International expansion continues for premium estate agency group Fine & Country, as Cyprus becomes the latest location to operate as the iconic black and gold luxury property brand. Purple International, the estate agency in Cyprus now representing Fine & Country on the island, was established in September 2007 and has worked hard over the past 15 years to become a deserved market leader.
With their head office located in the Famagusta District, on the Eastern coast of the island, Fine & Country Cyprus will offer coverage across the most popular areas of the country. Giorgos Tsoukkas, Managing Director of Fine & Country Cyprus comments: “Approximately 90% of our clients are foreign investors and many of our buyers prefer coastal locations, therefore we carefully chose the best locations for our three offices, Famagusta, Larnaca and Paphos, which also covers Limassol district.
“Famagusta is known for its lively nightlife, and its beautiful beaches are among the best in Europe. The Ayia Napa and Protaras areas are popular tourist and retirement destinations that have seen significant growth in their property markets. Due to great infrastructure and major new investments such as the Marinas this end of the island, the region is highly popular among buyers and investors, attracted to its vibrant atmosphere and potential for high rental yields. Larnaca is a rapidly growing city with a diverse property market and is a well-established tourist destination with easy access through the main international airport. While Paphos, with its thriving market, is known for its beautiful beaches, numerous historical sites and stunning mountains. Paphos is also a popular location for retirees and families, making it a great place for us to target an even wider demographic. Limassol’s reputation as ‘Europe’s New Riviera’ is well-deserved, thanks to its diversity and unique charm and appeal. With amazing beaches, great infrastructure and within close proximity is the Troodos wine-growing region and stunning mountain peaks which will appeal to lovers of the great outdoors. The city has become a headquartering mecca for international businesses and is highly popular for various investment types.”
Giorgos, who visited the UK in March of this year to attend the Fine & Country International Annual Conference, was inspired by the brand’s vision and expertise before becoming part of the 300 location-strong global network. He said: “Fine & Country’s recognised and well-regarded branding, paired with their exceptional network, offers our offices and our clients unrivalled opportunities in Cyprus and beyond and we are very excited to start promoting the brand nationally.”
The property market in Cyprus has remained steady in coastal areas. The region is particularly popular among European ex-pats, with the country being a well-located island at the crossroads of Europe, Africa, and Asia. The island is renowned for its natural beauty, ideal weather conditions, and numerous blue flag beaches and has been experiencing a significant increase in foreign investment in its property market in recent years. This has boosted property prices, particularly in Famagusta, Larnaca, Limassol, and Paphos. Giorgos notes: “One of the factors that makes Cyprus an attractive destination for foreign investors is its low corporate tax rate, which is among the lowest in Europe. This has led to an influx of professionals from countries such as Germany, Italy, and France, who work online and move their companies to Cyprus to take advantage of the low tax environment. The increase in foreign investment has also led to a surge in construction activity, with developers building new properties to meet the growing demand from both local and foreign buyers. Another significant factor that may influence the property market in Cyprus in 2023 is the country’s Permanent Residency Program. This offers foreign investors the opportunity to move to the island with family and enjoy the island lifestyle.”
Fine & Country Cyprus already market an impressive selection of luxury properties on their website, listing luxury villas and prime city apartments up to €8,000,000. With the average price of a villa in Limassol around €1,500,000 and around €600,000 in Paphos, Larnaca and Ayia Napa, and apartments ranging from €200,000 to €500,000 on average across the island, Fine & Country Cyprus will continue to exclusively target the upper quartile. Giorgos comments: “In addition to the villas and apartments, traditional stone houses are also a popular choice for buyers looking for properties with character and charm. Land is an attractive investment option in Cyprus, particularly for buyers who are looking to build their own personal property or investment development. At €6,780,000, one of our most expensive and notable listings we have is a three-bedroom, beach-front duplex apartment situated on the 27th and 28th floor of the most iconic building in Cyprus, in Mesayitonia, Limassol.”
Nicky Stevenson, Managing Director at Fine & Country says: “I am delighted that Giorgos and his team have taken on the Fine & Country brand in Cyprus, a part of the world which is a veritable gold-mine of opportunity when it comes to the prime residential market. They have already proved their commitment and dedication to the brand and the network, and it was a pleasure meeting them at the international conference in London earlier this year. I look forward to supporting Giorgos as he grows the Fine & Country presence and awareness in Cyprus.”
