UAE and Middle Eastern investors comprised 20% of all 'residential sales in Cyprus during lockdown

Despite flights being grounded due to global travel restrictions in place from February 2020, leading Cypriot developer, Leptos Estates, has secured over 30 units to international investors during the lockdown period

  
UAE and Middle Eastern investors comprised 20% of all 'residential sales in Cyprus during lockdown

UAE: One of the largest buyers’ groups was from the UAE and Middle East, totalling 20% of all sales during the lockdown period, with seafront villas and coastal apartments proving the most popular acquisition. Despite flights being grounded due to global travel restrictions in place from February 2020, leading Cypriot developer, Leptos Estates, has secured over 30 units to international investors during the lockdown period.

Leptos introduced several measures to allow discerning purchasers the ability to secure their new property, especially those who were unable to physically view the properties. Every available property was filmed by the company to provide an in-depth video tour for each applicant to access. The buyers could put down a deposit of 10% to secure the property and also had the option to change their mind and purchase a different property by switching their deposit across. 

Commenting on the recent sales success, Pantelis Leptos, Deputy President of Leptos Group of Companies, said; “In an ideal world an international purchaser will always wish to travel into the country or send a trusted associate to view the finished property before completing. However, we are living in unprecedented times and we're still seeing a desire from our core markets in the Middle East to invest in residential property in Cyprus. Therefore, we wanted to be as flexible as possible to ensure we could still meet their needs despite being restricted by the various lockdowns in activation."

For those waiting for restrictions to lift before completing their purchase, Leptos Estates had also offered to cover travel and accommodation costs, once restrictions have been lifted allowing them to enter Cyprus.

One of the most popular property types with Middle Eastern purchasers was Armonia Beach Villas, a collection of detached freehold villas that can be designed to the buyer's personal specification. Located on spacious grounds facing directly onto the sea, villas are surrounded by landscaped gardens with a large private swimming pool. Built to the highest standards, villas also feature outdoor BBQ areas, and ample parking. Designed to look sleek and modern, the properties also respect the building character of the island, with white exterior finishes and large verandas with masses of outdoor living areas. Villas are on the market from US$2.6 million.

A further incentive for Middle Eastern investors is the Cyprus Investment Programme (CIP), which provides direct access to the EU. In return for a property purchase of US$2.4 million, investors qualify for a Cypriot Citizenship with the right to live, work, travel, stay and study in Cyprus a well as anywhere in the EU, as well as visa-free travel to over 155+ countries including Canada, Switzerland, UK and Iceland. The Cypriot citizenship typically takes six months to come into effect and once acquired is valid for a person's lifetime covering their spouse and any dependent children up to the age of 28 years.

There is also the option of permanent residency, which can be reached through a property purchase of US$470,000 in Cyprus and US$300,000 in Greece. This option takes typically up to 60 days. This covers the entire family including the parents of both spouses.

Cyprus and Greece also regularly feature in the top five global destinations for holiday homes for many reasons. Only a four-hour flight from the UK and more than 100 flights a week, Cyprus is home to a strong expat community, so English is spoken widely, cars drive on the left and there are even UK plug sockets, healthcare is excellent and the cost of living is relatively low. On top of that, the island has no immovable property tax, no wealth gift and inheritance tax, over 340 days of sunshine per year and is one of the most beautiful in the Mediterranean, with amazing beaches, a UNESCO World Heritage Site, numerous historic landmarks and some of Europe’s most attractive real estate.

Leptos Estates is the leading provider of new homes in Greece and Cyprus. For more information, please contact Leptos Estates on +357 26880120 (Cyprus), +30 28210 20830 (Greece), +44 7874093174 (UK), email: info@LeptosEstates.com  or visit www.leptosestates.com  

- Ends -

Leptos Estates is the Leading Property Developer in Cyprus. Founded in 1960 by Michael G. Leptos, the firm now has an established international network across 75 countries, having completed over 350 projects to date. Leptos Estates also has an extensive land bank in prime locations in Cyprus and Greece for the development of prestigious residential and holiday residences, luxury hotels and resorts as well as Mega projects. Extensive in-house expertise enables Leptos Estates to offer clients a totally comprehensive service from land purchasing and architectural design, through to construction and interior design. The organisation has one of the largest technical departments in Cyprus, with more than 70 civil engineers, architects, interior designers and surveyors. Today Leptos is rightly considered a guarantor of high standards. www.leptosestates.com  

For press information or additional comment, please contact:
Prem Ramachandran
White Water Public Relations
prem@whitewaterpr.com 

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