Download - 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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Source: www.expatfocus.com 2
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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Source: www.expatfocus.com 3
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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Source: www.expatfocus.com 4
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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Source: www.expatfocus.com 5
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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Source: www.expatfocus.com 6
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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Source: www.expatfocus.com 7
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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Source: www.expatfocus.com 8
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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Source: www.expatfocus.com 9
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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Source: www.expatfocus.com 10
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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tockp
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Source: www.expatfocus.com 11
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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