Buying property in Cyprus

Many people jump at the opportunity to own property in Cyprus. The beautiful island destination of Cyprus attracts potential property owners for more than just its charm. The economy is booming. Tourism is booming. Property values ​​are expected to rise sharply in the near future.

If you’ve read about everything Cyprus has to offer and are dreaming of owning a Cyprus property, there are some practical considerations you should consider. Fortunately, there is a wealth of information on buying property in Cyprus. You should take advantage of this. Learn everything you can before deciding to buy property in Cyprus and think about the following practical considerations:

o Are you planning to move to Cyprus or just buy a Cyprus holiday home? How you use the property will determine what type of property you buy and how much it will cost to maintain. If you decide to purchase a holiday property, you will have to pay a management company to maintain it. Of course, you can rent out properties to earn extra money when you are not using the home.
o Can you afford real estate? A second home can be very expensive. Make sure you know all the costs. If you are planning to relocate, there may be additional costs associated with living in another country. Make sure you fully understand all of these costs.
o Can you make a living on the island? The Cyprus economy is booming, but can you make a living? If you have certain trading skills, you should find out if they are in demand on the island before deciding to move.
o How long do you hold the property before you sell it? You should always have a financial plan for the future. If the property is an investment property, be clear about how you will manage your investment.

There is a great demand for housing on the island of Cyprus. If you are planning to develop vacant land, you need to understand all the legal aspects of developing a Cyprus property. For example: It often takes up to five years to get the title / deed of your property. You will still be able to develop and sell your property; however, you will need to understand how to do this legally.

There are also several restrictions for non-residents that you need to consider. Currently, non-residents are allowed to own only one property in Cyprus. This can cause problems if you plan to allocate land, build on it, and sell each parcel separately.

While there are many practical considerations you need to consider before buying property in Cyprus, it is not much different from buying property elsewhere. You should always do your research and make all real estate purchases with your eyes wide open.

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