Whether you’re retiring to the sun, moving there for work, or purchasing a holiday home, buying property in Cyprus represents a significant investment – both financially and emotionally.
This article outlines the advantages and disadvantages of buying property in Cyprus for international buyers.
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A short drive from Nicosia, Kakopetria makes a peaceful retreat
Why choose Cyprus?
Cyprus has become a favored destination for international property buyers for various reasons. Here are five compelling arguments for considering property investment in Cyprus:
Cultural familiarity
As a Commonwealth country, Cyprus shares a rich history with the UK and other former empire nations, making it culturally familiar for British buyers. The Cypriots drive on the left (a welcomed similarity for UK residents), and English is widely spoken, fostering a welcoming environment for expatriates alongside the official languages of Greek and Turkish.
An active lifestyle
For those seeking an energetic lifestyle, Cyprus fits the bill. The island offers vibrant urban centers with exciting marinas and nightlife, alongside ample opportunities for active pursuits – be it hiking, cycling, or even skiing in the Troodos mountains.
Easily accessible
Access to Cyprus is a breeze, with two airports servicing the island. Year-round budget flights connect you to major European cities, including the UK, and most locations are within a 45-minute drive from the airports, ensuring quick access to your holiday home.
Affordable sunshine
With an impressive 3,314 hours of sunshine annually, Cyprus boasts a delightful climate year-round. Coupled with its affordable cost of living, the island is attractive to international retirees and holiday homebuyers alike. Compared to other Mediterranean destinations, Cyprus offers reasonably priced apartments, making it a wise investment choice.
A global hub
Situated at the crossroads of Europe and the Middle East, Cyprus is an appealing destination for a diverse array of buyers. The island attracts investors from across Asia, Europe, and beyond, further solidifying its status as an enduring property market with strong economic prospects.
There’s been a boom in luxury apartments in Cyprus
Pros and cons of buying property in Cyprus
While the benefits of investing in Cypriot property are numerous, it’s important to consider both pros and cons. Having adequate preparation can mitigate many potential drawbacks.
Advantages of buying in Cyprus
- A range of visa options for residency in Cyprus.
- Mild winters with minimal rainfall.
- A diverse selection of properties to suit various tastes and budgets.
- Options for rural, coastal, or city living are plentiful.
- A low cost of living, ranking eighth most affordable in the Cost of Living Overseas Index.
Considerations for buyers
- High initial investment costs: Additional fees can add approximately 15% to the purchase price.
- Maintenance responsibility: As a homeowner, you will be accountable for ongoing maintenance and repairs, which is crucial for non-residents to factor in.
- Less flexibility: Selling property in Cyprus can be time-consuming, potentially limiting your ability to quickly change investments.
Houses on a quiet street in Pano Lefkara
Popular regions for investment
Cyprus offers several regions that are particularly attractive to international investors:
Larnaca
The Larnaca property market is on the rise, outperforming the previously popular Paphos. Recent developments, such as the new marina and Metropolis Mall, increase Larnaca’s appeal for buyers. The marina redevelopment promises further opportunities for growth.
Limassol
This bustling coastal city attracts a diverse pool of investors. Affordably priced new developments cater to those interested in short-term rentals, making it a lucrative market.
Paphos
As the largest city on the west coast, Paphos garners attention for its year-round tourist appeal and cultural events such as the Aphrodite Festival. The city features a picturesque harbor and a variety of property types, from commercial plots to luxury villas, ideal for building a diverse investment portfolio.
Ayia Napa and Protaras
Both towns are renowned for their vibrant tourist activity and have seen a surge in quality restaurants, cafes, and boutique hotels. A new marina in Ayia Napa is slated to enhance the region’s appeal further, potentially transforming it into a sought-after destination for residential properties and businesses.
Live on the doorstep of the Tombs of the King
Cyprus stands out as an enticing option for property buyers seeking a blend of culture, lifestyle, and investment potential. With its welcoming environment, diverse property options, and strategic location, those considering buying in Cyprus will find it a rewarding experience ensuring a promising future for their investment.
Ready to explore your options for buying property in Cyprus? Contact a local real estate expert or download our free Cyprus buying guide for more information.
