articles | 18 April 2016

Cyprus property begins to attract investors

The Chairman of the Cyprus Land and Building Developers' Association, Pantelis Leptos, has noted the upward trends recorded in the recent months concerning property sales, highlighting the ability of Cyprus' market to attract foreign investors from many different countries.

At the same time, he stressed the interest in buying property in Cyprus, from new markets, such as the Middle East and the renewed interest of Europeans, mainly British, who demand however a better system for issuing title deeds and better loan programs.

Leptos said that in the past few months there is a clear reversion in the local construction industry and the real estate market.

“There’s a remarkable upward trend this month in all cities, both from foreigners and locals, which is remarkable”, he said.

Pointing out that the confidence of locals has returned and the sentiment was reversed,he noted the foreign interest to buy property in Cyprus from the markets of Russia and China, but also from new markets such as the Middle East. He also referred to the return of Europeans, mainly the British.

Leptos said that "especially in this period when neighbouring countries face various security problems, Cyprus has the opportunity to attract investors from neighbouring countries who are looking for a safe haven." He explained that buyers will either come and live in Cyprus permanently or temporarily or they will have the property for security purposes.

As far as the incentives which have contributed to the increase in real estate sales, Leptos said that among them were the granting of Cypriot citizenship to property investments amounting to €2.5 million, as well as incentives given by the Government to both Cypriots and foreigners, such as the absence of capital gains tax, the reduction of VAT for first-time home buyers to 5% from 19% and the abolition of transfer fees.

Source: Famagusta Gazette

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