Following recent
changes to the Greek and Portuguese Golden Visa schemes, Cyprus’ Permanent
Residency Programme now offers the most cost-effective route into the EU. A
minimum investment of €300,000 (+VAT) into a residential property allows
individuals, and their families, to qualify for permanent residency in the
country, which is now over €50,000 cheaper than the equivalent scheme in Malta
and over €200,000 cheaper than Germany and Greece. While Ireland, Spain and
Portugal have all closed their entries via real estate investment and Greece
has most recently raised its Golden Visa entry threshold costs significantly.
According to Cyprus’ largest development
group, Leptos Estates, this could lead to a surge in activity from the
UK, as British Expats, already 1/3 of all annual property purchasers on the
mediterranean island. With tourist arrivals reaching record levels in 2024 –
increasing by 5.3% on visitor numbers in the same period in 2023 and sales to
British buyers up 10% in the same period – the signs are pointing towards a
rise in interest from the UK.
Leptos Estates recorded a remarkable
increase in Permanent Residency enquiries and applications from individuals
based in the UK in 2023, with a specialist support team put in place to assist with
securing the right property to qualify for the residency requirements.
Applications in 2024 are already higher at this stage of the year compared to
12 months previously.
One of the key benefits of the Cypriot Permanent
Residence Programme is the ability for foreigners to then acquire a lifetime
Immigration Permit for themselves and their families, whilst benefitting from unlimited
access across the EU, which is an increasingly enticing option for Brits now
feeling the implications of Brexit and the restriction of their original rights
of access across EU nations.
For those expats looking to continue to
split their time between Cyprus and the UK but wishing to circumnavigate the
current visitation restrictions in place for non-EU nationals, the rental
market in the country is one of the strongest in Europe.
The average yield in Cyprus reached 7% in
2023, which was significantly higher than Greece (4%), Italy (3%) and France
(2%) and bettered only by Ireland (8.5%)[1].
However, a shortage of new housing in stock in Ireland is set to see this
figure drop, whilst the building boom across Cyprus in recent years has seen
investors boosted by a 21% average annual return on off-plan new build
properties[2].
The most popular property types for
British buyers through the Permanent Resident are pre-built homes within
developments that have an established and thriving community, whilst off-plan
homes that offer the potential for immediate value uplift (investors average
annual returns of over 20% on off-plan properties currently) are also rising in
popularity.
The prices for off-plan properties through
Leptos Estates are more
attractive for those looking for investment returns over an immediate residence
due to the length of time it takes from purchasing the land to the
property being completed. The potential increase in value from start to finish
is enticing for those that have already established a life on the island but
pre-Brexit or those looking for a holiday home but are not in an immediate
rush.
Currently the most popular properties with
British buyers seeking a part time or permanent home in the sun are apartments
or self-contained villas on private resorts, with a strong community, such as Kamares
Village in Paphos where prices start from €567,000 (+VAT) for a 2-bedroom
villa.
Perched on a prominent hilltop overlooking
the Mediterranean Sea, Kamares Village. With its tree lined streets and
plush landscaping, has established a thriving community of expats, the
community’s freehold villas creating a country club atmosphere, with numerous social
events and activities organised at the Kamares club, which is situated at the
heart of the development.
.jpg)
For those purely looking to secure a home
close to the Permanent Residency minimum threshold, Akamantis Gardens
offers a spectacular collection of townhouses from €303,000 (+VAT). A
highly sought-after resort development in the seafront town of Polis. The two-bedroom
villas are surrounded by landscaped gardens and face onto a large communal
swimming pool, whilst the beach is a stone’s throw from the development and
popular shops and restaurants within a three-minute walk.
Pantelis Leptos, Co-President of Leptos
Group of Companies, said, “Cyprus now offers the most attractive
Permanent Residency Programme in the EU and coupled with rising tourism and
property investment in the island we expect to see enquiries and sales rise
significantly in the next 12-month period.
“Due to its thriving economy and
numerous substantial development projects, Cyprus is now being recognised as a
leading global luxury investment destination. We have seen a marked increase in
sales to those buying not only for the Residency programme but also to make the
country a place to call home be it permanently or as a major base during
business or travel through the year.”
Leptos Estates is the leading
provider of new homes in Greece and Cyprus. For more information contact Leptos
Estates on Tel: +357 26880120 (Cyprus), +30 28210 20830 (Greece), +44) 208 883 2333 / (+44) 788 767 3342
(UK), email: info@LeptosEstates.com or visit: www.leptosestates.com
For further press information or comment
contact property@ellwoodpr.com
Notes to editors:
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, interior design and property management. The Leptos
Group is active in the fields of Real Estate Development, Healthcare,
Hospitality, Education and is rightly considered as a guarantor of high
standards.