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articles | 28 April 2017 | ServPRO Accountants & Consultants

Cyprus in the top 10 most popular property purchase destinations

According to a recent report of TheMoveChannel.com, Cyprus ranks 6th in the top 10 most popular destinations for property purchases.

Towards the end of 2016, foreign interest in properties in Cyprus experienced an increase of 22%. The country accounted for 3.03% of the total website enquiries, marking a rise in enquires for Cypriot properties by more than 50% in Q1 2017 compared to Q4 2016.

This is the highest score for the country in the last two years brought upon by the return of foreign buyers to the domestic property market.

TheMoveChannel.com director, Dan Johnson, noted the following:

“Foreign demand for Cypriot real estate is showing signs of strengthening again in 2017. Interest climbed in the final months of 2016, possibly fueled by buyers racing to beat the deadline for a Capital Gains Tax incentive at the end of the year. Interest softened at the start of 2017, but enquiries have grown once more in March, without the impetus of the tax deadline. With prices bottoming out and climbing across almost all regions, according to multiple indices, conditions in the island’s market are certainly improving, which is beginning to bring back investors. The island’s Golden Visa scheme is also helping to drive recovering demand, with buyers on TheMoveChannel.com particularly interested in citizenship investment opportunities.”

It is worth mentioning that the first rank destination for property buyers was claimed by the USA with 7.9%, followed by Spain and Indonesia with 6.01% and 5.98% respectively.

Croatia also experienced a significant rise, marking a 27-place jump in TheMoveChannel.com list, placing the country behind Cyprus in the 7th place with a percentage of total searches reaching 2.69%.

Moreover, Cyprus also leaves behind countries such as France, Italy and Germany.

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