Luxury real estate in Cyprus is a large, important, and growing sector. Over the past 5 years, the island has experienced a construction "boom", and now almost half of the projects under construction are luxury housing. What does Cyprus have to offer wealthy overseas buyers?
1. Types of luxury real estate in Cyprus
Limassol holds the lead in the luxury apartment sector (of course, in terms of assortment). You can find an apartment both near the sea and in a remote quiet area. But despite the fact that apartments are the most demanded type of real estate among investors from China and Russia, there are many other (and no less interesting) types of housing.
1.1. Apartments in Cyprus
Apartments are spacious flats in residential complexes and separate buildings. Typically, the number of rooms can vary depending on the buyer's wishes. There is often a situation when, even at the construction stage, the future owner asks to combine several apartments into one in order to increase the living space. Sometimes an investor buys an entire floor at once.
However not everyone strives for a large area: sometimes a 1-2-bedroom apartment is enough for a buyer. Small but with maximum amenities. The last can be found in gated residential complexes.
Residential complexes include a number of services:
- closed guarded territory
- convenient parking
- SPA, massage, fitness room, gym
- swimming pool, sauna
- landscaped garden, park, etc.
The housing also has ultra-modern technologies: a high level of energy saving, a "smart home" system, designer renovation, built-in appliances, and luxury furniture, panoramic windows, excellent heating systems, etc.
Buyers from the Middle East are interested in penthouses in Cyprus. Often Arab sheikhs prefer this type of real estate to maintain privacy for them and their families.
As a rule, penthouses are equipped in the same way as luxury apartments. The only difference is that almost all the amenities are "duplicated" for them personally. Penthouse owners have their own pool (if not a number of pools), a rooftop garden and stunning sea, mountain and city views.
A penthouse can compete with a luxury villa in terms of cost. This is due to their large area, privacy and high class of service. Penthouse prices in Limassol can reach EUR 10-14 million.
A villa in Cyprus can be either a detached object, equipped with its own communications and amenities, or part of a gated complex. The value of the real estate rises significantly in the latter case.
As a rule, until 2020, villas were in less demand: 30% of purchased villas accounted for 70% of apartments. But the coronavirus pandemic has slightly altered the demand in the Cyprus property market. People realized all the advantages of living on a private territory with a land plot.
Nowadays, villas are more popular, but this does not mean that they are more profitable to invest in. Rather, the demand for villas has increased among families looking for housing not as a "valuable object", but as their own residence.
The option between apartments and cottages is a townhouse. Elite townhouses are more often found in closed areas, while detached elite townhouses are rare.
Usually a townhouse is a small housing with 1-2 neighbors. This type of property is suitable for those who come to Cyprus from time to time as it is much cheaper to maintain a townhouse than a large villa or luxury apartments in the city center.
2. Elite areas of Cyprus
You should know that proximity to the sea is not always a key request when buying luxury real estate. Yes, some overseas buyers want direct access to the beach, but not all as basically it is an important feature for those who plan to rent out their accommodation to tourists.
Usually the key criteria for choosing a place of residence is the infrastructure: the proximity of restaurants and entertainment venues, kindergartens and schools, supermarkets, etc. Those buyers who plan to live here most of the year are looking for the developed areas.
2.1. Elite areas of Limassol
Perhaps Limassol is the richest city in terms of luxury real estate market. Apartments can be bought in the very center, in the waterfront or marina area. The latters are apartments in new skyscrapers.
Suburban elite areas include Germasogeia, Agios Tychonas and Agios Athanasios. You can also include Amathus among them. Here you can find luxury villas in a wide variety of price ranges.
Columbia, an elite neighborhood in Germasogeia, is worth a separate mention. There are separate private Cyprus houses and whole residential complexes, within which there is luxury and maximum comfort. You don't have to worry about your neighbors as they are quiet and calm wealthy people. They live in Cyprus with their family and children - permanently or from time to time.
2.2. Elite areas of Paphos
Paphos is distinguished by the minimum number of high-rise buildings. The focus here is on private houses and complexes. Paphos is an ideal place for lovers of nature and tranquility, which are abundant here.
The elite areas include, first of all, the territory of the Sea Caves. Indeed, they offer magnificent views of the rocky shores and the impeccably clear sea. Also a comfortable beach is just a stone's throw away.
Another elite place is the Coral Bay area. The bay is famous for its beauty and rich nature. It is close to the best beaches of the Paphos region from here, as well as to natural attractions: the protected Akamas peninsula, baths, waterfalls and other beauties.
Those looking for a secluded and quiet life should take a closer look at the villages of Tala and Tsada. These are comfortable villages where wealthy people like to relax.
2.3. Elite areas of Larnaca
It is noteworthy that Larnaca remains behind Paphos and Limassol in terms of real estate and foreign investment interest. Mostly native Cypriots live here, and foreigners rarely choose this city to relocate.
However, the construction of high-rise buildings near Larnaca's waterfront has already begun, which means that the Larnaca real estate sector will soon move forward. But so far the demand for housing in Larnaca, as well as prices for it, remain low. For example, a villa in the elite area of Larnaca can be purchased for the price of an apartment in Limassol.
Now Mackenzie (where the beach of the same name is located) and Radisson can be attributed to the elite neighborhoods. New buildings are being built here, which are about to turn into closed residential complexes. In the village of Pyla and in Livadia, there is a large selection of magnificent spacious villas for sale in Cyprus.
2.4. Elite areas of Ayia Napa (Famagusta)
Ayia Napa also has luxury housing, but it is located in different places. As a rule, the choice of foreign investors often falls on Paralimni, it's a quiet comfortable town with a well-developed infrastructure.
3. Permanent residence or temporary residence permit in Cyprus when buying luxury real estate
Buyers of elite real estate in Cyprus in a simplified manner obtain a temporary residence permit and even permanent residence.
What do you need to do to obtain permanent residence in Cyprus?
- To purchase one or more primary real estate objects in the amount of 300,000 euros (excluding taxes). In this case, you need to deposit at least 200,000 euros to the seller's account at a time.
- The purchase must be carried out with funds received NOT in Cyprus, that is, be foreign investment.
- To confirm that the buyer has the means to live in Cyprus without ability to work, to have at least EUR 30 thousand per year coming from abroad. If there are a spouse and children, the amount increases.
- To open a bank account and transfer EUR 30,000. They cannot be removed for a while. This is also a kind of investment.
Learn more about obtaining permanent residence here.
Also, the buyer needs to collect a number of documents.
DOM real estate agency specialists provide services for obtaining permanent residence in Cyprus through real estate investments. The client only needs to choose a home. All other issues will be solved by professionals.
- First acquaintance with Larnaca (link)
- Where to buy property in Limassol to rent out? (link)
- Limassol city overview: a place to live, relax and invest (link)
- Investment in real estate in Cyprus or bank deposit? (link)
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