Nevertheless, each person decides for himself: will one rent accommodation in Cyprus or will one choose to buy one's apartment/home? The choice depends on a lot of factors, which we are going to analyze in this article.

When is it more profitable to buy a home in Protaras?

Your own home is always a certainty for the future and reliable preservation of funds. Here are the obvious advantages of owning your own home in Protaras.

Permanent residence

If you like Protaras and you have decided that you will live here from 3 to 12 months a year, of course, it is much more profitable and pleasant to buy your very own apartment or house. This will allow you to customize your accommodation to suit you and your family.

In addition, you will not have to give a certain amount of money to the landlord every month, which in season can be quite significant. Of course, you will need to pay the full cost of utilities (and on your own), to keep track of taxes, but it still does not compare to the costs that would be when renting a home.

The need for a large space to live in

A large family or working from home remotely requires a large enough space. Preferably - comfortable and divided into different zones. In season, the cost of such real estate for rent ranges from 100 euros per day and can reach several thousand euros (elite villas). These are tangible expenses that can be reduced if you buy your own house.

Hint: apartments in Protaras are rare. As a rule, apartments are small studios or one-bedrooms, which are usually rented daily. This is convenient for vacationers, but not for those who live here longer than 1 month, even with a family.

Buying a house is a very good option for those who will live in it for some part of the year. Even if you have a small family - in the house will be more comfortable than in a small apartment.

The possibility of obtaining a residence permit in Cyprus on an accelerated program

Cyprus - is one of the most inexpensive countries in Europe, which can be accelerated to obtain a residence permit based on the purchase of real estate. When you buy one or more primary real estate for 300 thousand euros (and you can first pay 200 thousand euros, and the rest - in installments or mortgage) not only the proprietor but also members of his family have the opportunity to obtain a residence permit in Cyprus for several months with the simplest package of documents. Examination for knowledge of the language is also not necessary to pass.

Hint: if in Limassol you can easily get by with the knowledge of Russian, and in other big cities - average English, then to live in Protaras would be good to learn Greek for yourself.

Under the CoML there is a visa category F, which does not give the right to work in Cyprus. But it is possible to live on the island any amount of time, and it is extended as easily as possible (you can say, automatically) if the buyer has his own home in Cyprus.

The opportunity to establish a business of renting out homes

If you live in Protaras or nearby (Ayia Napa, Paralimni, or even Larnaca), it will not be difficult to rent here. Demand in the season is very, very high, so the apartment/house will not be empty. In winter the demand is less, but remember that "winterization" is becoming increasingly popular among Russians and other foreigners. Many people come to Cyprus for 2-3 months to wait out the cold weather in their home country and thus create demand for long-term rentals.

If you are far enough away, then the process of renting out accommodation should be approached as a full-fledged business. Calculate income and expenses, write a plan, and find performers for different types of work (who will meet tenants, do repairs, monitor utility bills, do cleaning, and so on).

Hint: many developers and real estate agencies offer post-sale services. This includes renting out your apartment. You pay a fixed amount or a percentage, all issues are handled by specialists.

Another profitable option is to buy a "room" in an apart-hotel. You can buy 1 or several rooms and not think about their maintenance: the hotel staff will take care of everything. For example, Coralli Spa Residences offers residents and tenants not only a place to stay, but also spa services, and is within walking distance to the beach.

Mythical Spa is a large complex that offers apartment suites, apartments, and detached villas. The management company not only makes sure everything around the property is clean but is also responsible for security on the grounds. A great choice for those who come to Cyprus a few times a year to vacation and the rest of the time want to rent out the property for short-term rentals.

Pallinio Court is another aparthotel in Protaras. It is located as conveniently as possible, which ensures a high demand for rentals almost all year round.

Long-term profitable investment

Although Protaras, Ayia Napa, and Paralimni are small and relatively quiet resorts, which are in demand only during the season - interest in them among investors has already appeared. Moreover, it is growing! This is because the Cypriot authorities have started to invest funds and efforts in the development of local infrastructure.

Now there are improvements, but so far they are insignificant. Nevertheless, everything suggests that soon the south-east of Cyprus will turn into a fashionable resort. Consequently, real estate prices here will increase very much.

As an example, two huge luxury complexes with their own yacht moorings and incredible resort infrastructure. These are Ayia Napa Marina and Paralimni Marina: the first luxury high-rises in the area. It is planned that it is around them will begin to form the infrastructure - but they certainly will not remain the only ones.

Thus, investments in real estate Protaras will certainly be long-term (at least 5 years), but they will give a profit in the future.

Properties available for sale in Ayia Napa Marina project

Properties for sale in Paralimni Marina project

When to rent a property in Protaras

Foreigners do not often consider Protaras as a permanent residence. This is a fairly quiet location, where the main entertainment is beaches and trips to nature. But here often come "for the season" heat lovers and so-called digital nomads. It is for them, for several reasons, it is much more profitable to rent housing than to buy it. Let's list the advantages of long-term renting.

There are no worries related to housing

This is a very important point for those who adhere to certain views on life. The philosophy of "less property - less problems" allows people to painlessly change their place of residence, travel the world, and just live to spend internal resources exclusively on interesting things.

The presence of real estate, especially abroad, generates some worries: it is paying taxes, ensuring the safety and proper appearance of housing, repairs, and so on. Therefore, people who do not want to deal with these things simply rent an apartment or house. They may lose money (because they pay it without getting anything material in the end), but they gain time and peace of mind, which is also a resource.

Short stay in Protaras

If a person or even his entire family comes to the island for 1-3 months a year, it does not always make sense to get their real estate. At least because in the absence of the owner of the apartment/house still needs to keep an eye on the apartment/house.

Even if you take the "high season" and the average cost of housing in Protaras at 2500 euros per month - it is still easier to pay the money and live in peace. Own housing will be more profitable only if you approach the maintenance of an empty apartment with intelligence and the help of professionals (this was mentioned above).

Lack of clear plans related to Cyprus

There is such a situation: a person comes to live and work in Cyprus, but he has a contract signed for 2 years. He plans to work this time, and what to do next - he just did not think of it. And he is not sure whether he will stay on the island at all. This often happens with young people who try different places and only just discover which lifestyle they prefer.

A hasty decision to buy real estate in Cyprus can be inconvenient after a while. For example, a person will leave the island and still have an apartment or house here that needs to be done something with. Therefore, without a clear plan to buy real estate is not worth it. An investment is a good thing, but it should be done wisely.

Ignorance of the area

Protaras is a beautiful, quiet, and peaceful area of Cyprus. But this does not mean that it is enjoyed by absolutely everyone, especially for permanent residents. Therefore, as a "trial" it is better to live here in rented accommodation: to understand all the pros and cons of Protaras. Perhaps after 3-6 months you will change your mind and choose another area of Cyprus?

And renting accommodation will allow you to look around, get used to it and decide whether you like it here or not. And if you like it, what should be taken care of in the first place when choosing and buying real estate?

Of course, all of the above situations - private cases. They depend on both the preferences of a person and his capabilities. Nevertheless, the purchase of housing in Cyprus is often still one of the most profitable types of investment of financial resources.

Bonus: a very convenient scheme for obtaining a permanent residence permit in Cyprus

So, if you decide to live in Cyprus for at least a few months a year in your own home and still get passive income - we tell you how to do it.

Interestingly, when buying real estate for at least 300 thousand euros (the condition for accelerated obtaining a residence permit) only the amount is taken into consideration, not the number of objects. That is, you can buy one object for yourself, and the second (commercial or residential real estate) - for rent.

Important: a non-citizen of Cyprus or any of the EU countries does not have the right to directly rent out their property. It is necessary to contact the appropriate companies and properly execute all the paperwork so that the activity is not considered illegal.

Conclusions

It is obvious that in most cases it is more profitable to buy real estate in Cyprus and use it at your discretion. This is 100% reliable, plus it can bring a good profit.

You should also realize that the benefit is not always expressed in money. Sometimes time, strength, and peace of mind become much more valuable resources. Therefore, the final decision on what is more profitable (to rent or buy) takes an individual decision.

Interested in housing in Protaras? Contact the specialists of DOM, the #1 real estate agency in Cyprus by phone at +357 23 010149, or come to the office at Protaras Avenue 243, Paralimni 5290, Famagusta, Cyprus.

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Source: DOM

Photos: DOM, PxHere

Interested in property on the island? Check out the number one real estate agency in Cyprus, DOM! The website features the largest database of real estate in the country – over 100,000 residential and commercial properties across the entire island. Choose and consult with professional brokers who will help you make the right choice!

Irina Zholnirova