Budget real estate in Cyprus: myths or reality?

Бюджетная недвижимость на Кипре: миф или реальность?
20 October 2020 DOM LiVE
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To own housing in Cyprus is not only comfort, convenience and constancy, but also a profitable investment.

Are you looking for homes for sale in Cyprus? At first glance, Cyprus property prices are very big, especially in big cities. Can you find an inexpensive option? If so, where to look? Are there pitfalls? The answers to the questions are below, in our article.

What is budget real estate?

Inexpensive real estate in Cyprus is, first of all, a non-elite residential sector. The elite real estate Cyprus has cannot be cheap.

Also housing can be cheap if it is needed to be sold urgently and thus it should have a reduced cost in comparison to the market prices. These are last minute offers, as well as offers of housing that should be reconstructed or overhauled.

Finally, budget real estate is housing in inexpensive areas of Cyprus, where there is small demand.

Option 1: last minute deals

Sometimes good (and even excellent) offers appear in the Cyprus property market. They are called “last-minute” because they have to be sold urgently and at a cost below market price. Sometimes you can save 20-30%!

Where to look for these offers:

  • on the advertising sites you can find the private ads fr om the owners, often they urgently sell an apartment, or do not want to spend money on repairs in an inherited housing
  • at real estate auctions as they have confiscated or state-owned plots, apartments and houses for sale in Cyprus
  • on sales held by the Bank of Cyprus as the bank regularly sells confiscated property at low prices.

The main difficulty of finding last minute options is speed. You need to do everything quickly, call quickly, visit and watch real estate quickly, and finally buy quickly. Good objects are taken in a few days, and especially tasty deals are sold in a few hours. Therefore, the buyer needs to constantly check the market.

Option 2: resale property

Secondary real estate is not of interest of foreign businessmen, since they can get advantages of their investment only if they buy housing under construction or primary property. Therefore, the secondary housing automatically goes into the budget category.

It is reasonable to look for inexpensive secondary real estate:

  • in last minute offers which we discussed above
  • in non-tourist areas of Cyprus
  • among apartments and houses that require renovation.

For example, an apartment outside the center of Larnaca can be purchased for €50-70,000. A house in the suburbs of Larnaca, Paphos or Limassol costs from € 100,000. The main thing is to look for your own option and not give up.

Option 3: remote areas of Cyprus

Any non-tourist location on the island automatically becomes attractive to those looking for inexpensive real estate. Prices can be very, very cheap, but it is important to have your own vehicle as it is very difficult to live in a remote village in Cyprus without a car.

What places are worth looking at:

  • Larnaca: the nearest suburb or villages which are not in tourist areas
  • Paphos: nearest suburb, Polis and its neighborhoods, mountainous area
  • Limassol: remote villages without a large number of tourists
  • Famagusta: villages which are remote from the coastline.

Life in the countryside of Cyprus is quiet and very calm.

It is important to choose a location not far from cities, if you want to visit city centers time by time.

For some it is enough to go to the center once every 1-2 weeks, while others need to go to work 5 days a week.

We need to talk about Limassol and Nicosia. It is difficult to find cheap real estate in their centers and in their closest suburbs. Limassol has a high cost of real estate due to the tourist attraction and a developed business sector. Nicosia’s housing costs a lot due to the head offices of local businesses and the proximity of government agencies. But you can always wait and search as sometimes there is a suitable option.

Difficulties of buying budget housing in Cyprus

Saving money is a good thing, you cannot save on everything as it does not make sense. Therefore, you will have to spend some of your money on your individual needs.

For example, buying real estate in Cyprus without the advice of a realtor may not be so cheap: there are always pitfalls that beginners don’t know.

If you have recently moved to Cyprus and have not yet figured out the real estate features and local legislation, it is better to ask Cyprus estate agents.

It is easier for “old-timers'' as they know exactly what they want and what cost of housing they should expect. But anyway if you are looking for a budget Cypriot housing, you spend a lot of time and nerves. Also you need to get to learn the intended area of your  residence.

Ideally, it is better to rent an apartment for 1-2 months in an area you like, and then buy a real estate there. There is not always an opportunity to do it, but even if you cannot rent something nearby, you need to look carefully: at the infrastructure of the area wh ere you want to buy housing, at neighbors, check the condition of the housing.

Finally, the main disadvantage of finding budget property is time.

You can look for your own option for a year or two. Yep, it is possible to find something in 1-2 months, but it is better to be realistic and be ready that you will look for housing for 6-9 months.

In general, budget property in Cyprus is not a myth at all. The secondary housing market has a very wide range of options. If you wish, you can buy an apartment or a whole house at an affordable price. The main thing is to choose an area and correctly calculate your capabilities.

If you are looking for a home to buy or rent, contact the DOM real estate agency. Here you can sell or rent any type of real estate, and if necessary, our experts provide you with a free consultation.

Read more:

  • Accommodation for students in Cyprus (link)
  • Buying property in Cyprus to live with children (link)
  • Golf in Cyprus - courses and reviews (link)
  • Houses for sale in Cyprus (link)
  • All about real estate Cyprus (link)
Source: DOM LiVE
Photos: free images.google
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