Trendsetter company buys Cyprus’ most expensive property

The most expensive piece of real estate in Cyprus is off the market, following news that a global trading platform will buy the stunning beachfront property after a decade-long presence on the island.

According to social media, the Santa Barbara Residence on the eastern outskirts of Limassol has been sold to Exness Group, a fintech company that moved to Cyprus in 2012.

The eye-catching villa, 3000 square meters of pride in the Amathus borough, sits right in front of a beachfront with stunning views of the Mediterranean sea.

In 2017 the property was listed for €30 million but the closing price was not immediately known, with EconomyToday reporting that the deal is expected to be finalized in the coming weeks.

The Santa Barbara, a luxury building with a modern exterior and five themed floor levers, was built in 2013 and blended the latest technologies with eco-friendly materials and design.

Exness has brought business in Cyprus after it set up headquarters on the island a decade ago.

Last year Exness CEO Petr Valov called Cyprus the “Singapore of the Mediterranean” and a potential hub between Europe, Russia, and the Middle East at a time when the company was lobbying the government to simplify visa rules for foreign employees.

“We are glad that Cyprus recognized the existence of the IT industry,” Valov said in an Invest Cyprus video interview in September 2021, adding the island could attract companies and talent from around the world.

Exness makes money from business abroad and pays salaries in Cyprus, according to the CEO, adding the money benefits the local economy.

Cyprus has been a major player in attracting foreign companies but Limassol took things further, as company representatives and professionals in the southern town have been calling on the government to implement business-friendly policies more quickly.

Yiangos Zenonos, head of facilities and property at Exness, told a discussion panel last year at the 12th Nicosia Economic Congress there was a “difference between headquartering and headquartering with substance,” pointing to relocating talent to Cyprus and the impact on other sectors of the economy.

In 2021 Zenonos was cited in a study that suggested hundreds of highly-skilled, highly-paid jobs in Cyprus remained vacant due to lack of candidates able to fill the positions.