Global political and economic fluctuations make citizens of different countries move to more stable counties. Cyprus has always drawn foreign property investors, fostering an atmosphere that is advantageous to them. And if you are thinking about traveling to the island with an investment purpose, we will now go over all the intricacies together. We will find out why the country attracts thousands of tourists, will comprehend why buying real estate in Cyprus is so advantageous, analyze the cost of real estate in Cyprus, and will examine detailed guides on how to purchase an accommodation in Cyprus.
Cyprus as a tourist spot
Traveling to Cyprus is always subject to be an adventure. It is impossible to stay indifferent to local sparkling beaches, active nightlife and mouthwatering food. What else does the destination offer? Let's look at the top 5 reasons we think you should include this enchanted Mediterranean island on your travel itinerary.
- Transparent waters and endless beaches. The beaches in Ayia Napa are popular among foreign tourists, although the beach in Paphos with the renowned "Aphrodite's Rock" is the most fascinating. According to legend, the Greek goddess was born precisely on this beach—more specifically, she sprang from the sea that encircles the rock.
- Variety of cultural peculiarities. Due to the political situation of the country, the population consists of Greeks, Turks and other nations. All of them contribute to the uniqueness of local culture.
- Delicious food. The special geographical position of the island has caused the influence of Greek, Turkish and Arab culinary traditions on the national cuisine of this island. The abundance of fresh vegetables, exceptional olive oil, and savory lemon are the main ingredients of Cypriot cuisine.
- Remains of the glorious past. You can compare trip around the country with a trip around the world. The ruins of Stone Age settlements, Venetian fortresses and Gothic cathedrals impress foreigners. Tourists enjoy the remains of different eras, landscape and cultural monuments collected on one island.
- Favorable climate all year round. An average annual temperature is 24°C. Winters are mild with minimal rainy days, while summers are predominantly dry and hot, enjoying around 3000 sunny hours per year.
Cyprus as a spot for real estate investments
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The country shows a sustainable growth rate that is highly important for foreign real estate investors. In the next years the country is expected to continue to develop with an economy increase of over 12.9%. Still, Cyprus still has cheaper housing than most American and European cities. Finding a home that fits your budget is simple. Irrespective of the location, there is an opportunity to find high-quality housing.
It has first-rate airports, hospitals, commercial centers, and educational facilities. Due to Cyprus's excellent infrastructure, those wishing to relocate there need not be concerned about providing amenities for their children or themselves. Despite being a small nation, it does not let that stop it from providing everything its citizens need to live better. There is a sizable market for small businesses wishing to develop in the country.
Cities in Cyprus – property prices
Compared to other parts of Europe, the prices on Cypriot property are absolutely affordable. The average price is about €1700 per square meter. Making the decision, pay attention to location, configuration, number of bedrooms and financial prospects. These are the aspects that require thorough examination and analysis to meet your needs, desires, budget and profit expectations.
Local banks provide all opportunities for foreigners, including home loans on favorable terms. The Republic has a favorable tax situation: income tax is only 12.5%, there are no inheritance or wealth taxes, and there is no double taxation. The resort towns have everything you need for a pleasant holiday or permanent residence. Usually there are shops, medical centers, and banks not far from residential complexes. A foreigner can take advantage of all the necessary services.
The most popular locations for real state purchase are:
- Limassol. The prices range from 2200 to 3200 euro per square meter depending on location, footage and year built. It is a resort city with a significant historic place.
- Nicosia. The price range is from 1700 to 2400 euro. The location is suitable for families with children due a great number of educational institutions, medical centers, and multiple offices of international companies.
- Larnaca. 1400 euro per square meter is the average price of property in the city. It is the heaven for beach-lovers. Six «blue flag» beaches are located in the city.
- Paphos. Prices for apartments and residences in Paphos range from 1100 to 1600 euro per square meter. Foreigners choose Cyprus for the long beach season and mild temperatures.
Peculiarities of buying real estate in Cyprus
Looking for a relevant information and property offers, go to the website Cyprus-Real.Estate. It helps foreign buyers to find the necessary housing by setting filters by city, type of property, price, number of rooms and other options.
To buy property in Cyprus there are some steps to perform:
- Choose a suitable object.
- Get permission to buy real estate in the Council of Ministers of Cyprus, if the buyer is not a citizen of one of the EU countries.
- Open a current account in a Cypriot bank. You can apply online, but the account will be opened only after a personal visit to the bank branch.
- Put in writing a preliminary contract that gives the buyer a two-month window to reserve the item. The seller is not permitted to alter the object's worth during this time, rent it out, sell it again, or pledge it.
- Ten to thirty percent of the property's worth should be deposited.
- Put your signature on the purchasing contract.
- Pay the balance of the property's worth less the deposit.
- Get a title deed from the Cyprus Land Department.
Conclusion
Cyprus is popular among foreigners for family holidays, youth hangouts, and the lifestyles of affluent vacationers and businesspeople. The country is expanding and developing quickly, providing a wide range of real estate options. The beaches here are among the greatest in the world, and the city offers vibrant, hectic living.
