Despite the COVID-19 crisis putting a temporary freeze on the UK domestic market, Leptos Estates is still receiving daily enquiries from Britain. These enquiries are mainly for Holiday Homes with rental potential – a market that saw a rise in sales activity by 12% last year.
Despite the COVID-19 crisis putting a temporary freeze on the UK domestic market, leading Cypriot developer Leptos Estates is still receiving daily enquiries from Britain. Down compared to March 2019 figures, enquiries are largely focused on Holiday Homes with rental potential – a market that saw a rise in sales activity by 12% last year.
Commenting on interest from UK-based purchasers, Pantelis Leptos, Deputy President of Leptos Group of Companies, said; “The UK is one of our strongest markets, with holiday homes in Paphos one of the most popular areas among our British clientele. While activity has dropped significantly; we are still receiving serious enquiries on a daily basis from those looking for a second home once this crisis has passed.
We saw a spike of interest from the UK at the beginning of the year when the Brexit process was confirmed, so this is likely still a driver in some people’s minds who want to keep a presence in the EU through residential investment.”
The citizenship and residency schemes on offer in Cyprus and Greece remain a huge draw for international holiday home purchasers and investors, through the Cyprus Investment Programme (CIP). In return for a property purchase of €2 million, investors will qualify for a Cypriot Citizenship with the right to live, work, travel, stay and study in Cyprus a well as anywhere in the EU, and free travel to over 155+ countries including Canada, Switzerland, and Iceland.
The Cypriot passport only takes six months to come into effect and once acquired, is valid for life, and covers their spouse and any dependent children up to the age of 28 years.
There is also the option of permanent residency, which can be reached through a property purchase of €300,000 in Cyprus and €250,000 in Greece. This option takes typically up to 60 days. Like the citizenship scheme, this covers the entire family, including the parents of both spouses.
Adapting to the travel restrictions put in place by numerous nations since the outbreak of the COVID-19 crisis, Leptos Estates is offering several opportunities for interested purchasers to view properties. These include video tours and virtual appointments with the sales team to showcase new homes and villas.
Leptos has also put in place a temporary offer for those looking to progress with the purchase of a new home in Cyprus but are unable to visit the country and finalise the agreement. The terms include:
- If a purchaser identifies a property, they wish to purchase they can put down a deposit to reserve the property
- Before finalising the agreement, the purchaser will have the opportunity to tour the property, as well as any others they were interested in
- At this point, if they wish to change their mind and purchase a different property, they have the option to switch their deposit onto their new choice
The luxury holiday homes remains a key pillar of the Greek and Cypriot property markets, with sales increasing in 2018 and 2019 by 5.8 % and 12.2% respectively. Popular with buyers across Europe, non-EU nationals were the largest purchaser group accounting for c.50% of total transactions since 2014.
Typically, sales were concentrated in Paphos and Limassol with coastal villas and apartment complexes the most sought-after.
Pantelis Leptos added; “The world is experiencing a unique situation that is impacting every industry, including the property investment market. Despite this, we are still receiving serious enquiries and wanted to put in place something that would give purchasers the flexibility to complete a sale once it is safe and appropriate to do so. After all, people now, more than ever, want to enjoy their money and keep property and residency options open in more than one country.”
To further attract buyers, Leptos Estates is also offering some purchaser incentives for those buying up until the end of June (30.06.20):
- Free furniture pack
- Free travel to Cyprus, arranged tickets for clients up 2000 euro on travel
- Free domestic travel covered for all property purchasers
- Free lawyers’ fees
- Free accommodation in 5-Star Leptos accommodation for the duration of visit on completion
- Free Leptos Gold Card membership for all completed purchases
Leptos Estates properties are also available with payment plans for a range of budgets, with some properties VAT-free. All purchasers receive a Leptos Gold Club Membership that provides residents with exclusive benefits and VIP access at the Leptos Group’s range of hotels, Hospital and University.
With an extensive after-sales support service and rental guarantees, Leptos Estates is a leading provider of new homes in Greece and Cyprus. For more information contact Leptos Estates on +357 26880120 (Cyprus), +30 28210 20830 (Greece), +44 7874093174 (UK) or visit www.leptosestates.com.
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