Cyprus is loved by foreigners not only for its beautiful climate. The country has become a great place for successful investments in land plots, the acquisition of which is attractive for all investors. If you buy land in Cyprus, you can build your dream home and move to live by the sea, rent out real estate or start a business in a variety of fields: from agriculture to tourism.
Under the "plot" in Cyprus, we understand the territory, which is already ready for use. On it, the owner is issued a Title (Title Deed) – a legal document that confirms and secures the right to the object. If you just buy land, you will have to wait until the plan of communications and green zones is approved.
Buying land in Cyprus is very promising in terms of increasing your capital. On a small island, there is not much free land (a limited resource), so its value is only growing. If you buy land for the construction of a residential building, you can save up to 30%. No less attractive is the freedom of choice, which allows you to build housing according to your vision.
Land plots in Cyprus are in demand, which is confirmed by the steadily growing statistics on transactions by foreign buyers. In addition to the improved economic situation, this was influenced by the country's policy, which allows you to become a citizen with less investment than before: 2 million against the previous 5 million euros.
In Cyprus, there are land plots for various purposes: residential, livestock, agricultural, industrial, tourist and landscaping. It is important that the designation corresponds to the purpose for which the land is planned to be used.
To build a house. The plot must be registered in the Land Department and have the Title of the owner. The document specifies the permitted parameters of the future house, the building area (usually no more than 10% of the plot), the number of floors and the maximum height.
Run a business. Commercial land plots have a large area. They are allocated for the construction of factories, hotels, and business centers. Industrial land is located on the outskirts of the cities. You can apply to the Land Department for a long-term lease. During the construction of the plant, the minimum term is 49 years with the possibility of extension.
Build a shopping center. In Cyprus, special zones have been allocated for the construction of shopping centers. It should be borne in mind that on the island you can not build shopping centers in industrial, residential and agricultural areas. Therefore, it will not be easy to find the optimal location for construction.
Engage in agriculture. On the plots, you can develop a farm, for example, build a pig farm or grow potatoes, giving up to 4 harvests per year.
Before you buy a plot of land in Cyprus, you need to determine the purpose of the acquisition. The purpose of the land is an important nuance that requires attention when searching. In Cyprus, agricultural land is more common. Such sites can be found in any area of the island, often far from the sea and cities.
To build a house, you need to choose a residential area (plot of land). Here, the same owners will live nearby, you are guaranteed to have communications and an asphalt entrance with sidewalks. It is equally important that the residential area has a well-thought-out infrastructure with parks, schools, and shops.
To build a hotel, you need to choose a tourist area, as close as possible to the sea. For a hotel complex or a residential building, the areas of Larnaca, Limassol and Famagusta are suitable, where the year-round infrastructure is developed. For other commercial real estate, the "business" regions are optimal: Limassol, Paphos and Nicosia.
The presence of reservoirs near the site. Dams, streams, and watercourses may restrict construction due to environmental regulations
Location on steep slopes and hills. This can affect what will be built and how much it will cost
Zoning aspects: building density, number of floors allowed, total height, and other restrictions imposed. If it is not possible to build a building of the desired height on the site, the investment may be unprofitable
Availability of communications. If they are not available, it is important to clarify whether there is a possibility of holding them
Distance from public roads. This is necessary so that there are no problems with the entrance of personal cars or special equipment
When buying, you need to make sure that all the documents are available. The most important one is the title of the owner with information about all the owners, the authority that issued the document. The Title is accompanied by a cadastral plan that determines the exact location, and a document confirming the status of the plot.
The price of the land plot depends on the prestige of the area where it is located. Among tourists and investors, Paphos, Limassol and Larnaca are more popular. The location and purpose of the site in the city also matters. Land for housing construction is the most expensive. A plot of 26,000 m2 in Agios Tychonas (outside the city, near Limassol), 100 m from the sea, costs 19.5 million euros, and an area of 3900 m2 in the city – 11 million euros. For comparison, the cost of a plot of 126,000 m2 in the industrial zone of Limassol is 17.9 million euros.
Land in Paphos is 20-30% cheaper. A plot of 130,000 m2 in an industrial area costs 5 million euros. The same amount will cost the land of 11,000 m2 in the beach area (the percentage of development is 35%). An industrial plot of 26,000 m2 in Larnaca on the south coast is worth 15 million euros. When moving away from the sea, prices are reduced. In the village of Kalavasos (40 km from Larnaca), an industrial field of 19,000 m2 is already worth 2.5 million euros.
Commercial land plots on the shore are comparable in value to land for residential construction. In the resort of Mazotos, 20 km from Larnaca, a plot of 6300 m2 costs 2.2 million euros. Similar land in Limassol with an area of 6800 m2 costs already 5.5 million euros.
For foreigners who decide to buy a land plot in Cyprus, there is a restriction.
The area should not exceed 4000 m2 per person. To circumvent the restriction, you can register land for several family members or purchase a plot from a legal entity. To purchase a plot of land, you can get a mortgage loan. The average rate is at the level of 3-4%. Land plots are not subject to VAT.
The safest way is to buy land in Cyprus with the support of a licensed agency. Dom Real Estate provides professional assistance in the acquisition of land plots. The portal contains only current and proven offers, updated every 12 hours.
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