I agree with your comment, as there is a factor that increases the cost in the cities where developers live in.

Bringing up Limassol though, is not a valid argument. Limassol on its own has had a lot of rich people from Russia moving there permanently and in the past few years a lot of development went on there. The Marina or the pier etc makes it feel like you are in Miami of some sorts, so that definitely bumps the prices up and it has nothing to do with developers going there. Most rich people there didn't make money from tech but from illegal sources.