Property in Cyprus

The purchase of a real estate in Cyprus should be planned carefully. Both the Northern (Turkish) and Southern (Greek) parts of the island have their advantages for investment. We are always ready to provide our customers with all the necessary information not only about the price but also about differences in permanent residence in different districts of the island.

Pros of Buying a Property in Cyprus

The first and indisputable advantage of buying a property in these countries is the natural conditions of the Eastern Mediterranean.

They are distinguished by:

• A large number of sunny days per year (up to 340 days).
• Mild transition between the seasons (warm, humid winters and dry, hot summers).
• Long swimming season (from early May to late October).
• Variety of landscape (mountains, sea, steppes, forests).
• Large areas of forests that are beneficial to human health.

The second advantage is the high liquidity of the island's property.

The cost of a finished property is growing by 8-10% annually. And the difference between the purchase at the planning stage and the "turnkey" stage is up to 30%. Therefore, some of our customers consider investing in property with its future resale as a reliable decision to get income.

And the third advantage of Cyprus, we consider the tourist infrastructure of the European level. A system has been created and is effectively functioning on the island that provides all the needs for a comfortable life for residents and tourists:

• Excellent roads
• Supermarkets and catering facilities
• Entertainment facilities
• Sports facilities
• Medical centres servicing the insurance policy
• Developed banking structure.

A significant advantage is an environmental factor. There is no industrial production in Cyprus, therefore water, air and land are clean and safer for humans. The Minister of Agriculture and the Environment, Costas Cadiz, made a statement in January 2020 that Cyprus claims the principles of "green policy" friendly to the environment. In Cyprus, using plastic bags is banned, and next year they plan to forbid the use of disposable tableware.

Also, a great attraction for our clients is the low crime rate on the island and the loyal attitude of Cypriots to foreigners.

Many foreigners buy property here Swedes, British, French and Russian are buying luxury villas and townhouses.

On the island of Cyprus, the following real estate is available

The team in our agency offers you various types of properties in TRNC and Cyprus:

• Cheap small-sized apartments 1 + 0(studio) and 1 + 1(one-bedroomed)
• Inexpensive two-bedroom apartments 2 + 1 close to the coastline
• Villas and townhouses with pools
• Land from the owner
• Commercial real estate
• Resale apartments

The catalogue of offers consists of thousands of items at different stages of construction. Choosing an advertisement on the website, you can see the cost of property in different currencies.

You can obtain credit, for a period of up to 10 years. To do this, you need to get a bank guarantee from the developer.

Also, by ordering a free visit tour, you can evaluate the advantages of investments directly in real-time. Our agents will not only provide transfer and accommodation during your stay in Cyprus but will also accompany you when viewing. The Summer Home team will provide you with information on the property you are interested in and will ensure a quick and secure transaction. You should not make a choice, evaluating the apartments only by the photos on the site.

But regardless of whether you plan to continually live on the island, relax in your own house from time to time or want to rent out the apartment, Cyprus is the place where you can not only fully relax, but also receive income from the invested funds.

Stages of Buying Property in Cyprus

To get a title to a property, take a few steps:

1. Determine the type of property you need.
2. Make a choice online.
3. Contact the agency managers and book a trip for personal viewing.
4. Make a reservation by making a deposit agreed with the agent.
5. After a legal check on the purity of the transaction, sign the contract of sale.
6. Within a month, pay stamp duty/tax, which amounts to 0.15% of the total cost.
7. Receive an agreement registered with the Land Committee.
8. Pay real estate tax, which is calculated based on the price of the property.
9. Obtain a certificate of ownership.
10. Insure your property in case of theft, fire and natural disaster. The cost of the premium is from € 1.5 to € 3 for every € 1000.

The minimum tax amount in "Greek Cyprus" is € 75 for a secondary market, the price of which is less than € 12,500. The highest interest rate (1.9%) calculated on the purchase of elite real estate worth more than € 3,000,000. This amount is paid once upon registration of the title (certificate of ownership).

The maintenance of an apartment in Southern Cyprus will cost € 1650 per year, a townhouse - € 2000, and villas with an area of ​​more than 250 m² - about € 3000 excluding utility bills.

In northern Cyprus, this amount will be lower. The category of the property is also taken into account here, but tax charged on a price that exceeds € 170,000 is 0.2%. If the transaction amount exceeded € 855,000, then you will have to pay 0.35%. Maintenance costs in a residential complex will be approximately € 100 per month (€ 1200 per year). Maintenance of the villa (security, cleaning, pool cleaning) will cost € 550 each quarter.

When reselling the property, you have to pay tax, 20% on the amount of net income from the transaction. Rental tax is from 1 to 30% depending on the type of facility.

What Determines The Cost of The Property

The cost depends on many factors, the main ones are:

1. Stage of construction. The cheapest way to buy property is at the planning stage of development. The final fixed price is when the interior work has been completed
2. Location. In the southern part of the island, properties are more expensive than in the TRNC. The most popular and therefore, costly cities are Limassol and Paphos. In northern Cyprus it is Kyrenia.
3. Type of property. In the price rating, villas occupy the highest positions, followed by townhouses (houses for 2-3 families), then apartments in residential complexes and multi-apartment new buildings. The cheapest way is to buy a resale home, but it is often less safe in terms of legal risks and the quality of construction.
4. Proximity to the sea. Equally, in an area and quality of the house, apartments can have a significant difference in price, depending on the distance from the sea.

The price range in Southern Cyprus is as follows:

1. The most expensive properties are in Limassol. Here, the cost of 1 m² of housing, depending on the category, ranges from € 2,500 to € 12,000.
2. The second place in the ranking is on the Greek side, Nicosia (€ 1,500 - € 6,000).
3. The third-place shared by Paphos and Larnaca (€ 1000 - € 5900).
4. Inexpensive properties, being built in the villages of Pissouri and Protaras, located next to Paphos and Larnaca (€ 1,500 - € 3,800).

The first place in the price level in TRNC is Kyrenia. A square meter of living space here costs from € 1300 to € 2500, followed by Famagusta (€ 800 - € 1,500) and Iskele (€ 780 - € 1,400).

Popular Cities for Buying Real Estate

Here are the top market property sales in Cyprys:

1. In Paphos and Limassol, 40% of all transactions in Southern Cyprus are not only foreigners but also Cypriots demonstrate buying activity here.
2. Second place in the number of housing sold is in Larnaca.
3. Famagusta leads in TRNC, 25% of the property bought is in this resort town.
4. Kyrenia firmly holds the second place.

Fashionable Paphos

The popularity of Paphos its mild climate and attractive natural landscape. The city's population of 36 thousand inhabitants is located in the south-west of the island and is fenced from the north wind by the Troodos mountains. It is associated with the name of Aphrodite, according to legend, the goddess of love and beauty appeared here from sea foam.

The city was taken under the protection of UNESCO 40 years ago. In its coastal zone, Kato Paphos, there is a collection of historical monuments:

• Underground royal necropolis
• Ruins of villas III-V in BC
• Saranda castle
• Amphitheatre Odeon
• Old lighthouse

The resort is not focused on children; there are no playgrounds, small pools and animators. But there are many calm beaches and bays hidden from eyes, Paphos is a popular place for European tourists. Here relax the citizens of Germany, Britain and Sweden.

A gentle sandy entrance to the sea in Coral Bay, and on the shores of the Lara Bay lies one of the most beautiful beaches of the island with a reserve for sea turtles.

Bright Limassol

The second-largest city in the country after Nicosia is Limassol, with a population of 240 thousand people. It is the most southern city in Europe. Artefacts discovered on its territory testify to a long history. Still, Limassol is considered a young town, the industrial centre of Cyprus, where enterprises for the production of furniture, shoes, electrical appliances and agricultural products.

A lot of excellent beaches that pass along the coast attract tourists here:

• Agia Varvara
• Lures
• Wuppa
• Castella et al

Near the beach, are hundreds of hotels and guest houses for every taste and budget. Here are concentrated round-the-clock restaurants, bars, nightclubs. Bright illumination, fireworks and music at night. A comfortable beach holiday in the afternoon. Thousands of foreign tourists visit Limassol because both the price and the infrastructure of the city are similar to holidays in Turkish resorts such as Antalya and Bodrum.

Cosy Larnaca

This small town with a population of 56 thousand inhabitants is very different from Limassol. An international airport built here has made a tourist centre out of a small fishing village on the ancient Greek Kition. People come here to enjoy peace and tranquillity. The old part of the city consists of narrow streets and low-rise buildings.

Larnaca is an inexpensive family-health resort. Here the sea is shallow and warm, and on the promenade of Finikoudes beach, there are children's play areas and sports areas.

European yachtsmen chose the resort. Here is Larnaka Marina, where almost 500 modern yachts can anchor and receive service.

Turkish Nice - Kyrenia

Kyrenia lives a social life that resembles Cannes or Nice in its lifestyle. Here tourists from the EU prefer to relax. The level of comfort and service in this part of the TRNC resembles the European one. In Girne, concerts of world performers, art exhibitions and festivals are held.

But at the same time, the price level is lower than in the south. Young people prefer to rent rooms in budget hostels, and business people from the UK book rooms in luxury hotels. Also, Kyrenia attracts tourists from the Middle East with the opportunity to play in the casinos. In southern Cyprus, gambling is legal.

If you are interested in real estate in Turkey, you can also contact our company!