Cyprus is currently one of the best locations for property investments. This Mediterranean island has seen massive increases in property values since 2014 with an 80% property value increase in property values in areas like Limassol. Most Cyprus property investments are bound to be lucrative since the economic future of Cyprus is pretty bright.
But as an investor, you probably want to invest in the best possible deal that poses the fewest risks with the biggest profit margin. It isn’t easy to identify a good deal before you buy a Cyprus property. There are many things to consider and the right deal could make a world of difference in the outcome of your investment. Here are a few tips to help you identify a good deal before you put money in investment property in Cyprus.
Consider the Cyprus Investment Programme
Before you start to budget your investment amount you should take note of the Cyprus Investment Programme. Investing a little bit more will be worth your while if you consider the fact that this programme gives you instant citizenship in Cyprus if you invest 2 million Euro. This programme enhances the benefits of hi-end property investments considerably and might just make a bigger investment a much better option in the long run.
Invest in the popular areas
Some areas in Cyprus show a much bigger annual property value increase than others. The most popular locations in Cyprus include Pafos, Limassol, Nicosia, Polis, Ayia Napa and Larnaca of which Limassol is probably your best option since this city has a massive property value increase of 45% in 2017 for hi-end properties. If you invest in popular areas then you reduce the risk and boost your profit possibilities dramatically.
Avoid certain areas
It is best to avoid property investments in the north of Cyprus since there are still plenty of land disputes ongoing from people who were displaced previously. These properties could be risky if you happen to invest in property with a claim pending.
Consider buy-to-let Cyprus property
About 25% of Cyprus investors currently invest in buy-to-let property thanks to the huge increase in tourism on this island. Buy-to-let property for tourists can do tremendously well – if you invest in tourist areas. If not then you could easily result in disaster. Buy-to-let properties in residential areas are also a good investment in the long run since there has been a steady demand for residential rental property.
Consider hi-end investments
Hi-end luxury accommodations show the biggest increase in property values with some villas in Limassol currently being sold for over 44 million Euro. The demand for hi-end property is still tremendously high which makes this a good deal to look out for.
Use a Cyprus real estate lawyer
Cyprus property investments have several pitfalls that you need to be wary of. Plenty of investors lose lots of money when their agreements weren’t established correctly, when the property deeds weren’t properly investigated or when the transfer of deeds wasn’t done legally. It is always best to use trusted Cyprus law firms for any type of property investment so you can be legal and risk-free in your investment.
You can also contact our real estate lawyers to help you with advice on the best property investments currently available in Cyprus.