Best time to buy a luxury villa in Cyprus or Greece

Cyprus and Greece have introduced several programs and incentives to attract foreign investment in their properties. Sun, sand and sea have always been an irresistible attraction for tourists around the world. Two of the best tourist destinations in this regard are Cyprus and Greece.

In turn, the burgeoning tourism industry has given a big boost to their real estate market, especially for prestigious beachfront villas - whether for vacation, investment or both. In 2022, tourist arrivals to Cyprus and Greece have increased significantly.

According to the Cyprus Statistical Service, 3.09 million tourists arrived in Cyprus, an increase of almost 68% compared to the previous year. Similarly, in 2022, the number of international''travelers to Greece nearly doubled to just under 3.0 million; these numbers are expected to exceed 4.5 million in 2023.

Cyprus, as one of the world's oldest civilizations, attracts travelers from all over the world seeking to enjoy the experience of the blue waters of the Mediterranean Sea, savor the finest cuisine and find the best quality of life. No wonder living near the sea is said to have therapeutic benefits. But that's not all. Both Cyprus and Greece have introduced several programs and incentives to attract foreign investment in their properties.

Tax vacations, reduced property transfer fees and seamless property acquisition processes act as the cherry on the cake''Cyprus is becoming increasingly popular with global investors.

Greece's Golden Visa program, one of the last of its kind in the European Union, provides the cheapest access to the Schengen zone. The purchase of a vacation home or permanent residence for just €250,000 makes the buyer eligible for a residence permit. In addition to lifetime residency for the applicant, the Greek Golden Visa program also covers his/her spouse and children under the age of 21, including parents of the principal applicant and spouse. Once the Golden Visa is granted, unlimited travel within the EU Schengen area is allowed.

Thanks to these'. 'favorable conditions investing in real estate in Cyprus and Greece is the most attractive and financially feasible for both individual and institutional investors.

But beaches are not the only attraction of Cyprus. Visitors can snowboard and ski in the mountains in winter. The island also has some of the best nightclubs, a cruise terminal and the largest casino in Europe, making it an ideal vacation destination.

For tourists and investors looking for luxury accommodation or buying property for investment, Paphos is one of the most desirable locations in Cyprus with first line villas. These exclusive, enclosed villas feature large verandas, extensive landscaped gardens, saunas and''state-of-the-art gym - all just a stone's throw from the Mediterranean Sea. Prices for sea-facing villas in Cyprus start from €699,000 plus VAT and move upwards in the millions of euros.

When it comes to Greece, the most popular destination is Crete, once the center of the first advanced civilization in Europe. Together with its excellent year-round climate, Crete's beachfront villas on its western side offer the most stunning mountain views. Prices for these villas start from €1.25 million plus VAT and upwards.

Besides serving as a fantastic vacation home or a sound investment for international investors, villas in Cyprus and the Greek Islands also generate a stable rental income that can be much higher in''time of the holiday season. New villas built in a secure residential complex with direct access to the beach are the most preferred properties.

The tax benefits in Cyprus, including a moderate income tax rate, make it an attractive option for investors wishing to spread their investments, optimizing the financial benefits. As for Greece, as the Greek government may be ready to increase the level of entry investment, inquiries from potential investors looking for luxury villas have been increasing in recent weeks. Given these circumstances, now may be the best time to buy a luxury villa in Cyprus or Greece.

(Written by co-owner of Leptos Group)