Anyone can buy property in Cyprus. This island has long been a favourite resort of many foreigners. According to the statistics from 2011, a total of 129,136 people who are Greeks, British, Romanian, Bulgarian, Philippines, and Russian people live here. Therefore, moving here is not as difficult as in other EU countries. In the resort towns, there are Russian, English, and German-language kindergartens and schools. As you are walking in the city, you can communicate with other people in Turkish or in English.
Owning a real estate is an excellent opportunity to come on vacation or to live in during the hot winter in Cyprus. You can also rent a property or open a business. When foreigners are searching for offers, many people search for this island.
When buying a property for sale in Cyprus with a worth € 2 million, you can get EU citizenship. With it, this makes it possible to have a good salary, pension, and travel without a visa to almost all European countries. Also, the properties that were bought can be passed down as an inheritance. Also, the applicant's parents can become citizens of the country if they purchase real estate worth €500.000. Penthouse and garden duplex apartments with a separate entrance are suitable for those who do not want privacy and fewer neighbours. These sort of properties are rarely leased, so even in the resale market, they are sold in good condition.
Accommodation in Cyprus is inexpensive. There are reasonable prices for food, fruits and vegetables. Compared to other European countries, dinner at a restaurant will be much cheaper.
The country is attractive for business opportunities. Entrepreneurs have tax incentives and state support. The registration of a company takes only 1-2 days; for this, you will need a few documents. The only condition: the manager and secretary must be residents of Cyprus.
Foreigners from abroad buy apartments near the sea to rent them out for a nice profit of 4% of the value. Within the properties, heating is not provided, in winter electricity charges increase due to the use of heaters, and in summer utility bills are high due to air conditioners.
There are over 10,000 housing advertisements are available, and most are villas in Cyprus. Apartments are less in demand, and the least used are townhouses.
The care of the villa requires a lot of time. Even though pensioners prefer to buy houses for a quiet life, it is necessary to think about the issue of preservation, especially if you have to leave for several months.
An apartment in a multi-storey building is suitable for those who plan to come to the island only during the holiday season as it will be easy to clean, and it does not require maintenance and gardening etc.
It is important to choose the right area. A property by the sea can be noisy in summer, prices are higher there, but there is an opportunity to earn on a rental. People who come in search of temporary work settle in quiet non-tourist areas.
A private house with its access to the sea will cost a lot. Among the ads for sale, you can find palaces with pools, gardens or even a golf course.
There are other properties with fewer facilities that cost less.
The island is small, that's why you can circle the whole island within one day. Most emigrants settle on the touristic villages located on the coastal areas on the island. Most in demand are:
It is the capital of the island, and it is distant from the coastal regions. Most of the properties here are used for commercial purposes. But, since the island is small, the beach can be reached in less than an hour.
Limassol is in demand among Russians. There is a lot of infrastructure for Russians, and locals that speak Russian.
This city is protected by UNESCO due to its many historical attractions. Paphos is an expensive resort designed for wealthy tourists, and not for families with children and most of the people who are looking for villas in Paphos.
Real estate prices in Cyprus are comparable to the cost of apartments in the city with a million-plus population in other major cities. Moreover, the quality of housing is much higher.
The island also attracts immigrants with its warm climate, delicious food and historical monuments.
If you are interested in real estate in Turkey, our real estate agents will gladly help you in choosing a place of residence and organize an inspection trip for free!