freedom of movement within the EU. “In particular, British buyers recently deprived of the travel benefits of EU membership are increasingly looking to regain these advantages by investing in property in Cyprus”.
However, more than just as an investment or an opportunity to gain EU citizenship, Cyprus properties are particularly valued by foreign buyers for their luxury appeal. Ranging in designs from traditional Cycladic architecture to more contemporary styles, Cyprus is home to some of the best villas in the Mediterranean. In terms of features, swimming pools are a given – they are as much a luxury as a necessity during Cyprus’ long hot summers, and ocean views are highly desired.
In the future, once the aftershocks of the pandemic stabilise, Yianni expects to see continued growth in this already popular market. One feature that is expected to see increased demand is smart home technology. “Buyers are expecting greater levels of connectivity. Smart homes offer fine-tuned temperature control and options for remote security, both of which are highly valued by international investors”.
Without a doubt, Cyprus will continue to offer unique investment opportunities for many years to come. “Our island is a truly magical place, with some of the best options for luxury property in the Mediterranean”.
Discover more: Cyprus Sotheby’s International Realty
