Buying property in Cyprus

Many people are taking the opportunity to own property in Cyprus. A beautiful island destination, Cyprus has attracted potential homeowners with more than its charm. The economy is booming. Tourism is on the rise. And property values ​​are expected to rise dramatically in the near future.

If you have read about all that Cyprus has to offer and are dreaming of owning a property in Cyprus, there are some practical considerations to keep in mind. Fortunately, there is a wealth of information on buying property in Cyprus. You should take advantage of it. Learn as much as you can before making the decision to buy property in Cyprus and think about the following practical considerations:

or Are you planning to move to Cyprus or just buy a holiday home in Cyprus? How you will use the property will determine what type of property you will buy and how much it will cost to maintain. If you choose to buy a vacation property, you will have to pay a management company to maintain the property. Of course you can rent the property to earn some extra money when you are not using the house.
o Can you afford the property? A second home can be very expensive. Make sure you know all the costs involved. If you plan to move, there may be additional expenses associated with living in a foreign country. Make sure you fully understand all of these costs.
or Can you earn a living on the island? The economy in Cyprus is booming, but will you be able to earn a living? If you have certain business skills, you should find out if the island is in demand before you make the decision to move.
o How long will you keep the property before selling it? You should always have a financial plan for the future. If the property is an investment, have a clear idea of ​​how you will manage your investment.

There is a great demand for housing on the island of Cyprus. If you plan to develop vacant land, you will need to understand all the legal aspects of property development in Cyprus. For example: it is not uncommon for it to take up to five years to receive a title/deed to your property. You will still be able to develop and sell your property; however, you will need to understand how to do it legally.

There are also some non-resident restrictions that you will need to be aware of. Non-residents are currently only allowed to own property in Cyprus. This could present challenges if you plan to parcel up the land, develop it, and sell each parcel individually.

While there are many practical considerations that you should take into account before buying property in Cyprus, it is not much different from buying property elsewhere. You should always do your research and make all real estate purchases with your eyes wide open.