Cyprus & Greece Considered World’s Best Places to Buy a Holiday Home

Cyprus & Greece Considered World’s Best Places to Buy a Holiday Home

News Saturday, 20 November, 2021

Cyprus and Greece are the top most favourable destinations in Europe for those interested in buying a holiday home.

Such conclusions have been reached by a recent study conducted by Compare the Market, which has analysed locations in countries worldwide, taking into consideration specific factors such as things to do, affordability, cost of living, restaurant, incidents of crime, and local weather, reports.

According to the study, three of the total ten locations were in Cyprus as well as in Greece, while in second place on the list as the best destination in the world to get a holiday home after Venice in Italy, and has been considered Paphos, Cyprus.

 “While Venice is an amazing place to visit, you might want a holiday home somewhere with fewer tourists where you can really immerse yourself with the locals. In this case, Paphos in Cyprus may be a good choice,” according to the study published by comparing the Market.

Besides being considered as a favourite place to buy a holiday home, both Cyprus and Greece are also known for their golden visa program.

However, the Golden Visa program that permits international investors who make a specific investment to travel visa-free in the Schengen Zone countries has often been criticized for being included in illicit affairs such as money laundering and corruption.

Due to such accusations, authorities in Cyprus announced that they planned to end the Golden Visa Scheme on November 1, 2020.

Recently, the Cypriot government stressed that it would rescind the citizenship of a total of 45 international investors as well as their relatives who hold Cypriot passports through the country’s golden visa program.

In this regard, Myron Nikolatos, former supreme court judge, led a committee to review the practice of issuing golden visas between 2007 and 2020.

 “It is obvious the Cyprus Investment Programme was operating between 2007 and 2020 with gaps and deficiencies, an inadequate legislative framework and almost no regulatory framework,” Nikolatos pointed out in this regard.

On the other hand, internationals interested in obtaining Greece’s golden visa must make an investment of a minimum of €252,328 in this country. Then, internationals who obtain the golden visa are eligible to visit all Schengen Zone countries visa-free.

Previously, international experts on real estate firm, Astons, ranked Greece as the most favourable destination for international investors.

In addition, Athens, together with several cities such as Kefalonia, Lefkada, and the Cyclades, was ranked among the most expensive places in Greece’s property market.

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