Get the lowdown on purchasing property in Cyprus so you can make your next real estate investment on the island a successful one.
Whether you are looking to make your first move in the Cyprus real estate market or you are a return investor on the hunt for the next project for your portfolio, it is really important that you understand what you are doing before you begin to invest.
That is why we have put together this helpful and informative guide, which includes some of the most useful tips and strategies – so you can have every base covered, with regards to purchasing property in Cyprus.
Choose a suitable location
When it comes to searching for real estate investment opportunities in Cyprus, location is everything. Indeed, where the property is situated can have a major impact on several key factors associated with real estate, including property type, funding requirements, and the potential return on investment (ROI).
Despite being a relatively small country, Cyprus’ housing market presents a diverse range of properties. For example, townhouses, villas, and holiday apartments are prevalent in the Paphos and Famagusta districts, with these areas generally cheaper to buy and rent.
On the other hand, Limassol is typically more attractive to luxury investors, featuring premium real estate with high spec interiors, which tend to offer very high ROI potential. Meanwhile, Larnaca and Nicosia also have lot of investment potential, each offering an excellent mix of both low budget and high-end investment projects. Selecting the right area for your investment needs is a good starting point.
Factor in additional costs
Before venturing into the world of investment properties in Cyprus, it is essential that you are fully aware of all the various rules and regulations, so you do not get stung with any unexpected fees or delays later on. Remember to factor in any additional costs when buying a property, including budgeting up to 15% of the purchase price, so you can cover the various fees and taxes attached to the sale.
It is highly recommended that you use an independent property lawyer in Cyprus to ensure that the buying process runs as smoothly as possible, as they will act in your best interests and help protect your assets. Independent legal advice from a conveyancing lawyer who is an expert in Cyprus property law should ideally be priced into your overall budget.
Get a registered agent
If you decide to choose a real estate agent, it is strongly advisable to go with one that is a licensed member of the Cyprus Real Estate Agents Association. Doing so will help protect you from fraud, whilst also guarding against you coming into contact with any real estate agents that are operating illegally.
A professional real estate agent can help you to familiarise yourself with the island, showing you the various kinds of property available and advising on the best ways to get the most out of your money. It can give you peace of mind knowing that you have someone who is experienced and knowledgeable to help you through the buying process.
Keep things organised
While it is an often underrated strategy, keeping yourself organised during the property buying process is just as important as any of the previous tips we have shared in this article. With so much to keep a track of, real estate investment can often be an overwhelming experience for some people, but it does not have to be this way.
Through proper planning, you can keep yourself updated every step of the way. A good tip is to create a checklist with deadlines added in, which will allow you to trace the various tasks that need to be completed throughout the process. Remember to retain all correspondence and store every piece of property-related paperwork in one place, so you can easily refer back to it when required.
Attend REALTYon EXPO
You are ready to take the next step! We hope you enjoyed reading the article and found some of our tips and strategies useful about buying property in Cyprus.
Now you have gained further insight, would you like to get exclusive access to thousands of Cyprus-based real estate projects, with a vast catalogue of options suited to your specific investment needs?
You are in the right place, as the largest ever property EXPO to be held in the Mediterranean is coming to Cyprus very soon! We hope to see you at REALTYon Cyprus 2023, taking place at Parklane Hotel resort in Limassol on 28 and 29 June.
Register now and get your free pass.