Friday, November 8, 2024

Property sales soar from last minute rush for Cyprus investment scheme

There has been a huge rush of foreign property buyers in Cyprus, as the new rules for Cyprus investment scheme came into effect from May 15, 2019

 

New data from cyprus land registry office reveal, registered sales contracts for foreign property buyers soared in May 2019.

 

  • Property sales to foreign citizens (non-eu) are more than the properties purchased by EU citizens.
  • Significantly large  number of real estate properties sold to foreigners in Cyprus.
  • Paphos is the most popular cities for foreign property buyers
  • Limassol, Larnaca have 4x times foreign property buyers

 

Cyprus property sales
Source: Cyprus Land registry office

 

The Chairman of the Cyprus Property Owners Association (KSIA),  George Mouskides in an interview to Financial Mirror  said the increase is directly related to the new criteria which foresee the number of citizenships granted limited to 700, while the minimum investment has been increased from EUR 2 mn to EUR 2.5 mn and an extra EUR 150,000 in fees for procedures has been added to the bill of a candidate investor.

 

Buyers of Sales Contracts for May 2019

 

Buyers Inside EU Outside EU
Nicosia 12 17
Famagusta 10 19
Larnaca 22 86
Limassol 37 160
Paphos 102 166
Pancyprian (Total) 183 458

 

Buyers of Registered Sales Contracts 

The list below includes properties sold to both EU and Non-EU nationals

Jan ’19 Feb ’19 Mar’ 19 Apr ’19 May ’19
Nicosia 33 24 18 32 29
Famagusta 27 21 21 38 29
Larnaca 70 53 74 84 108
Limassol 92 124 87 135 197
Paphos 166 213 155 179 268
Pancyprian (Total) 388 435 355 468 641

 

In an effort to prevent the last minute rush, the Cabinet of Ministers, exempted the payment of €150,000 to those investors, who have concluded agreement/agreements for the purchase of immovable property before May 15th and such applicants can be submitted until Jul 15, 2019

 

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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