The advancement in the living standards, the increase in leisure time and the need to change environment from the daily distressing pressures has internationally caused an increasing demand in second/holiday homes. In this article we will refer to holiday homes for personal use and not specifically for investing purposes.
Cyprus is included in the international markets concerning holiday homes (for medium/high income buyers), with Spain on top of the list, Portugal second, Cyprus third, Malta fourth, with Croatia, Turkey and Bulgaria to follow as the new up coming markets. Greece is not included in the list concerning the purchase of this type houses, for numerous and various reasons, (it has only one international airport, short property supply, complicated title deeds, peculiar and perplexing legislations, almost compulsory false declaration i.e. an objective value instead of the real one etc, etc). In Cyprus the 20% of the overall property purchases comes from foreigners, however it represents the 70% of holiday home purchases in Cyprus.
The purchase of holiday homes in the areas of increased demand, in relation to foreigners/locals is analyzed as follows:
Free Famagusta – Protaras areas ( 50% Cypriots + 50% foreigners). Larnaca
area ( 20% Cypriots + 80% foreigners). Limassol (10 % Cypriots + 90% foreigners). Paphos district (5% Cypriots + 95% foreigners). In the mountainous resorts (Platres – Moniatis etc) the percentage is 60% Cypriots + 30% foreigners, while in other mountainous villages including those with traditional architecture (Lania, Lefkara, Kakopetria) the buyers are mainly foreigners, excluding expatriates.