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Property in Cyprus: Pros & Cons of Purchasing

01.01.1970 03:00


More and more buyers consider oversees property as the most suitable and profitable type of investments. When choosing a country they often focus on Cyprus. The island attracts by its pleasant climate, recreational facilities and favorable tax system. The market has almost stabilized after the crisis of 2013 and it is possible to buy a house in Cyprus at an attractive price and this is often a key factor.

Advantages

There are considerable benefits of buying a cottage or a villa in Cyprus:

  • Сitizens of non-EU states can obtain a permanent residency visa in a member state of the EU
  • Liberal foreign investment regime
  • Double taxation avoidance agreements with the UK and other key partners
  • Stable banking services
  • Simplified administrative procedures
  • Excellent telecommunications infrastructure and an advanced road system
  • Very low crime rate and high quality of life
  • Tax exemptions for property resale

Disadvantages

Due to current economic situation in Cyprus a lot of real estate investors are now seeking bargains among the many available resale homes as they often offer the highest long-term investment potential.

As for buying a property off-plan, it no longer guarantees the best investment opportunities. Although there are many satisfied buyers of off-plan property, the process can be more time-consuming and stressful than buying a resale property. Making a final payment before property is finished is too risky. That is why resale homes now account for a greater proportion of property purchases in Cyprus than their off-plan counterparts.

Experts agree that despite the challenges faced in the last years, recovery in Cyprus is expected in record time and investments will bring significant return.



 

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