Property investment yields hit by 7% in Cyprus in 2023, exceeding Greece (4%), Italy (3%) and France (2%).
Yields are only higher in the Republic of Ireland (8.5%). Cyprus’ largest development group, Leptos Estates, said that a shortage of new housing in stock in Ireland is set to see this figure drop, whilst the building boom across Cyprus in recent years has seen investors boosted by a 21% average annual return on off-plan new build properties.
The GDP of Cyprus has grown by 5.1% in the past year.
Pantelis Leptos, co-president of Leptos Group of Companies, said: “Cyprus continues to be a popular choice for purchasers particularly from Britain looking for a destination that can provide the best guarantee of year-round sun, whilst also re-establishing the benefits of freedom of movement across Europe that has been lost since Brexit.
“Due to its thriving economy and numerous substantial development projects, Cyprus is now being recognised as a leading global luxury investment destination. We have seen a marked increase in sales to those buying not only for the Residency programme but also to make the country a place to call home be it permanently or as a major base during business or travel through the year.”
Cyprus has a Permanent Residence Programme, which permits foreigners to acquire a lifetime Immigration Permit for individuals and their families through property investment, starting from €300,000.
This provides unlimited access to the country and across the EU, which is an increasingly enticing option for Brits finding themselves needing to adhere to strict visitation rules since Brexit (maximum of 90 days in any 180-day period).
Leptos Estates recorded a 200% increase in Permanent Residency enquiries and applications from individuals based in the UK in 2023, with a specialist support team put in place to assist with securing the right property to qualify for the residency requirements.
Source link : https://www.propertywire.com/news/europe/cyprus-yields-exceeding-most-of-eu/
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Publish date : 2024-02-27 03:00:00
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