July 15, 2024
Buying Property in Cyprus

The Sea and the Sun are the first images anyone has when thinking of buying property in Cyprus. Further more Cyprus is an Island with a great history and warm loving people. Cyprus falls into a European standard of living yet living expense is less than that of most of Europe making the dream of buying property in Cyprus a reality. Everyone wants a dream holiday home in the sun and there are few better places than Cyprus, especially when it comes to winter and summer destinations. Even in mid winter the average maximum temperature is 16 degrees, giving a welcome respite to visitors from the cold of northern Europe.

Buying property in Cyprus can be a very pleasant and stress free experience. As in many other EU countries buying property in Cyprus is a very easy and straight to the point procedure. As long as you hire a lawyer that is specialized in real estate matters you have nothing to worry about. Buying property in Cyprus is an excellent investment especially for those who want a holiday home or an investment property. Ever since Cyprus became a complete member of the EU it’s economic growth has progressed steadily, resulting in it’s rising popularity.

If you are thinking of buying property in Cyprus now is the time to do it. With ambitious plans to build new tourist attractions including 10 major golf resorts in addition to the three already open, two new marinas, yacht clubs and sports centers, the future is looking up for the island.

While buying property in Cyprus is an attractive option, there are certain legal and other procedural aspects, which need to be kept in mind; Loans and Mortgages. Banks in Cyprus have more or less the same policies. As long as you can contribute around 25-30% of the selling price and your net monthly income is by two times bigger than the proposed monthly dosage you can secure a mortgage for buying property in Cyprus.

When buying property in Cyprus take also in consideration the extra costs you will have to face like the Lawyer’s fees, Stamp duties and Transfer fees. Even though these costs are lower than many other European Countries it is good to have them in mind when setting your budget for buying property in Cyprus.