Chestertons Internationals reports that there has been growing interest from investors seeking luxury properties in Cyprus, with sales increasing annually by 23% in October.
The Sales Director at Limassol Marina – a luxury development – Yiorgos Georghiou, explains the country’s position: “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 quarter one growth levels were gradual, however, this was followed by a surge in quarter two 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.”1
Cybarco is the developer of some of the most luxurious projects in Cyprus, with over 70 years’ experience in building high-end properties.
Due to growing interest from overseas investors, Cybarco recently released Limassol Marina’s high-end residences to investors through Chestertons, receiving growing interest from United Arab Emirate (UAE) investors.
The Managing Director of Chestertons UAE, Declan McNaughton, comments: “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 a 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.”1
In October 2015, around 463 contracts for the sale of residential and commercial properties were recorded at Land Registry offices in Cyprus, compared to 375 a year before. Of these contracts, 76% (352) were domestic buyers and 24% (111) were non-Cypriot investors.
Brennon Nicholas, the Head of International Sales at Chestertons in the Middle East and North Africa region, observes: “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.
“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.”1
Recently, Chestertons formed a new international properties sector, which will focus on EU-based properties for UAE investors.