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Are you planning to buy overseas property in Cyprus in 2019? Is it a good time to be buying overseas property in Cyprus in 2019? Let’s find out!
The State of the Overseas Property Market in Cyprus in 2019
Cyprus is one of the most popular overseas property destinations in Europe. It is a tiny island that lies right at the intersection of Europe with Africa and Asia. Cyprus is also called as the Jewel of the Mediterranean.
It is one of the most beautiful places in the world with lovely beaches, dangerous cliffs, thick forests, stunning sceneries, volcanic hills and more. The people of Cyprus are a friendly lot, always eager to help. The island was once a British colony and has a large expat community as well, so you will feel right at home.
Cyprus has a flourishing overseas property market. Home prices have shot up substantially because of the revival of the European economy after the recession of 2008. But it’s easy to forget the dire straits that the country was only a few years back. Now everything looks okay and foreign investors are coming back, especially rich Russians and Chinese investors.
There are plenty of housing options in Cyprus. The reason for that is there was a lot of over construction in the country from 2007 to 2012, so there is an oversupply of housing stock. As a result, home prices are much lower than they should be in Cyprus. Which is why this is the perfect time to buy overseas propery in Cyprus.
Who Buys Overseas Properties in Cyprus?
Generally, you have people from the UK, France, Portugal and Spain buying a second home here. That is not a surprise as there is a large expat community in Cyprus and many expats choose to buy a house here rather than rent one.
What’s interesting is that there is a lot of interest from rich Chinese and Russian investors in Cyprus properties. They are attracted by the promise of Golden Visa, which is a residency permit given by the Cyprus government to non-EU investors who buy properties worth 300,000 EUR or more here.
Where to Buy Overseas Property in Cyprus?
The coastal areas in Cyprus are very popular with foreign buyers. Here you can choose from a variety of properties such as beachside cottages, luxury villas, apartments and more. The only issue is that any beachside property is far more expensive than those that are inland.
Paphos, Limassol and Larnaca are the best places to buy a house in Cyprus. They have a high quality of life and have all the modern amenities that you would expect. Nicosia and Famagusta are also pretty popular. Properties start at €100,000, but can go up to €300,000.
How to Buy Overseas Property in Cyprus?
The best way to buy a second home in Cyprus is to hire an overseas property specialist, who has contacts with sellers across the island. They are likely to get you the best deals, compared to, say, a local agent, and will keep your interests in mind.