In addition to the coronavirus pandemic, which has dealt a significant blow to the Cyprus property sector, the housing market may face another equally severe shock shortly.
The fact is that due to innovations within the framework of "Brexit," from January 2021, the British, who owns a considerable amount of real estate on the island, will be able to stay in Cyprus for no more than 90 days in half a year.
In other words, they will be subject to the common European rule as for all property owners who are not EU citizens. It means that many Englishmen will lose the opportunity to reside in Cyprus permanently.
In this regard, experts predict that in 2021, the British, who own housing on the island as a second home, will be forced to sell their property massively. Undoubtedly, this could bring down the local real estate market even more.
It is worth noting that the British who own real estate on the island can receive the MEU1 certificate, which allows them to become a resident of Cyprus and avoid the new restriction. On the other hand, it will change their status as taxpayers in the UK and disqualify them from using the UK's free National Health Service.
Those who prefer to stay in Cyprus for more than 90 but less than 183 days a year will not be affected.
I must say that many Englishmen who own housing in Cyprus have certain burdens in the UK - relatives, children, work. At the same time, they have invested in Cyprus property.
Many of the British claim that the new rules mean that the only alternative available is to become a Cyprus resident, which is highly impractical for most of them.
The British complain that they were treated unfairly and demand that the law be reviewed in favor of the British who own real estate on the island. They even created a particular group with which they are trying to defend their rights.