Property for sale in Cyprus
Every year, hundreds of tourists who have visited the island of Cyprus decide to stay here forever or start developing their business. This country is ideal for both living and investment. The sun shines all year round, life flows smoothly and calmly, crime is at a low level, and there are no reasons for stress at all.
No less important reason to buy a property in Cyprus is the impeccable business reputation of the island. There is a simple registration of the company and low taxes. For business development, it is important that Cyprus is one of the world's business centers and the gateway to Europe.
What is the most attractive property in Cyprus
Dom Real Estate agency for the sale of real estate in Cyprus offers various types of apartments, houses and villas. Those who are looking for housing for themselves, it is better to choose the option on the second or third line from the sea. For short-term rental, real estate on the first coastline is relevant. For long-term use, there are also options that are remote from the sea, for example, in the mountains.
Looking at our ads for cheap properties in Cyprus with prices, you can notice a large number of offers of apartments, especially in new residential complexes in protected areas. There is a swimming pool, green area, parking, shops. There is also a steady interest in townhouses as luxury real estate.
Especially popular are commercial properties, the sector of which is actively developed by the Government of the republic by attracting large companies. Investment professionals are interested in office and warehouse space. Cyprus has a large selection of offices, hotels, and restaurants. These are the most profitable properties with a short payback period.
Why real estate in Cyprus is a profitable investment
If you are lucky enough to buy a property in Cyprus at a great price, you will get a lot of opportunities:
- Become the owner of a residence permit and citizenship of the Republic
- Start earning a stable rental income
- Invest in real estate (with a proper calculation, the object can be sold very profitably in a couple of years)
Cyprus is an attractive destination for foreign investors. All because it combines a wonderful climate, convenient location, beautiful coastline. In addition, the republic needs foreign investment, so it creates favorable conditions for this: it offers a program for obtaining a residence permit, sets low tax rates, and cancels the property tax.
Possibility to get a residence permit when buying a property in Cyprus
When purchasing property in Cyprus for the amount of 300 thousand euros or more, you and your family members (spouse and children) have the right to obtain a residence permit.
To do this, you need to confirm your income from abroad from 30 thousand euros per year. The amount is increased by 5 thousand euros for each dependent family member and 8 thousand euros for each dependent parent.
The calculation takes into account the income of the applicant's spouse. When buying offices, shops, hotels (not houses and apartments), part of this amount may come from sources located in Cyprus.
Additionally, you must confirm that you do not intend to conduct any economic activity on the island.
Advantages of a rental business in Cyprus
Changes in the world amid the pandemic have significantly affected short-term rentals on the island. If it is still profitable to buy cheap housing by the sea in Cyprus, as it gives many advantages, then the situation with the rental business has changed. The cost of villas and beach cottages in the season this year will be lower than in previous ones. The situation is expected to stabilize in 2021-2022.
Long-term rental (for 1 year or more) remains an attractive investment, as it is more profitable in price and protects against a possible sharp increase in inflation. Please note that the price of apartments and apartments increases during the season. For villas, the cost usually remains stable.
It is better to focus on long-term rentals if there is no access to the sea in the area of the object's location. In this case, it is very important to invest in comfort to make the property suitable for year-round living. Then it will be easier to find long-term tenants.
Where is the best place to buy a property in Cyprus
Limassol, often called the Cypriot Riviera for its clean beaches, has become a priority destination for buying real estate. There are many affordable luxury properties in this region, and there are a large number of construction sites to the west of the city.
The districts of Agios Athanasios and Ayia Fila have great potential for residential properties. Among the disadvantages of Limassol are narrow beaches and a more hectic life than in other parts of the island.
No less popular is housing in other major resort cities and their surroundings. These include the ancient capital of Cyprus, Paphos, where the island's second largest international airport is located. It is dominated by low-rise buildings, and its density is lower than in Limassol. The disadvantage is the abundance of rocky, not sandy beaches.
The next most popular city is Larnaca, which attracts investors with its transport accessibility: about 70% of planes land here. The city does not have as much infrastructure as in Paphos and Limassol, but there are clean and quiet sandy beaches, and due to the calm environment, the region is considered optimal for families.
Larnaca is attractive for its low cost. If you want to buy a property by the sea in Cyprus cheap, then you should choose this resort. The difference in the cost of premium housing in comparison with Limassol and Paphos is very significant.
What does the price of real estate in Cyprus depend on
Studies of the dynamics of real estate prices in Cyprus have shown that the pandemic has made various adjustments in the regions of the country. Overall cost growth has slowed, and in Paphos it has even decreased, both for apartments and houses.
If you study the ads for the sale of real estate in Cyprus with prices in rubles or euros in more detail, you will notice that the most expensive housing today is located in Limassol. But over the past year, the highest growth in the value of real estate was observed in Larnaca. For comparison, in Limassol, the price of houses has stabilized, and apartments-slightly increased.
In the near future, prices for tourist apartments and country houses will increase. This is due to the fact that the more the pandemic recedes, the higher the demand becomes. The cost of commercial real estate will grow more slowly, as this sector needs more time to recover due to consumers ' reconsideration of their priorities.
The cost of real estate in Cyprus is affected by several factors:
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Item type and category. The price of apartments, apartments and villas will vary. For example, square meters in an apartment, especially in an elite complex, will cost more than in a private house. The class of real estate also matters: the economy category will be cheaper than luxury, but you need to take into account where the object you are purchasing is located.
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Location. Real estate on the first line is always more expensive than any other property located at a distance from the coast.
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The object's state. Buying a property in Cyprus from a developer will be more expensive than on the secondary market. When assessing the condition in both cases, they take into account the availability of communications, furniture, area, and repairs.
Important purchase nuances
To buy a cheap property in South Cyprus, you just need to decide on what object you need. The purchase procedure is not the most difficult, especially when contacting a professional agency, thanks to which the buyer does not even have to be present at the stages of the transaction.
Main stages of purchase:
- Conclusion of a preliminary agreement with a deposit
- Signing of the main purchase and sale agreement
- Payment of VAT and stamp duty (the amount depends on the value of the property)
- Registration of the transaction and final settlement with the seller
- Obtaining a title to a property
Dom Real Estate Agency – fast, reliable, and profitable
On the Dom Real Estate portal, you can choose and buy real estate by the sea in Cyprus at prices without hidden commissions and surcharges.
The database contains more than 20,000 ads that are updated every 12 hours. This ensures that each of the proposals from developers and owners is up-to-date.
To help you save your time, we offer full support throughout the entire property purchase process. To get help in finding a place, write to us in the form on the website, contact us at the contact number or leave a request for selection.
With a licensed Dom Real Estate agency, you can become the owner of the best real estate in Cyprus!