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Are you planning to sell overseas property in Cyprus in 2019? Is this a good time to be selling overseas property in Cyprus? Let’s find out!
Cyprus Overseas Property Market Trends 2019
Cyprus is one of the most popular overseas property destinations in Europe. It may only be a small island, part of which belongs to Turkey, it is still home to a large expat community, from Britain, Scandinavia and Germany.
Geographically, Cyprus has a perfect location as it lies in the intersection of Europe with Africa and Asia, which is why this tiny island is referred to as the Jewel of the Mediterranean.
The Cyprus property market has recovered somewhat after the recession of 2008. Things were very bad here between 2009 and 2013 in particular, when property prices went down almost every month, before bottoming out towards the end of 2013.
Since then Cyprus property market has been on the upswing. There is certainly a major increase in demand for properties in Cyprus, and a lot of it comes from wealthy Russians and Chinese investors.
There are challenges though – the issue is there is just too much housing stock in Cyprus because of over construction between 2005 and 2012. That is why you’re probably going to struggle to get the best possible prices for your property. We shall tell you what to do about it next.
Things You Should Know About Selling Your Overseas Property in Cyprus in 2019
Here’s the problem you will have at selling your overseas property in Cyprus fast – how are you going to get a good bid for it, when you know there are so many sellers in the market? After all, it’s a buyer’s market in Cyprus right now.
Well, your best chance is to target high net worth buyers from China, Russia and perhaps the Middle East. These are cash rich buyers who are more than happy to pay in cash and pay in full for your property.
These buyers are attracted by the promise of a permanent residency permit granted by Cyprus, called as the Golden Visa, on investing in properties worth 300,000 EUR at least. This also entitles them to a travel permit across the Eurozone.
There is, in fact, tremendous demand for properties in Paphos, Limassol and Larnaca – that is where you will find a majority of foreign buyers. Places like Nicosia and Famagusta are also a hit with international investors.
A typical overseas property in Cyprus can fetch you about €100,000 – but if you have a lovely beachfront home with all sorts of luxuries, you could get much higher than that, even as much as €300,000.
The important thing is, though, to hire an overseas property specialist. They are likely to be in touch with cash rich buyers from China, Russia and the Middle East and know which channels to use for marketing your property. They are more likely to get you a better price for your house in Cyprus, compared to local agents.