Why buy a property in Cyprus?

Whether you’re retiring to the sun, moving there for work or buying a holiday home, it’s a big investment – financially and emotionally.

So if you’re unsure, this page outlines the pros and cons of buying in Cyprus for international buyers.

Why choose Cyprus? 

There are many reasons why international residents choose to buy property in Cyprus. Here we outline five popular reasons why you should consider buying property in Cyprus:

Cultural familiarity

Cyprus is a Commonwealth country that shares a long history with the UK and other countries of the former empire. There are elements of the law, society and culture very familiar to British buyers. For example, in Cyprus they drive on the left (a relief to British buyers). It has a welcoming community of expatriates. English is widely spoken, but the official languages are Greek and Turkish.

An active lifestyle

Cyprus caters to those both the young and the young at heart. Islanders can enjoy an energetic lifestyle in cities with exciting marinas, or hiking and even skiing in the Troodos mountains.  There’s also an excellent nightlife, especially in the east.

Easily accessible

One thing that foreigners buying in Cyprus appreciate is that the country is widely accessible to mainland Europe. It has airports at each end, both with year-round budget flights to European cities including the UK. Most places are within a 45-minute drive from the airport, so holiday home owners needn’t panic being hours away from their second home.

Affordable sunshine

Cyprus enjoys a whopping 3,314 hours of annual sun, meaning it feels like summer all year round. Combined with the country’s low cost of living, the country is very appealing to holiday home buyers and international retirees seeking sun. Apartments in Cyprus are also reasonably priced in comparison to other Mediterranean islands and there’s definitely a bargain to be found if you know where to look.

Global hub

Cyprus is where Europe and the Middle East meet, but on a safe island. It’s a relatively short flight from chilly locations in Eastern Europe and has attracted Asian buyers, retired expats and sun-worshippers from across the world. Its position, beauty and climate should guarantee the island’s economy (and property market) well into the future.

[H2] Pros and cons of buying property in Cyprus

We can say with confidence that the pros far outweigh the cons when it comes to buying property in Cyprus.

As is often the case, most of the cons come from not being sufficiently prepared for your international property purchase.

There’s a long list of benefits to buying in Cyprus, they include:

• A range of visa options, should you wish to reside in Cyprus
• Mild winters and little rain
• There’s a range of properties available for all tastes and budgets
• Rural, coastal, city-living – it’s all possible in Cyprus
• Low cost of living, (ranked third most affordable in the Cost of Living Overseas Index)

As for disadvantages, they are few and far between, however some may consider the following a con:

• High initial investment costs: Additional property fees can add 15% onto your property price
• Maintenance responsibility: As a homeowner, you’ll be responsible for any ongoing maintenance and repairs, which you should consider if you won’t reside in Cyprus.
• Less flexible: Selling a home in Cyprus can be a time-consuming process which may limit your flexibility to move or change investments.

Popular regions for investment

Cyprus has several attractive regions, cities and towns that appeal to international investors. Here are some notable ones:

Larnaca

The Laranca property market is growing every month and in recent years, Larnaca has outperformed Paphos, which was once a hub for investment. The city’s development projects, such as the new marina and Metropolis Mall, make it an attractive investment destination. The new marina redevelopment is currently underway and will transform the current port area, bringing with it endless opportunities.

Limassol

Limassol is a coastal city on the south coast of Cyprus that attracts a variety of investors due to its vast appeal. In recent years, there has been an influx of new developments popping up across Limassol at affordable prices which offer great short-term rental appeal.

Paphos

Paphos is the biggest city on the west coast of Cyprus and holds immense appeal for international investors due to its popularity among tourists, who visit year-round, but particularly in summer and for the Aphrodite Festival, celebrated in August. The city has a picturesque harbour, a variety of places to enjoy traditional Cypriot cuisine, welcoming locals and a range of historical sites. In terms of properties, there’s a wide variety available in Paphos, from commercial plots to luxury villas and modern apartments, which can be attractive to those looking to develop a varied portfolio.

Ayia Napa and Protaras

Both Ayia Napa and Protaras are resort towns on the east coast of Cyprus. Investors choose these areas for their popularity among tourists as they have a constant stream of holiday-goers all year round due to the excellent weather and coastal location. Both cities have seen significant investment in quality restaurants, coffee shops and boutique spa-style hotels. Ayia Napa is scheduled to get a brand-new marina which is expected to become a highly sought-after location for both residential properties and associated commercial enterprises. This could see Ayia Napa become a popular destination in the coming years for discerning tourists and mariners.