CHESTERTONS, the international property agency established in 1805, stated that it is witnessing growing interest from the UAE and GCC investors for luxurious Cyprus based properties. As per reports, the property sales in Cyprus rose by 23% in October this year compared to 2014.
“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 Q1 growth levels were gradual, however, this was followed by a surge in Q2 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 Yiorgos Georghiou, Sales Director at Limassol Marina.
Part of the prestigious Lanitis Group of Companies, Cybarco, is the developer of some of the most prestigious projects in Cyprus and has over 70 years of expertise in developing high end projects both in Cyprus and abroad. Due to the growing overseas investor interest, Cybarco recently unveiled Limassol Marina’s high end residences to GCC investors through Chestertons.
“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,” said Declan McNaughton, Managing Director, Chestertons UAE.
As per the statistics disclosed by the Department of Lands and Surveys of the country, the number of properties sold in Cyprus during October 2015 increased substantially. Around 463 contracts which included the sale of residential and commercial properties were recorded at the Land Registry offices across Cyprus, compared with 375 recorded last October. Out of the 463 contracts, 76% (352) were domestic buyers, while 24% (111) were non-Cypriot investors.
“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,” said Brennon Nicholas, Head of International Sales, Chestertons MENA.
“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,” added Brennon.
Chestertons, has created a new ‘International Properties’ arm that will focus on EU 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.
There is interest from the MENA region for Cyprus but to say that it will turn Cyprus into London and New York is a massive overstatement. In actual fact MENA people find the values of our prime location property of E10,000+/sq.m. hard to stomach and wonder whether the Crisis was a myth.
The main impetus for their interest is the citizenship programme. Rumours have it that this will be revised and a statutory residency period will be introduced prior to citizenship due to EU pressure. This will affect demand negatively especially if investment thresholds are kept at the current levels. Hence, it follows that these will in all probability be reduced thereby taking the wind out of current demand for E2.5m properties.
It is not known to which degree gas finds will affect demand but one would expect that the effect will be positive. When it comes to a solution of the Cyprus problem there are many unknowns and any enumeration of demand levels will be questionable.
I think, in general, one could say that prospects are positive, the decline in prices has stopped for properties geared toward the local market and the British one and that prime properties will retain their values unless supply exceeds demand which is mainly foreign and citizenship led.
Thank you Nigel – I know if any information of any use comes to light – you’ll publish it (if you can).
My 2016 resolution is now to only look for (and action/respond to) anything that could accentuate the positive in the way of improvements to the troubles in Cyprus with property.
@Steve R
On a worldwide scale Cyprus corruption pales into insignificance. The Transparency International surveys are available on the internet and they make interesting reading for those living in and holidaying in Cyprus. From the 2014 survey, the least corrupt countries in the world are those in Scandinavia, Western Europe, Australasia and North America. The most corrupt are generally the African countries and the Middle East. I could mention certain religion/ political systems but then the post would be canned for fear of upsetting those who make a habit of being easily upset.
The rankings (Denmark = 1, Somalia & N Korea = joint 174 )
Cyprus 31, Syria 159, Russia 136, China 100, Saudi Arabia 55.
It appears that far from China and Russia finding out the corrupt Cypriots, it is likely to be the other way round. The Middle East, particularly Syria is well represented here, too. You have to ask yourself what is it that makes Cyprus so attractive to them. I hope it’s not the restricted effectiveness of policing here, due to the jobs for family and friends system that pervades much of the civil service.
What we all have be concerned about is the probability that the new measures for which Cyprus is being applauded –
“its focus on reforms, higher economic growth factors, stability in the banking system and for pushing the country’s fiscal performance towards a positive trajectoryâ€Â
– were seen as necessary to get the property and financial sectors going again and now that is happening, further reforms will no longer be seen as necessary.
(Editor’s comment: To help complete the picture, the UK ranks 14th in the Transparency International Corruption Perceptions Index for 2014.)
Happy New Year to C.P.N team and readers.
The article (press release) is time-honoured fluff from the Estate Agents School of Hyperbolic Prose.
However – I’d like to see some reliable data from somewhere that may pinpoint where and how Middle-Eastern money is entering the island.
Nigel – can we get that from anywhere?
(Editor’s comment: As far as I know such information isn’t available to Joe public. The only public statistics from the Land Registry breakdown the number of property sale contracts by Cypriots and non-Cypriots. I believe that registered estate agents can access further information like whether sales relate to land, apartments, houses, etc. I have received a couple of requests for information from Egyptians who have heard of me through Rotary.)
But seriously to all you doubters, Cyprus could be so much more.
The biggest problem is the Greek Cypriot Government. They’re fools unto themselves. They think they’re clever with the guile of a child, looking through child’s eyes.
What we need is the expats voting, like the GS do in England. The expats can be so much more than walking ATM’s. No fear of the unions, (been there done that), or cousins to take care of, their attention would shift towards the good of their adopted country.
Still it’s 2016 and I can dream…so dream on.
First of all it was the Russians and then the Chinese. Now these two have seen through all the corruption that goes on in Cyprus the next set of potential investors are from the Middle East. Where abouts in Cyprus would you find a suitable des-res for a Saudi Prince. Can you imagine his wife going shopping down the Kings Mall in Paphos for a new handbag. Me neither.
Sure right Cyprus in your dreams the next hot spot for property investment do not think so better options all over mainland Europe France, Spain, Portugal that has a fit for purpose infrastructure, building standards.
Let’s finish with the quote of the year for 2015… last minute entry but worthy of the wait I think you’ll agree
“Cyprus is now being viewed as the next hotspot after top investment destinations like London, New York and Paris…”
May I take the opportunity to wish my fellow visitors and everyone connected to “Cyprus Property News” a prosperous 2016!
(Editor’s comment: I felt I should end the year on a positive note :-) and I wish all readers a happy, prosperous and healthy New Year.)