Cyprus is not only sunny beaches and olive groves, but also a place where many people dream of having their own little corner.
However, there are so many myths surrounding the purchase of property on the island that potential buyers are sometimes lost in speculation. Let's break down some of the most common misconceptions, based on real stories from agents at DOM Real Estate - a company that strives to make the property market in Cyprus transparent and understandable to all. Let's approach the subject with an open mind and no illusions.
Expensive means unaffordable?
The first myth that buyers face is that property in Cyprus is a luxury for millionaires. Yes, villas overlooking the sea in Limassol can cost millions of euros, but the market is more diverse than it seems. Anna, an agent with DOM Real Estate, recalls a client from Moscow who was sure that his €150,000 budget would only buy him a barn.
We found him a cosy two-bedroom apartment in Paphos, 10 minutes from the beach. He still writes us thank-you notes every summer,' Anna smiles.
There are options for every budget in Cyprus: from studios in Larnaca to townhouses in the suburbs. The main thing to remember is that prices depend on location, condition and demand. And with DOM you can easily compare offers and find something suitable. And what about today? Let's have a look at the property database. A two-bedroom apartment in the town of Paralimni, close to the azure-blue beaches, for €120,000 - an example of how a reasonable budget can be combined with comfort.
Everything is already bought by foreigners
Another popular belief is that the Cypriot market has long been divided between wealthy Brits, Russians and Chinese, with nothing left for local buyers. This is not entirely true. According to the Cyprus Statistical Service, foreigners are indeed actively investing in property - accounting for around % of transactions. But the market is vibrant and constantly being updated. New projects are launched every year and the secondary market offers plenty of opportunities.
Maria, another DOM agent, tells the story of a family from Nicosia who were afraid they would be 'overlooked' by foreign investors.
We showed them the DOM Real Estate property database where you can filter properties by status, price, newness and other parameters. As a result, they efortlessly bought a house in a quiet, modern village near Limassol.
A new house in the Ipsonas area, 20 minutes' drive from the centre of Limassol, can now be bought for €360,000 (+ VAT) - such finds prove that the market is open to anyone willing to look.
Paperwork is a nightmare
Many people think that buying property in Cyprus means endless queues, incomprehensible documents in Greek and the risk of being left with nothing. Yes, the process requires attention: you need to check the title of the property, make sure there are no debts and pass the registration. But it's not as daunting as it sounds. The Cypriot property system is based on the British model and is quite transparent if you know where to look.
One client from Germany almost cancelled his purchase after reading forums about the hellish bureaucracy. We took care of the process: we picked a proven property from the DOM database, showed him a clean title deed and completed the transaction in three weeks. With DOM Real Estate, you can avoid unnecessary nerves - all objects in the database are already selected taking into account the key requirements, - shares the case Sergei, broker from DOM Real Estate agency.
Only by the sea makes sense.
Many buyers are fixated on properties by the sea, believing that only such properties have value. This is a myth that limits choice. Yes, apartments in Ayia Napa with sunset views are a dream, but mountain villages or suburbs are also full of treasures. Houses in Troodos, for example, attract those who appreciate tranquillity and nature, and the prices are significantly lower.
I was once approached by a couple from London,' recalls Anna, an our broker- They were just conidering the seaside area, but I suggested they take a look at a chalet in Platres. Now they enjoy the coolness of the mountains in the summer and rent it out to tourists in the winter.
A new two-storey villa in Troodos for €660,000 (+VAT) - such options show that Cyprus is truly versatile.
Secondary property is always more profitable than new builds'
A common myth: secondary property is cheaper and more practical than new construction. At first glance, it seems logical - why pay more for a 'zero' house, even with 19% VAT on top? But let's dig a little deeper. Buying off-plan (before construction is complete) can save you around % of the final cost, and developers often offer payment by instalments. But it's not so easy with second homes. According to a relatively new law, if the property is not more than 5 years old and has not been officially rented out for 2 years, it will be subject to 19% VAT - with no chance of reducing it to 5%, as is the case with new buildings bought as a first home in Cyprus (not for business). The supposed savings are often illusory.
One client wanted a second property in Limassol thinking he would save money. After seeing the transfer tax and comparing it with the off-plan option on the DOM database, he changed his mind. He recently received the keys to a brand new apartment, which he is paying for with a mortgage. In this case, the VAT is 5%, as the apartment is new, - Maxim Arte, one of DOM brokers.
And here is an example: a new 1-bedroom apartment in Limassol in the Kiperunta area for 105 thousand euros (+ VAT) - such cases show that the choice requires calculations, not blind faith in stereotypes.
Is the market a lottery?
Finally, there is the opinion that buying in Cyprus is a game of chance: either you get lucky or you fall victim to fraudsters. There are risks everywhere, but the Cypriot property market is more strictly regulated than many people think. Transparency is the key to success and this is where DOM Real Estate is changing the rules of the game. Its property database is not just a catalogue, but a tool that contains properties that have been carefully selected according to all parameters. Before the transaction, the company's lawyer checks everything once again, current prices are updated online and you can contact the owner through an agent. Remember that professional estate agents are licensed and their work is carefully monitored by the Cyprus Estate Agents Association.
A client from Kiev almost got in touch with an apartment with a mortgage debt. It is good that we screen out such properties in advance and found him another option in our database. With such opportunities, the market is no longer a mystery, - says DOM Real Estate agent, Maria
Bottom line: truth beats myths
Buying property in Cyprus is surrounded by myths, but the reality is simpler and more interesting than it seems. It is not just about millionaires or beach villas - it is about the choices available to everyone. With DOM Real Estate's technology, the process is transparent: from the search to the deal, you see everything as if in the palm of your hand. So don't believe the rumours - explore the market, compare options and find your perfect home. Cyprus is waiting!
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