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LJ Hooker has announced an agreement with a Cyprus-based real estate group.
The deal between LJ Hooker and Fox Smart Realty will open up the Mediterranean island’s property listings to Australian buyers.
LJ Hooker head of international Bill Russell said the referral agreement was a ‘strategic alliance’ for the brand, with Cyprus tipped to continue on a path of growth.
It adds to LJ Hooker’s other international agreements with Siam Real Estate (Thailand) and Hamptons (England).
“Cyprus’ banking and legal system is modelled on the British system, which has increased the appeal of property for investors,” Mr Russell said.
“Property prices are still down in the wake of 2012/2013, offering exceptional opportunities for Australian investors.
“You can find a three-bedroom villa on 500-600 square metres within a very short drive of the coastline starting from €230,000 (AU$334,000).”
Cyprus has become a launch pad to Asia, Europe and Africa, and its residency incentives have made it attractive to non-EU investors, Mr Russell added.
Non-EU citizens who purchase property can apply for a residence permit, with an annual pension or investment income of €30,000 (AU$43,000).
After seven years, they may apply for a Cypriot passport, opening up a raft of benefits throughout the EU.
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