Over recent months, the housing market in Cyprus has gained real momentum. There may have been an eight-year wait following the fall in house prices and rental costs, but Cyprus has always remained a popular place to secure a property. If you’re looking to invest in Cyprus real estate but want to find out more about what you’ll get, you’ve come to the right place.
Cyprus Real Estate Market
During the first half of 2019, property sales in Cyprus rose by an impressive 24.4%. This rise comes largely from both local and overseas buyers from the EU. Right now, Cyprus real estate is a great investment
. It’s a place that attracts the likes of investors, holiday-home seekers, expatriates and those looking to retire. Thanks to this, there are properties all over the country that are designed to suit your needs. Some of the best places to live in Cyprus
are known for having some outstanding real estate opportunities
To Buy or To Rent
Purchase prices and rental costs have been on the rise recently. And one thing we quite often get asked by people interested in Cyprus real estate is whether it is better to buy or rent a property. A lot of people moving here are doing so because of the island’s relaxed way of life, so we understand that you want the entire process to be as stress-free as possible - no matter which route you decide to go down. The great news is that there’s no shortage of properties for sale
or rentals in Cyprus
There’s an argument for both options. When you buy a property, there’s a sense of additional security. However, renting allows you to move from place to place without the worry of going through the buying and selling process.
Cyprus Citizenship by Investment
Non-Cypriot citizens who meet certain criteria can apply for Cyprus citizenship by investment. Essentially, what this means is that you can gain a Cyprus passport providing that your investment fulfils the terms and conditions outlined by the Government of Cyprus.
Investment requirements to get Cypriot passport include:
1. Purchase of residential properties: the investor can buy one or more residential units of total value €2,000,000
2. Purchase of a combination (residential, commercial, land, plot, industrial, etc.) of properties: the investor must buy a residence of at least €500,000 and other properties of €2,000,000. Many investors prefer to buy a commercial building of 2 million with strong rental yield.
This scheme is considered one of the best of its kind. The Cyprus citizenship program offers the following advantages:
- Easy and fast procedure
- The investor must maintain only one residence worth €500,000 after 3 years
- Dual-citizenship permitted
- No language proficiency test
- Visa-free travel to 157 countries worldwide
- Favourable taxation in Cyprus
- Numerous education benefits in European universities
- No requirements to reside in Cyprus
- Citizenship offer to the whole family
- Freedom to reside, work, do business, study and travel anywhere in the EU, Switzerland, Norway and Iceland
Cyprus Permanent Residence
The Cyprus permanent residency program offers the opportunity to permanently reside in Cyprus. You can secure permanent residency through investment in Cyprus real estate. As the investor, you need to buy one or more residential units of at least €300,000 to qualify for this scheme.
Permanent Residency in Cyprus offers the following benefits:
- It has no expiry date ie. it is valid forever and no renewal is required
- The permanent residency covers the whole family
- The investor may own a business in Cyprus
- The investor may travel throughout Europe with easy access to fist-class healthcare and education
Why Choose Cyprus
There are so many reasons why you should choose Cyprus real estate. We could sit here and tell you that it’s the best place in the world to live (which we think it is), but we’ll give you some reasons as to why!
Of course, the weather here is a major plus side! Located in the Mediterranean, Cyprus experiences plentiful sunshine throughout the year. But Cyprus has a lot more going for it than just it’s sun, sea and sand:
- The topography is remarkable
- The environment is outstanding
- There’s a great legal system
- Healthcare is of a very high standard
- Tax is low too