Many foreigners buy property in Cyprus. You should hurry with this: prices are steadily rising, and taxes for foreigners are increasing. It is more profitable to buy an object as quickly as possible, and then rent it out or prepare it for resale. You just need to select a property. At first glance, this seems like a simple matter, but only at first.
North and South
The island is divided into two parts, southern and northern. MySpace real estate agency warns: buying property in Northern Cyprus is unsafe. This territory has a controversial legal status and is not recognized by the international community. Many properties are claimed by Cypriots living in Southern Cyprus, which automatically makes their acquisition impossible. The local currency, the Turkish lira, is not very stable, and an escalation of the conflict between the halves of the island is very likely.
Southern Cyprus is a completely different matter. This is part of the European Union, a stable and prosperous state. Purchasing real estate makes it possible to obtain a European residence permit, and it is cheaper and easier than in other EU countries. And among the real estate there are many truly luxurious properties.
Property type
Properties for sale in Cyprus come in several types.
- Apartments. Similar to a traditional apartment. The budget range is large and depends on the size of the home, its location, furnishings, decoration and other parameters. A good option for renting.
- House. A separate building. Prices are low to average. They are less suitable for renting out, but living in your own home is more convenient.
- Townhouse. Hydrid of apartment and house: part of a single building with a separate entrance. Quite a budget and affordable option.
- Villa. Luxurious detached house, often on the seashore. A profitable choice for investors: villas are easy to rent and resell. Luxury real estate in great demand.
Selecting an object
A foreigner can buy up to 2 real estate properties. The total area can be no more than 4014 square kilometers. The restriction does not apply to citizens of EU countries: they, like Cypriots, can buy real estate freely.
Both primary and secondary markets are active in Cyprus. It is better to buy real estate from a developer: it is more reliable. Objects can be inspected virtually or in person; the latter option is preferable, because it allows you to notice the slightest flaws. Fortunately, a visa is not required for trips to Cyprus for up to 90 days.
The object must be in good condition and must fully comply with the stated characteristics. It is worth considering the features of the infrastructure. Legal review will not be superfluous; To do this you will have to hire a Cypriot lawyer or contact a real estate agency.