The best time to buy a luxurious villa in Cyprus or Greece

Cyprus and Greece have implemented several programs and incentives to attract foreign investments into their real estate.

Sun, sand and sea have always been an irresistible attraction for tourists all over the world. Cyprus and Greece are two of the most popular tourist destinations in this respect. In turn, the developed tourism industry has given a big boost to their real estate market, especially for luxury villas on the frontline - whether for leisure, investment, or both.

In2022, the number of tourists visiting Cyprus and Greece increased. According to the Cyprus Statistical Service, Cyprus was visited by3.09 million tourists, which is almost68% more than the previous year. Similarly, in2022, the number of foreign travelers to Greece almost doubled, reaching just under3.0 million; it is expected that these figures will exceed4.5 million in2023..

Cyprus, as one of the oldest civilizations in the world, attracts travelers from all over the world who want to experience the blue waters of the Mediterranean Sea, try the most exquisite dishes and find the best quality of life. It is not surprising that living near the sea is considered to have healing properties. But that's not all. Cyprus and Greece have introduced several programs and incentives to attract foreign investments in their real estate. Tax holidays, reduction of property transfer tax, and simplified processes for purchasing property complement this Mediterranean cake.

In2021, Greece and Cyprus announced significant changes to their residency programs. For example, Cyprus terminated its Golden Visa program and reformed its permanent residency scheme, allowing foreigners to obtain residency through property investments starting at €300,000. As a result, individuals can freely move within Cyprus and the entire European Union. This is particularly popular among investors from the Middle East and North Africa region with personal or professional interests in Europe. Additionally, as EU countries like Spain, Portugal, and Ireland ended their Golden Visa programs, Greece and Cyprus are becoming more popular among global investors.

The Golden Visa program of Greece, one of the latest such programs in the European Union, provides the most affordable access to the Schengen Zone. Essentially, acquiring a vacation or primary residence for just €250,000 makes the buyer eligible for residency.

** Thanks to these advantageous policies, 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 in Cyprus. Visitors can go snowboarding and skiing in the mountains during winter. The island also boasts some of the best nightclubs, a cruise terminal, and the largest casino in Europe, making it an ideal holiday destination.

For tourists and investors seeking luxury residences or purchasing property for investment, Paphos is one of the most desirable locations in Cyprus with elite villas on the frontline. These exclusive villas with gated areas feature large verandas, extensive landscaped gardens, saunas, and modern fitness centers - all within walking distance of the Mediterranean Sea. Prices for sea-view villas in Cyprus start at €699,000 plus VAT and go up into the millions of euros.

Regarding Greece, its most popular destination is Crete, once the center of the first developed civilization in Europe. Villas on the first line on the western side of the island offer the most stunning views of the mountains. Prices for these villas start from€1.25 million plus VAT and above. In addition to serving as a fantastic vacation home or reliable investments for international investors, villas in Cyprus and Greek islands also bring stable rental incomes, which can be much higher during the holiday season. New villas in a secure gated complex with direct beach access are the most preferred real estate properties.

Tax incentives on Cyprus, including a small corporate tax rate, make it an attractive option for investors looking to diversify their investments and optimize financial benefits. As for Greece, since the Greek government may increase requirements for entry into the program, the number of requests from potential investors seeking luxury villas has been increasing in recent weeks. Given these circumstances, now may be the best time to acquire a luxury villa in Cyprus or Greece.

(Written by the co-chairman of the Leptos Group of Companies)