A Case Study: Foreign Buyers of Real Estate in Cyprus

Let’s imagine that we have a task at hand: to prove that every realtor and developer and many private property sellers (especially in the high-end range) in Cyprus should market real estate to foreign buyers – to be on top of things and not be lost in the dust behind their competition.

villa-2375137_1280

I’ve never been to Cyprus and I do not know Greek, but here is what my quick research shows.

Wikipedia:

“Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean and the third largest and most populous island in the Mediterranean.

“Cyprus is a major tourist destination in the Mediterranean, it joined the European Union in 2004. In 2008 the Republic of Cyprus joined the Eurozone.

“Cyprus has two official languages, Greek and Turkish. Although without official status, English is widely spoken and it features widely on road signs, public notices, and in advertisements, etc. 80% of Cypriots are proficient in the English language as a second language. Russian is widely spoken among the country’s minorities, residents and citizens of post-Soviet countries, and Pontic Greeks. Russian, after English and Greek, is the third language used on many signs of shops and restaurants, particularly in Limassol and Paphos.”

Global Property Guide (2016 – 2017):

“Cyprus property markets are recovering due to rising foreign interest. Sales to foreigners rose 162% in December 2016 compared to the same month in 2015, according to the island’s land registry.

“The land registry figures show that foreigners made up for 31% of total buyers in December 2016.

“This sudden spike in sales to foreign buyers is being attributed to changes in the investment-for-citizenship and residency schemes introduced by the government. Under the program, a foreigner can get full Cypriot citizenship and gain the right to live, work and study in all 28 European Union (EU) member countries by investing in real estate.

There’s been a sharp rise in the sale of residential properties to foreign buyers in Cyprus. Property sales to overseas buyers rose by 65% in October 2017 compared to the same month last year.

“The increase in sales has led to increased building. During the first nine months of 2017, the number of new homes for which building permits have been issued rose by 35%.”

Cyprus Profile (2017):

“According to the report by PwC Cyprus titled ‘Cyprus Real Estate Market – 2016 Year in Review’, although up to 2013 sales of luxury residences in Cyprus were stable, since 2014 with the introduction of the citizenship incentives, demand for luxury residences has significantly increased.

“Indicative of this fact is that in 2016, the number of sales of luxury residences has almost quadrupled compared to 2013. As the supply of luxury residences increases, so does the demand, says PwC Cyprus in its report.

“Limassol is the city with the most sales of luxury residences. According to PwC Cyprus, Limassol responded positively to the increased demand for this sort of real estate, with more luxury residences being planned. For this reason, Limassol was the first choice for luxury residences, followed by Paphos.

“The report also says that in 2016, 70% of the transactions in Limassol were for the purchase of luxury apartments, while the remaining 30% was for villas or mansions. Contrarily, in Paphos all the sales of luxury residences were villas or mansions.

“Nicosia, Larnaca and Famagusta were considerably less active in the sale of luxury residences.

“According to PwC, the increase in sales of luxury residences is largely due to the citizenship incentives which have drawn foreign buyers from outside the EU (Chinese, Russian, Indian and UAE nationals).”

The Move Channel (2017):

“Foreign buyers now make up 1 in 3 property sales in Cyprus, as overseas demand continues to climb.”

I’m convinced now that every real estate seller (realtor, developer or private) in Cyprus has to market their property to the foreign buyers to be successful. Are you?

Happy blog reading,
Olga Kellen,
The Amazon Author
International Marketing Consultant and English-Russian Translator

Copyright © 2018 by Olga Kellen
All Rights Reserved

 

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