The property market in Cyprus is doing well in general. Homes on an average enjoyed a massive 6.4% increase overall in Cyprus but luxury accommodations take the cake. These luxury accommodations include elite homes like villas, houses and even apartments and the extravagances of these luxury homes will leave you in awe. In some regions, the market value of luxury homes escalated dramatically and is expected to keep escalating for quite some time.
Areas where luxury home markets boomed the most
The Cyprus home market on average shows an increase of 6.4% in value but in all popular tourist areas, the increases were notably higher. Luxury homes, in general, enjoyed a massive 33% rise but here is the breakdown of luxury home market increases in the most popular regions;
- Nicosia has an increase of 32%
- Limassol is up with 46%
- Famagusta has a rise of 34%
Why the luxury home market is booming
There are quite a few reasons luxury homes specifically do a lot better in Cyprus. Here are the top reasons some of these properties in popular areas did so well.
- Cyprus has gained a lot of popularity with international investors. In 2017 there was a massive 33% increase in foreign buyers and most of these foreigners purchased in areas like Limassol and Paphos. At the beginning of 2018, the number of foreign investors increased to 51%.
- Luxury homes over the value of 1.5 million Euro do a lot better compared to other homes. These types of accommodations enjoyed a 45% rise in market value.
- A positive economic outlook is one of the biggest reasons for so many wealthy individuals to invest in property in Cyprus.
- The Cyprus Investment Programme is one of the biggest influential factors that affect the growth of luxury home markets. Through this programme, non-Cypriots can acquire citizenship by investing 2 million Euro in Cyprus in various ways such as property, businesses and more.
- A rise in tourism also boosted the economy as well as work availability which in return inspired a general increase in home prices.
What can you expect from luxury homes?
Luxury homes in Cyprus are characterised by plenty of extravagant luxuries such as the following;
- Home spa’s
- Home gymnasiums
- Indoor and outdoor swimming pools
- Large home area
- Hi-rise building
- Beach or ocean view
- Located in popular regions
- An abundance of spacious bedrooms
Do you want to invest in a luxury home?
Just because luxury home prices are booming doesn’t mean that this isn’t a lucrative investment. The luxuries associated with these homes makes them worth every penny and added benefits that might follow if you qualify for the Cyprus investment programme certainly is something to look forward to. Luxury home prices are expected to boom even more over the next few years especially since it seems like the fame of Cyprus is far from over and plenty of extravagant projects like 550 million Euro casino resort is still underway.
If you want to invest in a luxury home in Cyprus then our property lawyers can help you acquire the best property in the best regions at the best prices. Our lawyers will also handle all of the legal aspects of your purchase and will ensure that your luxury home is a secure investment.