Investment Properties in Cyprus: Part One – Cyprus – Not Just a Holiday Destination?

The island of Cyprus has been a popular holiday destination for the British for many years. After all, he has a lot going for him; year-round sun, beautiful beaches, stunning landscapes and scenery, history and culture, traditional cuisine, locally produced wine, family attractions, and the best golf courses. Also, there is the added benefit that Cyprus used to be part of the British Empire. This means that in Cyprus people drive on the same side of the road as in Great Britain and that English is widely spoken throughout the island. Why buy a house in Cyprus?

There are many reasons why Cyprus is the ideal country to own a second home, whether you are looking for a holiday home (somewhere where you can spend a few weeks each year) or perhaps you are looking to move and live abroad. However, a popular reason for buying property in Cyprus is for investment purposes.

The global recession has hit the Cypriot real estate market and as a result, property prices on the island have dropped dramatically. Although this has had a negative effect on the Cyprus real estate industry, now could be the perfect time for investors to take advantage of the slow market.

As the property has not been sold, Cyprus property values ​​have been seriously reduced. In fact, it is now possible for people to invest in properties at rock-bottom prices. There are some real bargains to be had. For example, we currently have several two-bedroom apartments for sale in the Larnaca region for less than €100,000. As a result of these low prices, there is great potential to build capital if you are looking for buy in cyprus for a medium or long term investment.

So while it is highly unlikely that there will be a sudden real estate boom in Cyprus in the near future, if you are not thinking of ‘trading’ or reselling your property anytime soon, it is still worth considering houses for sale in Cyprus as an investment. . Cyprus is unique in many other countries. It is a relatively small island with a limit to what can be developed. It is a member of the EU and is part of the Eurozone. Although development plans have slowed down on the island, they have not stopped completely.

The new Nick Faldo Elea golf course has recently opened, and development of the Limassol marina is underway. Cyprus will continue to attract tourists throughout the year, which helps if you are looking to rent your property to tourists. Several airlines currently fly from the UK to Cyprus, including Easyjet, British Airways, Cyprus Airways, Monarch, Thomas Cook and Thomson.

Advice: When looking to buy investment property in Cyprus, it is important that you do your research. Is it in a good location, what facilities are nearby, how close is it to the airport, what are other properties selling for in the area?

Note: Whenever you buy property, make sure you use an independent solicitor who specializes in property sales in the country of purchase. Cyprus is currently changing the way its title deeds are issued and it is always important to seek independent legal advice.