an expat guide to buying property in cyprus

An Expat Guide To Buying Property In Cyprus

Source: www.expatfocus.com 1

Cyprus

“Blessed with an abundant amount of

sunshine all year round, the Republic

of Cyprus sits at the intersection of

Europe, Asia and Africa. The people

are known to be warm, welcoming

and respectful towards outsiders.

This island has therefore gained a lot

of popularity with people from across

the globe.”

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Former British colony

“For many years now Cyprus, a

former British colony, has also been

attracting expats from all over the

world, especially senior citizens from

the United Kingdom. In addition to its

natural beauty and great weather, it

offers high living standards at

relatively low costs, primarily in terms

of accommodation, healthcare and

education.”

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Banking crisis

“The island suffered a major banking

crisis when the European Union

imposed certain measures in exchange

for a bailout loan. This had a huge

adverse impact on its overall economy.

Some expats who had invested large

amounts of money lost their savings.

Since then, the cost of living has gone

up significantly, along with the property

prices.”

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Reasonable Housing Options

“The development of the property

market in the country increased its

appeal to buyers, which in turn

pushed up the prices. Houses in the

popular neighbourhoods became

highly expensive and the previously

undeveloped areas began to offer

schemes that were constructed to

attract potential buyers from

overseas.”

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Costly Housing Options

“The coastal areas are the main draw

for foreign investors and you will

therefore come across a number of

properties of different types, in close

proximity to the sea. From studio

apartments to luxury villas, developers

can offer something to suit everyone’s

needs. Needless to say, these

properties tend to be among the most

expensive.”

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Housing Hotspots

“The Island in the Sun has several

locations that may be of interest

to property buyers from overseas.

However, some of them tend to be

a lot more expensive than others,

because of the quality of housing

as well as their high demand.”

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Paphos

“The Culture Capital of the island,

Paphos boasts a rich cultural heritage

and numerous attractions. With its

natural beauty and a wide variety of

high-quality property, this has become

one of the most sought-after regions

in Cyprus. Families with children also

prefer residing in this area, since it

has a number of good local and

international schools.”

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Limassol

“Often regarded as the second

capital of the island, this region is a

hive of activity, with a number of high

priced apartments and a wide choice

of prime property. Some expats are

open to the idea of purchasing old

village houses and repairing them

but not many estate agents like to

deal with such properties.”Ima

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Larnaca

“Thanks to its beautiful beaches and

international airport, Larnaca is a

great region for homebuyers on a

limited budget. The prices of property

are rising at a fast pace but Larnaca

is still cheaper than some of the other

regions, in spite of being home to

some of the most stylish apartments

and penthouses.”

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Getting The Right Price

“Unless you are very familiar with

the real estate market in Cyprus,

you may get ripped off when trying

to purchase property. Never contact

a buyer directly after seeing an ad

online or in the newspaper. Also, do

not jump at the first deal you come

across, no matter how good it may

seem, until you have conducted a

thorough investigation of the

premises.”

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Financing Property Purchases

“In spite of being a foreign citizen,

you should not face any trouble if you

decide to apply for a mortgage with a

Cypriot bank or financial institution.

The interest rate as well as the terms

and conditions are quite competitive

compared to other countries. In

2014, the Central Bank of Cyprus

dropped the rates of interest on loans

to stimulate lending.”

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ThankYou

an expat guide to buying property in cyprus

Real Estate