Important factors to consider in residence planning
It is no secret that the global property market has suffered at the hands of the global financial crisis over recent years. The situation in Cyprus is somewhat different, especially with regards to the sale of waterfront properties.
According to Yiannos Trisokkas, Managing Partner of Henley & Partners Cyprus, this is thanks in part to the fact that Cyprus is a relatively small island and the availability of such properties is scarce.
“Contrary to the inland properties, where there is a surplus supply, waterfront properties in particular have not been much affected by the global property crisis. That is because demand for waterfront properties has been largely driven by foreign interest, despite their scarcity. Based on the principle of supply and demand, in my opinion the acquisition of waterfront properties in Cyprus is therefore a low-risk opportunity,” says Trisokkas.
In general, the value of any property depends primarily on its location. A prime residential waterfront location in Cyprus can be defined as one which has direct access to a sandy beach which is suitable for swimming, is within one kilometer of the nearest amenities and services, protects your privacy and is quiet and peaceful.
“Although the supply is equally limited across the island, the current prices for waterfront properties in prime locations vary sharply. In most cases the prices will range from EUR 6,000 to EUR 22,000 per square meter,” continues Trisokkas.
He moves on to explain that the best beaches are concentrated in the Agia Napa and Protaras areas on the southeastern coast. “And yet, prices for waterfront properties in prime locations in these areas are currently closer to the lower end of the range. As demand rises and supply drops even further, the price of such properties has the potential to increase,” concludes Trisokkas.