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Leptos Estates in Cyprus has recorded a surge in sales and inquiries for high-end holiday homes in Greece and Cyprus, with buyers from the Middle East and North Africa seeking European Union (EU) residency status and travel freedom.
In the past 12 months, Leptos Estates, a leading Cyprus property developer, has completed sales to Middle Eastern buyers worth over €7 million, the majority of which took advantage of the Greek and Cyprus Golden Visa scheme, which offers the cheapest permanent The residency program is in Europe.
Pantelis Leptos, Co-President of the Leptos Group, said: “Cyprus and the Greek Islands offer an excellent holiday home destination for international investors looking for usable property while also offering good rental returns if desired. There is no use for it. Over the past 10 to 15 years we have seen increased interest from the MENA region and with the quality of homes on offer, the opening of Dubai Port in Limassol and the expansion of the Cyprus residency and golden visa schemes , this interest is also increasing in Greece.”
In 2021, the governments of Greece and Cyprus announced important changes to their residency schemes, with Cyprus abolishing its Golden Visa scheme and reforming its permanent residence scheme.
Cyprus’ new permanent residence program allows foreigners to obtain immigration permission through real estate investment, starting at €300,000. This gives individuals unrestricted access to the country and the EU as a whole, an aspect that has proven particularly popular with investors from the Middle East and North Africa who have personal or business interests in Europe or wish to move freely within the EU.
Cyprus and Greece are also becoming more popular with international investors as other EU countries such as Portugal, Spain and Ireland halted their golden visa and residency schemes.
Greece’s golden visa scheme is one of the last remaining such schemes in the EU, offering the cheapest entry into the Schengen area. Purchase a main residence or holiday home for as little as €250,000 and buyers are eligible to apply for residency.
The Greek Golden Visa provides applicants with permanent residency for life, which also applies to their spouse and children under the age of 21, as well as the main applicant and spouse’s parents. Once issued, the visa allows free travel within the EU’s Schengen area, and if applicants spend more than 180 days in Greece per year, they will be eligible for an EU passport after 7 years.
However, the Greek government is expected to increase the level of entry investment, which Leptos Properties attributes to a recent increase in inquiries for new homes in the Greek islands from investors from the MENA region. Buyers from the Mena area often prefer larger purpose or custom villas in secure destiny homes in prominent locations in Greece and Cyprus.
Adonis Beach Villas is an exclusive collection of ultra-modern detached luxury villas on the coast of Paphos that has proven popular with Mena buyers looking for a quality residence in a secure location. Priced from €1.375 million to €3.59 million, the luxurious beachfront super residences overlook the Mediterranean Sea and feature the highest standards of modern architectural design and finishes, services, facilities and amenities. Each home includes private overflow pools, landscaped gardens, large balconies and spacious outdoor living areas.
Located in Limassol, Blu Marine is a series of striking contemporary towers comprising over 240 apartments with stunning views of the Mediterranean Sea, deep private balconies, 24-hour concierge and luxury amenities including a state-of-the-art health spa and gym.
Close to Dubai Harbour, Limassol Marina and the Old Town, and with its own private beach, Mena investors purchase property in Blu Marine for personal use and benefit from the impressive rental yields on offer. Apartments are available in a variety of sizes, ranging from one to five-bedrooms, with prices starting at €1.316 million.
The Greek island of Crete was also the subject of growing interest from MENA investors, with Leptos Properties’ Viglia Beach Villas development in Chania attracting the most inquiries and sales.
Located on the westernmost tip of Crete, Viglia Beachfront Villas are inspired by traditional Cretan architecture and have sizable plots (ranging from 1,500 to 2,000 sq. Spacious bedrooms and modern bathrooms. Prices range from €830,000 to €1.55 million for these bespoke villas, located just meters from idyllic golden beaches and coves. – trade arab news agency
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