Cyprus prime property market

Developments in the prime property market are “promising”, according to the Cyprus Residential Development – Prime Market Report for 2012 prepared by international consultancy Knight Frank and luxury property developer Cybarco.
The report presents the economic environment in Cyprus, which, although affected by the economic crisis, stands at a much better level than other EU member states. Reference is also made to the discovery of gas reserves in the Cyprus EEZ and the boost it is expected to give to the economy of Cyprus and more so to the property sector. Reference is also made in the report to the services sector, of which tourism represents a key component. Despite the decrease, the United Kingdom still remains the biggest source of tourist arrivals. However, the greatest increase over the same period has been from Russia.
Even though house prices in Cyprus dropped by 12% from the peak in 2007, sales have also fallen by Cypriots and foreign buyers. However, the demand for prime properties remains at higher levels and prices have increased by 10% within the past two years. Cyprus’ prime residential market differentiates itself from the other markets with regard to the price, the location and the profile of buyers for properties over 500,000 euros. These developments attract mainly Russians and other European buyers, who tend to buy their primary residence or holiday home in Cyprus. The prime market in Cyprus has only a few developments such as Limassol Marina, Akamas Bay Villas and Sea Gallery Villas, all being Cybarco developments.
The report uses the example of the Limassol Marina as the most important development on the island. Construction work is still at full speed and continues at an intensive pace. The apartments at Nereids and Thetis Residences and the properties at Peninsula and Island Villas with private mooring spaces up to 60m. stand out for their luxury, their unobstructed view to the sea and the Marina offering a new way of life, “Living on the sea”. This has been one of the most successful projects on the island as within a period of 14 months, contracts exceeding 55 mln Euros have been signed and submitted to the Department of Land Registry.
During the presentation of the report, Cybarco’s CEO, Michalis Hatzipanayiotou, referred to other ambitious projects that were also included in the report: the Akamas Bay Villas nestled in the most exclusive enclave of Cyprus, between Latsi and the Akamas peninsula; and Sea Gallery Villas in Limassol, a unique project with 17 super luxury mansions, 100 metres from the sea.