London Loves Property: Surge in sales for holiday homes in Greece and Cyprus as buyers target EU residency shunning the UK

May 17, 2023

Leptos Estates featured in London Loves Property. See full article below:

Leptos Estates has recorded a surge in sales and enquiries for high-end holiday homes in Greece and Cyprus to purchasers from the UK looking to secure residency status and freedom of travel across the EU.

In the past few months, Leptos Estates has made over €3 million worth of sales to British-based buyers, with the majority taking advantage of the Greek and Cypriot Golden Visa Programme, which offers the cheapest permanent residency scheme in Europe.

In 2021, the Greek and Cyprus Governments announced important changes to their Residency Programmes, with Cyprus abolishing the Golden Visa initiative and reforming their Permanent Residency initiatives.

The new Permanent Residence Programme in Cyprus permits foreigners to acquire an Immigration Permit through property investment, starting from €300,000. This allows individuals to enjoy unlimited access to the country and across the EU, which is an aspect that is proving especially popular with UK nationals since Brexit. Cyprus and Greece are also becoming more popular with international investors due to other EU nations, such as Portugal, Spain and Ireland, discontinuing their Golden Visa and Residency programmes.

Greece’s Golden Visa Programme is one of the last remaining of its type in the EU and offers the cheapest access to the Schengen Zone. Purchasing a principal residence or holiday home from as little as €250,000 qualifies the buyer to apply for residency.

The Greece Golden Visa offers lifelong permanent residency to the applicant, which also extends to their spouse and children up to the age of 21, as well as the parents of both the main applicant and spouse. Once issued, the Visa allows restriction-free travel in the EU Schengen Zone and if the applicants spend over 180 days per year in Greece they qualify for an EU passport after 7 years.

However, the Greek Government is expected to raise the entry investment level, which Leptos Estates credits for a recent rise in enquiries from UK purchasers for new homes across the Greek islands.

Pantelis Leptos, Co-President of Leptos Group of Companies, said, “Cyprus and the Greek islands offer a fantastic holiday home destination for international investors looking for a property they can use, whilst also providing a strong rental return, if needed, when they are not using it.

“We have always seen strong interest from the UK, but since Brexit the requirements have changed and we are seeing purchasers take a more permanent outlook or spending more time at the home, so they can utilise their Residency Visa and qualify for a permanent passport in the future.

Some of the most popular holiday homes for British buyers have been across numerous completed developments in Cyprus and Greece, with a preference for high-end homes on the island of Crete.

One of the most popular estates with UK nationals is Kamares Village, set on a prominent hilltop close to Paphos, which provides breath-taking views across the coastline of Southern Cyprus. Kamares has long been popular with British expats, due to its wide range of high-spec villas, as well as a thriving community.

The community’s freehold villas offer a country club atmosphere, with numerous social events and activities organised at the Kamares club, which is situated at the heart of the development. Prices for homes at Kamares Village start from €567,000 +VAT.

Nearby is the Coral Seas Villas resort, which is also proving popular with British buyers, especially those with a higher budget or looking for a home closer to the sea. Occupying a prominent section of the Paphos coastline. Set within an exclusive gated development, these three, four and five-bedroom state-of-the-art seafront villas feature an outstanding composition of design and creativity and comprise gardens, large verandas, patios, a gym and sauna facilities, as well as outdoor swimming pools. Prices at Coral Seas Villas start from €730,000 +VAT.

Increasingly popular with British buyers, Limassol offers a cosmopolitan place to live with nearly all-year sunshine. The high-end luxury development of Blu Marine offers a place for residential, business and pleasure purposes, all within the area of the city abuzz with change. Set in the heart of Limassol on the seafront, Limassol Blu Marine includes a selection of one, two and three-bedroom apartments across three impressive towers, all with panoramic sea views.

A wide range of amenities and services, including a 50-meter outdoor pool with panoramic sea views, a 25-meter indoor heated pool with natural light, 1300 square meters. m spa area and gym. Underground parking, a bistro and restaurant, round-the-clock concierge services, apartment maintenance, property management and rental department of the client’s satisfactory needs.

Prices at Limassol Blu Marine start from €674,000 + VAT.

The Greek island of Crete is also the subject of increased interest from the UK, with Leptos Estates’ Aphrodite Beachfront development in Chania, where prices start from €375,000 for a two-bedroom apartment, attracting the most enquiries and sales.

Set on a prominent beachfront location, the exclusive development offers a choice of luxury one, two and three-bedroom apartments, penthouses with roof gardens, maisonettes and villas, which look onto a large communal swimming pool. Surrounded by exquisite landscaping of the gardens Aphrodite Beachfront features a gentle stream running through the entire project that leads down to the sea.

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