Is It A Good Time To Buy Property In Cyprus?

buy property in Cyprus

There are ancient relations between the United Kingdom and Cyprus, the country has dealt with the pandemic impressively – like its close neighbour Greece – and remains on the UK Government’s quarantine exemption list.

This means that there is no requirement for people to return to England from Cyprus and self-isolate for 14 days; however, this could change and then be reverted at a time. It all depends on the covid situation in each country.

All of these benefits – plus the weather, relaxed lifestyle and the current popularity of Cyprus as a holiday destination and the second home destination for the British – can make it a good candidate for those considering investing in overseas property.

Limassol Blu Marine, the luxury seafront development of Leptos Estates in the trendiest district of the region, Aktaia Odos, is sure to hope that this is the case.

Development has proven to be a ‘great success’ since its introduction, with residences in the first phase being picked up by a wide variety of foreign customers who have benefited from ‘excellent investment opportunities on offer.’

Now, Leptos Estates is launching a fresh set of residences on floors 23 to 26 on the market, all with guaranteed sea views. Residences in Limassol Blu Marine range in size from one-to-five-bedroom with prices starting from €650,000.

“”The selling of properties to date at the Limassol Blu Marine has been great,” said Pantelis Leptos, Deputy President of Leptos Estates.

“We are so delighted to be able to unleash the luxurious residences on these higher floors, which will be open to customers who might have missed out for the first time.”

“We agree that the glistening views of the Mediterranean and attractive luxury apartments will be a real attraction for buyers looking to invest in the newest riviera in Europe.”

“You can’t ignore the sunshine all year round as an added bonus as well!

What Do Investors In Cyprus Get?

what do investors get when they invest in Cyprus?

Premium specifications and interior finishes, smart home technology and German-branded kitchen appliances, as well as autonomous heating and cooling systems, are available in the residences at Blu Marine. In addition, new tenants will have access to safe underground parking.

Limassol Blu Marine says it provides the highest level of lifestyle and ‘world-class hotel-style facilities’ to support tenants, property and retail management, housekeeping and security, a 24/7 concierge team is also on hand too. It’s described as being ideal for investors looking for a ‘lock up and leave’ property or a home rental facility.

The elevated podium between the three majestic towers at Blu Marine (named after the Greek gods Poseidon, Zeus and Oceanus) will host a ‘spectacular’ 50-metre infinity pool, perfectly landscaped gardens, a double-height gym, a bistro, a lobby and a concierge.

Property owners will have access to over 1,300 square metres of luxurious health and wellness facilities, including treatment rooms, saunas and steam rooms, and a 25-metre indoor heated pool.

According to Leptos’ in-house sales figures, Asian buyers actually make up around half of Blu Marine’s sales, while Middle Eastern, Russian and European buyers add to the cosmopolitan mix.

Deepening on these estimates, Pantelis Leptos added: “We conclude that the strong international demand for Blu Marine stems not only from the exceptional residences available but also from the major infrastructure developments taking place in downtown Limassol and the new Aktaia Odos neighbourhood.”

“These developments include the brand-new Limassol Marina, great for spotting megayachts, the state-of-the-art Dubai World Cruise Terminal, the redesigned seafront park, integrated golf, spa, casino resort and contemporary shopping mall. This positive regeneration in downtown Limassol has drawn a great deal of international attention.

The new district of Aktaia Odos is being built with state-of-the-art, modern buildings covering residential and industrial, tourism and leisure. It lies between wide open green spaces, cycling lanes and pedestrian walkways.

There is also a major renovation of local heritage sites to help bring Limassol into line with large-scale regeneration projects, such as the Canary Wharf in London.

Today, Downton Limassol – with its combination of cafes, restaurants and international schools, as well as its favourable tax regime – is at the centre of the city’s vibrant entertainment, industry and leisure scene.

“We conclude that the growth of Blu Marine’s revenue continues to derive from the benefits of the Cyprus Investment Programme. Buyers and their families feel secure in the knowledge that investing in Blu Marine means that they will have a world-class luxury residence and a chance to live, work and study in Europe, “Leptos said.

Overseas buyers at Blu Marine will take advantage of the Cyprus Investment Scheme by buying one or more properties of EUR 2 million.

Non-EU nationals are entitled to Cyprus citizenship, enabling them to fly, work and live within the EU and Schengen region – something that could be more attractive to British buyers now that the UK has left the EU, with the transitional period scheduled to end on 31 December 2020.

The sales teams at Leptos Estates say that they are now available to welcome customers to Blu Marine’s newly opened Sales & Marketing Suite and to make it easier to see the final set of residences.

The first residential tower, Poseidon, is scheduled to be completed in 2022. Apartments start at €650,000.

The Lowdown on Cyprus

ABOUT CYPRUS

Cyprus, an island nation in the Eastern Mediterranean, has a population of just 1.2 million, but is still the third largest island in the Mediterranean, after Sicily and Sardinia.

While geographically located in Asia and surrounded by several Middle Eastern countries, Cyprus is politically an EU country and a member of the EU.

The British territories until as recently as 1960 – one of the legacies is the fact that they drive to the left in Cyprus – the modern history of the nation has not been without problems. A constitution offering a degree of power-sharing between the Greek Cypriot majority and the Turkish Cypriot minority was adopted after gaining independence from the United Kingdom sixty years ago. Sadly, the two communities – with the help of their respective governments of Greece and Turkey – clashed in 1974.

Turkish dominance of the north and east of the island accounted for 40% of the end result. In 1983, the Turkish-held region proclaimed independence as the Turkish Republic of Northern Cyprus. However, only Turkey currently recognises the TRNC, with all other governments and the United Nations acknowledging the Republic of Cyprus as having the only legitimate government on the island.

The UN still maintains a peacekeeping force and a narrow buffer zone between the two Cypriot ethnic groups – however, luckily, open hostilities have been absent for some time, as the two sides (with increasing support from the EU) have steadily progressed towards some kind of reunification.

Even now, the United Kingdom has two small Overseas Territories in the region of the Republic of Cyprus, known as Akrotiri and Dhekelia, containing a few parts of the villages and two military bases.

A number of Cypriot locations – including Limassol, Paphos, Larnaca and Ayia Napa – have become popular tourist destinations for British holidaymakers, especially among younger generations eager to take advantage of the nightlife on offer.

The capital, Nicosia, is the largest city in the country and also holds the dubious distinction of the last divided capital city in the world. It’s two capital cities in one, with the Greek side and the Turkish side.

One of the oldest civilisations in the Med, with a history spanning more than 10,000 years that has changed hands many times, Cyprus has a rich culture and cultural scene, a strong passion for football and a cuisine that blends European, Middle Eastern and Arab influences – with halloumi possibly being its most internationally renowned commodity.

It is estimated that around 300,000 Cypriots live in the United Kingdom, primarily concentrated in North East London, with large populations in other British cities such as Birmingham, Leeds, Cardiff, Nottingham and Bristol. On the other hand, some 60,000-70,000 British ex-pats live in Cyprus.

What Are The Current Travel Rules?

covid19 restrictions for Cyprus

Since 4 July, Cyprus has been excluded from the FCO advice on all non-essential international travel based on the latest Covid-19 risk assessment.

Travel, however, is subject to entry restrictions. As of 1 August 2020, the United Kingdom has been in Category B of Cyprus. This means that visitors are able to fly to Cyprus, but need to give a negative test on arrival, obtained within 72 hours of travel.

On 31 July 2020, the Government of the Republic of Cyprus declared that the results of the Covid test could be in the form of an email or SMS, but the test result itself and/or the letter of appointment must contain the date and time of the test.

Brexit

Although the United Kingdom has left the EU, the regulations on travel to EU countries remain the same until 31 December 2020 while the United Kingdom and the EU enter into a trade agreement and discuss additional arrangements. The government’s international travel advice page on Cyprus will be updated with country-specific travel information as things change.

Usually, about one million British people visit Cyprus every year, most of them without problems.

If you’re considering buying a property in Cyprus and you need help, then drop us a message below. We’ll try our best to cover your question as a topic for one of our blogs to not only help you but others too.

 

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