More GCC investors looking to invest in Cyprus property

Dubai - Property sales in the island nation rose 23 per cent in October this year compared to 2014.

International property agency Chestertons said that it is witnessing growing interest from UAE and GCC investors for luxurious Cyprus-based properties, as property sales in the island nation rose 23 per cent in October this year compared to 2014.
"Cyprus is now being viewed as the next hotspot after top investment destinations like London, New York and Paris. The economy of Cyprus is set to take-off due to the government's stringent reformative measures," said Yiorgos Georghiou, sales director at Limassol Marina.
"The first-quarter growth levels were gradual, however, this was followed by a surge in the second quarter and the economy reported an even faster growth in the third quarter. The country is now being applauded for its focus on reforms, higher economic growth factors, stability in the banking system and for pushing the country's fiscal performance towards a positive trajectory," he added.
Part of the prestigious Lanitis Group of Companies, Cybarco is the developer of some of the most prestigious projects in Cyprus and has over 70 years of expertise in developing high end projects both in Cyprus and abroad.
Due to the growing overseas investor interest, Cybarco recently unveiled Limassol Marina's high-end residences to GCC investors through Chestertons.
"Cyprus has carved a niche for itself over the years and the investors in this region are seriously considering properties in this country. Limassol Marina is an exclusive waterfront development designed by world-renowned team of architects and engineers. It combines elegant residences and a full service marina with an enticing mix of restaurants and shops, to create a lifestyle uniquely shaped by 'living on the sea'," said Declan McNaughton, managing director of Chestertons UAE.
"This outstanding collection of stylish homes provides a luxurious retreat just a short stroll from the historic heart of Limassol town. Limassol Marina consists of 162 luxury apartments and 74 exclusive properties comprising of peninsula and island villas."
As the statistics disclosed by Cyprus' Department of Lands and Surveys, the number of properties sold in the country during October increased substantially.
Around 463 contracts, which included the sale of residential and commercial properties, were recorded at land registry offices across Cyprus, compared with 375 recorded last October.
Out of the 463 contracts, 76 per cent (352) were domestic buyers, while 24 per cent (111) were non-Cypriot investors.
"We have received a considerable amount of interest from Middle Eastern investors who are seeking to establish their second homes overseas. With a surge in demand for foreign properties by Middle Eastern buyers, Chestertons is now able to offer an extensive range of international property options from our office in Dubai," said Brennon Nicholas, head of international sales at Chestertons Mena.
- business@khaleejtimes.com