GCC nationals lured towards Cyprus realty sector for investments
Prospective buyers from the Gulf are being tracked and encouraged to invest in the growing real estate sector of Cyprus, reports The Peninsula.
Road-shows are being organized throughout GCC to attract wealthy nationals from the region, in investing their money in the property sector of the island nation.
For instance, Leptos Estates, a real estate firm, organized a road-show last week at the Sheraton Doha. The Leptos Marketing Manager for Middle East, was reportedly quoted as saying that with the cost of purchase and sale, being low currently, the company is targeting the North European market for residential and holiday homes, and majority are even considering moving to Cyprus permanently.
Brown revealed that there has been a pressure to market properties to Gulf investors. Although there are considerable investment options and significant homes, most GCC nationals prefer to pay for housing inside the GCC.
With a balmy climate, Cyprus has been a favorite for European investors. The British have made a significant presence in Cyprus already, with many purchasing holiday homes, used as both a getaway and investment.
However, now people are moving back to the UK, and hence, the next target market is GCC residents and people from places such as Sweden. The French prefer to spend their money in France, while GCC nationals and residents can now buy homes in Cyprus, as people here are seeking to recharge their batteries. There are good three bedroom villas with a starting price of 300,000 Euros, Brown said.
The real estate market is facing stiff competition. Lebanon too, has become a popular investment destination for Arab nationals, with factors such as language and comfort, influencing their decision to invest.
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