Real estate to buy in Cyprus is absolutely worth it if you’re looking to get residency quickly in this beautiful island. For a €350K investment, you and your family will not only get a beautiful second home, but also residency permits which permit you to legally live, work and study in Cyprus.
Is it a good idea to buy a property in Cyprus?
Cyprus is a beautiful place to invest by buying real estate. By purchasing a new property worth at least €300,000 (+VAT), you and your family will get much more than a beautiful home. You will also be granded a permanent residency in the island which means you can legally live, work and study in Cyprus.
Is now a good time to buy property in Cyprus?
High Rental Returns
Now is the time to buy a property and rent it out since the rental returns are still high. According to reports, the monthly rents for residential properties went up by double-digit figures during the year 2019 according to the Global Property Guide.
Are property prices in Cyprus falling?
Residential property values in Cyprus have fallen so much year‑on‑year for the first time since the first quarter of 2014. At that time, it was caused by the economic crisis in the country. In 2020 and 2021, prices were affected by the pandemic.
Where is the best place to buy property in Cyprus?
Top places to buy in Cyprus
- Nicosia. The capital of the Republic of Cyprus, modern, cosmopolitan Nicosia is a lively city of about 300,000 people situated some 50km from the coast. …
- Limassol. …
- Paphos. …
- Larnaca. …
- Peyia. …
- Residential home. …
- Holiday home. …
- Buy to let/Investment property.
What is the best area to live in Cyprus?
Paphos is ranked as the best city to live in Cyprus for seven years in a row. It is a favorite destination among British immigrants and is home to a large expat community. In 2007 it won the title of City of Culture in Europe.
Can I still buy property in Cyprus after Brexit?
Buying a property in Cyprus after Brexit
UK citizens can buy a property in Cyprus following the same rules and regulations as any other non-EU citizens.
What is good to buy in Cyprus?
Objects made of glass, ceramics and bronze may be a good present from Cyprus. This kind of souvenirs can be easily found in gift shops all over the island and in folk art boutiques. Glass donkey figure is one of the most popular souvenirs from the island.
Is it safe to buy in Cyprus?
It’s usually safe to buy properties that have been issued with their all-important Title Deeds. However, it’s not all plain sailing. Encroachment, where a property has been built on a neighbour’s land, can be a problem in the villages.
Are house prices rising in Cyprus?
After a slow year in 2020 due to the pandemic, demand for Cypriot property is rising. This is largely thought to be down to low interest rates and government relief measures. According to the Central Bank of Cyprus, property prices rose across the country by 0.91% year-on-year in the first quarter of 2021.
Is Cyprus a good place to retire?
Cyprus is a great place to live both for families and retirees. … The cost of living in Cyprus is generally lower, taxes are more lenient and the property prices are generally cheaper than in the UK. The lifestyle is typically Mediterranean with its slow laidback pace and “enjoy the moment” attitude.
Where do most expats live in Cyprus?
Over 50% of expats live in Paphos, Cyprus’s fourth largest city. The villages in the district around Paphos are very popular for the expats that want to live outside a city.
What are the costs of buying property in Cyprus?
In Cyprus the purchaser must pay stamp duty within 30 days of signing a contract. The rate of stamp duty payable is 0.15 per cent of the property price purchase for properties up to the value of €170,000 and 0.2 per cent for properties over €170,000. The first €5,000 is exempt from stamp duty.