If you are considering buying a property in Cyprus, we advise you to study the different sides of the issue in order to be ready for anything. We offer you to look at the pros and cons of buying real estate and living on the island in general. These arguments will help you understand if Cyprus is right for you and whether it is worth buying a home there.
Benefits of buying property in Cyprus
Comfortable climate and proximity to the sea
This is one of the most compelling reasons to buy property in Cyprus. It is sunny and warm almost all year round. Fresh fruits and vegetables will always be available to you. The tourist season lasts from April to November. Winters are mild, the average temperature in winter is +14 °C.
Here, the warm sea and clean beaches – many of them have been awarded the Blue Flag. Numerous water activities await you, diving, snorkeling, etc. You can come here on vacation and relax in comfort in your own home in Cyprus. You will not need to look for an apartment for rent or book a hotel room every time.
All conditions for Russian-speaking expats
There is a large Russian diaspora on the island of Cyprus, there are many Russian speakers here, so you will never lack communication. The locals are friendly and hospitable, they treat Russians well. Many people speak our language, so there will be no problems with buying groceries in the store or ordering food in a restaurant.
In addition, there are many Russian kindergartens and schools in Cyprus. Immigrant children can get a good education in local international schools. Lessons are held in various languages, including Russian.The child will be able to easily get used to and find friends – representatives of different nationalities.
Developed infrastructure and high standard of living in Cyprus
Since Cyprus is a tourist island, everything here is thought out for the comfort of people. The resort towns have everything you need for a pleasant vacation or permanent residence. Usually, shops, medical institutions, banks are located near residential complexes. A foreigner can use all the necessary services of the service.
There is a low crime rate, the economic situation is stable. High quality service and medical care. In addition, the island has a good environment. There are no toxic enterprises here, the air is clean. Flora and fauna are in excellent condition.
Good conditions for buying property in Cyprus
Local banks provide all the opportunities for foreigners, including issuing loans for the purchase of housing on loyal terms. The Republic has a favorable tax situation: income tax is only 12.5%, there are no inheritance and wealth taxes, as well as double taxation.
The range of housing on the island is very large. You can buy a studio, apartment, bungalow, townhouse or villa. Both budget and luxury housing options are presented. In addition, the procedure for buying property in Cyprus is quite fast.
What else gives buying property in Cyprus
- Reliable investment in a liquid object. Property prices in Cyprus are rising every year, you will be able to profitably resell property in the future.
- Stable rental income. The demand for housing during the tourist season is very high, especially for properties near the sea.
- Citizenship when buying property in Cyprus. You can apply for permanent residence if you buy an object in the amount of 300,000 €. And after 7 years of living on the island – to apply for citizenship of Cyprus.
“Pitfalls” of buying property in Cyprus
Cyprus is not perfect, and here, as elsewhere, there are moments that you may not like. But this is not something critical, because of which it is worth giving up investing in real estate. These are the situations you just need to be aware of in order to prepare for life in Cyprus:
The high cost of housing in Cyprus and maintenance
Indeed, real estate in Cyprus cannot be called cheap. But in general, life in foreign Europe is more expensive than in Russia. And when compared with some European countries (for example, with the UK), then housing on the island will turn out to be very profitable. In addition, you can buy cheap real estate in Cyprus in the secondary sector or an object that is far from the center and the sea.
Dense buildings and insufficiently spacious rooms by our standards
Since the demand for housing is high, real estate development in Cyprus is very active, and the available land for development is limited. Therefore, it is true that it is difficult to find a house by the sea in Cyprus with a large plot, most often the adjacent territories are rather modest. As for the layout, it is usually compact. Cypriots do not make large bedrooms and high ceilings; old houses usually do not have hallways. But if it is important for you to have a spacious villa, then you can consider buying a project for development. So you can influence the layout of the object and do everything as you like.
Lack of central heating
This is the reason why Cyprus has such high utility bills. Although the island is warm, in winter without heating the house is quite cool, so you have to use electric climate control equipment.Many modern new buildings have VRV systems installed – central air conditioning throughout the building. And in secondary housing you have to use electric heaters. And this is a fairly large cost of electricity. A good way to save money is to use solar panels.
Large flow of tourists
For some, this is a great advantage, while for others it is an annoyance. If you don’t like fuss, noisy companies and crowds of people, then choose remote areas for living, not tourist ones. The noisiest cities in Cyprus are Limassol, Ayia Napa, Paphos. Quieter and more comfortable – Larnaca, Protaras.
It is also worth noting that life in Cyprus is quite expensive by our standards. Here paid medicine, and services are not even cheap. With work for foreigners, everything is not easy. Therefore, it is worth moving here only if you already have a job in Cyprus, or you can earn money remotely.
And one more feature of buying property in Cyprus is that it is important to come and see everything live. Assess how close the infrastructure facilities are, what quality the building materials have, whether the sea is as close as it is written in the ad. And also be sure to make sure that the property has a title, otherwise there may be problems with resale in the future.
So, buy a home in Cyprus or not?
Only you yourself can answer this question. Reviews about buying property in Cyprus are different: there are many pluses, there are also minuses. But many “pitfalls” can be avoided if you use the services of a reliable real estate agency.Estate of Cyprus will help you buy a home that meets all your criteria. We will make an individual selection of objects, organize a preview. We will provide full legal support of the transaction “from and to”.
Contact our managers by phone, we will tell you all the rules for buying property in Cyprus.
