The Republic of Cyprus is very popular among buyers of luxury real estate. The local market offers luxury villas by the sea, spacious apartments in buildings with original architecture and penthouses with a private pool or roof terrace. We recommend you to learn more about the features of the latter option if you decide to buy luxury real estate in Cyprus.
Penthouse: price and differences from other types of real estate
When it comes to luxury real estate in Cyprus, many people immediately imagine a spacious villa with an orchard, terrace or swimming pool. Such housing is not cheap and is built most often under individual projects. That's why it is a premium class property. However, the luxury real estate market in Cyprus is not limited to villas. It also includes penthouses and spacious apartments. These categories of real estate have many similarities, as well as differences to be aware of when deciding what to buy for personal use.
Apartments in Cyprus
The area of this housing in Cyprus, as in all other categories, is calculated by the number of bedrooms. It is located in closed-type clubhouses. Apartments often include 2-3 bedrooms, as well as all the necessary infrastructure for a comfortable life.
- Smart house system.
- Best communications and equipment with A+ or A++ energy-saving class.
- Gyms, saunas and dressing rooms.
- Offices, conference rooms and libraries.
- Premium interior design.
- Living room and dining area.
Apartments are often combined at the construction stage, which allows you to get luxury housing with an area of 200-300 sq.m.
Apartments can be located both in high-rise buildings and in clubhouses. The first option is popular with buyers from the Arab countries. Wealthy investors from Russia and Asia prefer to buy apartments in closed-type clubhouses located in elite areas.
Penthouses in Cyprus
If you decide to buy a penthouse in Cyprus, you can be sure that it will have the same infrastructure as an exclusive apartment. The difference between these two types of housing is their location inside the building. If apartments can be built on any floor, the penthouse is always located on the last floor. The Cypriots call this type of housing "the house on the roof". A distinctive feature of the penthouses that many foreigners dream of buying is access to the pool, terrace or observation deck. So, this type of housing is located mainly in buildings offering a good mountain or sea view, or city panorama. The terrace in penthouses can be located on the same level as the living room or the roof.
When investors wish to buy a penthouse in Cyprus, they focus on its location. The view, the surrounding infrastructure, as well as the level of security provided are important for them. Although Cyprus is a republic with a low crime rate, it is still not free of other dangers. The island is located in a seismically active zone, which requires special attention to the strengthening of high-rise buildings.
The price of a penthouse starts from EUR 350,000-400,000. The final price depends on the selected region, housing area, layout features, finishing and other important factors.
Regions of Cyprus to buy a penthouse or other luxury real estate
Every city in Cyprus has areas with prestigious clubhouses, luxury residences and exclusive commercial real estate. All buildings are distinguished by attractive architecture, expensive natural materials in design, as well as the highly developed surrounding infrastructure. You can buy a penthouse in a standard area. In this case, the quality of service will disappoint demanding investors.
Elite clubhouses are built in all developed cities of Cyprus. Skyscrapers with luxury penthouses are mainly located in Limassol. This is the second-largest city in the south of Cyprus. It is a business center with good quality and variety of construction.
Having decided to buy a penthouse in Cyprus for permanent residence, some of the investors ignore walking distance to the sea in favor of proximity to the office, shopping and leisure centers, schools, clinics, kindergartens and other infrastructure spots. If you plan to earn from renting out a penthouse to wealthy tourists, it is better to choose houses on the red line.
Columbia is the most prestigious area in Limassol where both wealthy Cypriots and foreigners can buy a penthouse. This place is located in Potamos Yermasoyia on the upland and in a short distance from the main streets. Here everything exudes calm, silence and peace. Columbia offers privacy and comfort, as well as beautiful parks, sports fields, and beautiful views of the Mediterranean Sea. You can buy a penthouse with premium interior design here. Developers offer an individual approach to each project.
Columbia and its properties are located 700 m away from the sea, which provides a lower price for luxury housing. You can also buy a penthouse in such parts of Limassol, as Agios, Tychonas, Mount Amathus, Mouttagiaka.
The most prestigious areas in Paphos include the Sea Caves, Coral Bay, as well as the villages of Tsada and Tala. The latter ones offer no more space for development, but Sea Caves and Coral Bay still have vacant spots. Luxury penthouses in these areas of Paphos are in great demand among celebrities, wealthy Cypriots and immigrants from Russia and Ukraine. It appeals with a stunning view of the sea and Coral Bay, developed infrastructure and the picturesque Akamas Peninsula National Park located nearby.
The resort city of Larnaca also has a list of elite areas with luxury penthouses. Prestigious clubhouses are built in Radisson and Mackenzie. Here the prices of penthouses are significantly lower than in Limassol or Paphos.
What are the benefits of purchasing a penthouse in Cyprus?
If you decide to buy a penthouse in Cyprus, you will not only become the owner of prestigious housing, but also get the opportunity to live in a region with a long holiday season and a great climate. Investing in luxury real estate on the island is a unique opportunity to become a citizen of the European Union.
Cyprus, as EU member-state, offers local passports in just 6 months if a foreign resident is willing to invest at least EUR 2,000,000 in the local economy. You can buy a penthouse worth EUR 500,000 and invest the rest of the money in the purchase of securities of local companies, state assets, or opening your own business hiring Cypriots. To obtain a passport, you do not need to permanently reside in the Republic and pass any language or history exams. Citizenship is issued to an investor who has decided to buy a penthouse or other luxury real estate, as well as to his family members:
- financially dependent children under the age of 28.
You can sell the penthouse or other housing without losing citizenship in 5 years. It is unlimited in term, and voids no residence of another country.
If you decide to buy a penthouse in Cyprus to obtain the Golden Passport, you will get a unique opportunity to live and work in Europe, visa-free travel in the Schengen Area. This is a worthy contribution to the prosperous future of the whole family.
How to buy a penthouse in Cyprus with benefits?
If you are considering the purchase of luxury housing, please contact the experts of P.L. Property Gallery Developers & Constructors Ltd . We will help you quickly and easily buy the penthouse of your dreams. P.L. Property Gallery Developers & Constructors Ltd. is the biggest developer in the region, which has been operating in the Cyprus real estate market for more than 18 years. Our clients are offered a full range of professional services:
- legal assistance in the transaction and examination of documents prepared;
- assistance in resolving migration issues;
- selection of a penthouse and other housing to meet all personal requirements;
- interior design;
- luxury real estate management and leasing;
- assistance in selling houses, apartments, villas, penthouses in Cyprus.
P.L. Property Gallery Developers & Constructors Ltd. offers to buy a penthouse in a building with unique architecture and developed infrastructure. The developer is engaged in the development of prestigious areas and uses proven solutions and innovative technologies to ensure impeccable quality, comfort and refined appearance of the housing of all classes.