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Cyprus real estate firms woo investors from the Gulf
Web posted at: 8/7/2008 3:9:56
Source ::: The Peninsula/ By RABIN GUPTA
DOHA • Prospective buyers from the Gulf are being tracked in order to allow them to invest in Cyprus' growing real estate sector. Roadshows are being held throughout the GCC countries in order to attract wealthy nationals from the region to put their money into real estate in the island nation.

Leptos Estates is one real estate firm which held a road-show late last week at the Sheraton Doha. Tim Brown, Leptos' Middle East Marketing Manager, told The Peninsula: "Buying costs are now low and selling costs are also low. We are targeting the North European market for residential and holiday homes and many are permanently moving to Cyprus."

Brown said now the push is on to market properties to Gulf investors. "There are significant investments for significant homes. However, GCC nationals generally prefer to pay for housing inside the GCC," he said.

Cyprus, with its balmy climate and vibrant nightlife, has long been a draw for European investors. The British have a significant presence there and many have purchased holiday homes to be used as a getaway as well as an investment.

However, of late, many people are moving back to the UK so the target market, along with GCC residents, is people from places like Sweden. "The French prefer to spend their money in France," said Brown. GCC nationals and residents are now buying homes in Cyprus. "These people want to recharge their batteries. There are nice three-bedroom villas available starting from 300,000 euros," said Brown.

There is competition in the real estate market. Lebanon is a popular investment destination for the Gulf Arabs when it comes to real estate, comfort along with the language probably being one of the reasons.