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May, 14 2019
May, 14 2019
Increased interest for high end properties in Cyprus
The interest for luxurious properties and apartments located in prestigious and central positions remain high in Cyprus.
Even though the number of transactions in this field is relatively low in comparison to the general number however sales of high end properties contributes vitally to the volume of sales which is also increasing by 20 % every year.
The highest interest for high end properties has so far been from Russia, Israel and Arab countries. Expatriated Cypriots has also shown an interest as also a small number of Asian investors. The investors have for the most chosen estates located at Limassol’s and Paphos’ beach front.
According to the Vice President of the Cyprus Land and Building Developers Association Mr. Giannis Misirlis, the high end properties in form of villas at attractive positions either close to the sea or on hills has played an important role to the economy the past 20 years. On the other hand, luxurious apartments located at the beach front or the town center has interested investors just the past 5 years. Therefor it’s a new market that constitutes a global trend, as the highly paid investors from other jurisdictions are looking to stay in a high altitude apartment in order to enjoy both the panoramic view of the city and the quality services offered by the organized complex.
Despite the overall increased interest in the real estate market in Cyprus which is attributed to the security that the local real estate market offers there are some points that require improvements. Development in the banking field such as easier lending procedures for local buyers which in contrary to the foreign investors can not finance the whole amount of the property purchase. Such improved actions will contribute to a more solid and integrated market.
With the course the property rates have taken, it looks like the investors of the past years will have a high yearly turnover of their investment.
By: Editorial team of LawyersInCyprus.com