Surge in sales of holiday homes in Greece and Cyprus as MENA buyers target EU residency

Surge in sales of holiday homes in Greece and Cyprus as MENA buyers target EU residency

Leptos Estates has recorded a surge in sales and enquiries for high-end holiday homes in Greece and Cyprus to purchasers from the MENA region looking to secure residency status and freedom of travel across the EU. In the past 12 months, Leptos Estates has completed over €7 million worth of sales to Middle Eastern buyers, with the majority taking advantage of the Greek and Cypriot Golden Visa Programme, which offers the cheapest permanent residency scheme in Europe. 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 seen a growing interest from the MENA region over the past 10-15 years and this is increasing with the quality of homes on offer, opening of the Dubai Port in Limassol and the expansion to the Residency Programme in Cyprus and Golden Visa initiative in Greece.” 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