The best places for Overseas Property in Cyprus

Many people go to the southern part of Cyprus for a variety of reasons. Paphos or Ayia Napa are great tourist destinations. Minthis, Aphrodite’s Hills, and Venus Rock are just some of the stunning golf courses on the Island. Investments in city flats, marina properties, village townhouses, luxury villas by the sea or the mountains are all appealing choices. Choosing the appropriate investment might be a daunting task, but we’re here to assist.

Rental Income That’s Easy on the Pocketbook
Rental returns are still strong, so now is the best time to buy a home and rent it out. According to the Global Property Guide, monthly rentals for residential properties increased by double digits in 2019. In certain regions, house rentals rose by 12 percent, while apartment rental yields rose by 14.4 percent. Investing now and renting out the property might provide a steady income stream.

Incentives for Property Investment
Developers give investors some wonderful incentives to achieve the best return on their investment because demand is lower than previously, with Brexit and travel limitations being the primary factors. Taking advantage of both the cheaper costs and the fantastic incentives available right now is a no-brainer.


After a long time, investors are feeling pretty confident about the property market in Cyprus. There is plenty of money to be made whether you’re planning to buy or sell property in Cyprus. Buyers from Russia, Europe, Israel and Scandinavia now flood the market.


Cyprus has finally come out of the economic recession precipitated by the 2008 housing crash. It was forced to enter into a bail-out program because of the government’s failure to meet its obligations to creditors.


Finally, the national economy is on track, says Nigel Howarth, a journalist based out of Cyprus. Mr. Howarth says in an interview with The Telegraph, “Things are definitely better, the economy has improved. Cyprus is considered a safe destination, and so it does well with tourism.”


What about the property market? Well, things look much better than they have for a long, long time. Apartment prices have gone up by 7.4 percent this year, which is impressive.


This is different from the early 2000s, when Cyprus first became a member of the EU. Back then, there weren’t too many luxury properties or expensive properties in Cyprus. The property prices here were really low, low enough to attract investors from all over the world.


But these days, the Government of Cyprus does not want to attract just about anyone. They only want rich, high net worth individuals to invest in the country. They have introduced measures like the Golden Visa.


The Golden Visa is a very interesting scheme that has led to an influx of Chinese Russian, Brazilian and South African investors to Cyprus. Basically, the government promises residency permits to non EU nationals who make property purchase of €300,000 in Cyprus.


Investors must guarantee not to sell the property for 3 years after the purchase. In addition to that, if they make an investment of €2 million, they can qualify for an EU passport.


This scheme has already attracted investments worth €4 billion in Cyprus. This is an indication of its popularity. “A lot of development is targeting well-heeled, high net worth buyers from overseas. More foreigners than Cypriots have bought property in the last year,” Mr. Howarth adds.


Some places in Cyprus have really taken off. Limassol, for example, is today described as the Manhattan of the Mediterranean. Properties here are worth quite a lot, according to real estate developer, Michalis Hadjipanayiotou.


“Limassol has changed dramatically in the past few years. Some people say it’s no longer Cyprus, but Limassol still has a nice old town, the sea, and 300 days of sun,” Mr. Hadjipanayiotou says in an interview with the London-based newspaper, The Telegraph.


Foreign investors are attracted by the low tax rates in Cyprus, among the lowest in Europe. The first €19,500 of any income is tax free in Cyprus. For pensioners, anything below €3,450 is tax free and anything above is taxed at only 5 percent.


Another real estate developer, Nikiforos Pampakas, talks about the need to build new properties in Cyprus to cater to the rising demand from investors. “We need e­xpansion. International investors want it, and locals now realise the ­benefits. ­Cyprus feels confident, it’s evolved. It offers the whole package to investors looking for a nice lifestyle,” Mr. Pampakas says.


Clearly, things are on the move in Cyprus and this is good news for you if you are trying to sell your property in Cyprus. You should be able to get a pretty good price for it.

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