Over the past three years, more than 250 contracts for the purchase of objects worth more than 1.5 million euros have been signed. Such data are given in a study by PwC Cyprus under the title “Cyprus Real Estate Market – 2016 Year in Review”.
Until 2013, the level of sales of luxury real estate in Cyprus was quite stable – about 40 objects per year. However, in 2014, the government launched a program of issuing citizenship for investors, including, inter alia, mandatory acquisition of real estate worth at least 500 thousand euros. And since that time, sales have grown significantly: in 2016, elite real estate was sold almost four times as much as in 2013, 117 against 32. In 2014 and 2015, such deals were 49 and 88, respectively.
The largest number of luxury properties is in Limassol: 63.2% of the total in 2016. It is followed by Paphos (29.9%).
Nicosia, Larnaca and Famagusta lag far behind in the race for wealthy buyers. These regions account for only 0.9%, 1.7% and 4.3% of sales, respectively.
According to the results of the study, the above-mentioned program for investors is the main reason for the growth in sales of elite real estate attracting buyers from abroad – first of all, citizens of China, Russia, India and the UAE.
Courtesy Russian-Cyprus Business Magazine.