Do you want to buy property in Cyprus but are from a foreign destination? Well, you certainly won’t be making a mistake with this decision. Cyprus currently has some of the best property investment opportunities in the world and property in popular areas like Limassol, Paphos and other holiday hotspots are doing tremendously well. In fact, hi-end property investments in Limassol experienced a tremendous value growth of 45% in 2017 alone. Buying property in Cyprus is without a doubt one of the best decisions you can make whether you are investing as a business or simply buying a second holiday home.
Cyprus opens its doors to all foreign buyers
Cyprus doesn’t discriminate when it comes to the origin of their foreign investors. Most property investors originate from Russia, Europe, and Asia. You can buy Cyprus property irrespective of your nationality.
Investing 2 million Euro is worth your while
The Cyprus Investment Programme enables anyone who invests 2 million Euro in Cyprus to apply for citizenship. This gives you plenty of benefits such as the opportunity to stay, travel and live anywhere in Cyprus and in all 28 states of Europe. You also enjoy visa-free travel to over 170 countries across the globe and investors enjoy other benefits such as incredibly low tax rates. It is definitely worth your while to invest a little bit more in Cyprus so you can qualify for this programme and all its benefits.
Avoid the north of Cyprus
It is best to avoid the Occupied by Turkey northern regions of the island when it comes to buying property in Cyprus. Plenty of land disputes are still ongoing in this region which makes it a risky investment. Foreigners can, however, invest in the Republic of Cyprus safely and avoid all pitfalls by using a skilled real estate attorney to draw up the agreements and to properly investigate the property deeds.
Yes, you need a Cyprus real estate lawyer
It isn’t illegal to buy property without the assistance of a property lawyer but this is hardly the best choice. Cyprus has plenty of property pitfalls to watch out for and only lawyers have the needed skill to draw up documentation and agreements that secures you against these pitfalls. Property lawyers can also give you the best possible advice on high and low-risk property investments.
Invest in popular areas
Market values grow a lot faster in popular regions like Limassol. It is probably best to invest in these regions so you can count on a steady growing property value for a long time to come.
Consider buy-to-let holiday accommodation
Buy-to-let holiday accommodation can be a good investment because Cyprus is currently doing tremendously well with regards to tourism. It is, however, advisable to stick to hi-end properties in the most popular tourist areas of the island if you want good rental profits.
Consider residential accommodation
There is currently a much higher demand for residential accommodation all over Cyprus. The economy has greatly improved and more and more people are choosing Cyprus as their new home. You can do tremendously well by investing in buy-to-let property in residential areas.
Buying property in Cyprus
Cyprus is a good investment for foreigners who want to enjoy good returns on their investment. If you want to buy property in Cyprus then we invite you to give our real estate attorneys a call.