Big Demand for Villas in Cyprus

Cyprus is an island country in the Eastern Mediterranean and is only a 4-hour flight from London. Every year, between June and October, there are many days of sunshine which can be enjoyed on any of the 160 beaches spread out throughout the island. Cyprus attracts tourists from the UK and throughout Europe, as the island is positioned close to Turkey, Greece, and Egypt.

Tourist travel has grown steadily since 1990, with 2019 being its best year. 553,845 tourists visited Cyprus in August 2019. The COVID-19 pandemic has impacted tourism in Cyprus however travel started to pick up in September 2020, with 87,334 tourists. This is quite an increase given July 2020’s 50,000 visitors.

Pre-pandemic, the tourism boom sparked the real estate and construction markets. Things are starting up again, along the coastal areas, the towns of Paphos, Limassol, Ayia Napa, Larnaca, and Protaras, and even in the island’s hilly interior. You will now find many hotels, resorts, and luxury villas for rent. Take a look at these luxury villas to get an idea of the kind of properties that are available.

 

Villa vacations are on the upswing with many holidaymakers now preferring the luxury and privacy these properties offer over conventional hotels and resorts. Travelers can vacation in small groups and stay safe at a villa versus having to share common areas with unknown guests at a hotel. And staying at a villa, you’ll get the pool all to yourself! Visit Villa Empire to find villas around the world.

Owning a House in Cyprus

Many of the properties in Cyprus are owned by local Cypriots. But many Cypriot villas and hotels are also owned by foreigners. Owning property on this beautiful island can make for a great long-term investment. 

Buying a home or luxury villa on the island is relatively easier than most other places in Europe. Foreigners are allowed to purchase a home on the island, unlike Thailand, where they can only take it on a long-term lease. Offshore companies can also buy land or property in Cyprus for their business.

How to Buy Property in Cyprus?

You can buy a house, villa, apartment, or freehold land. The buying process is simple. There are no restrictions on who can buy on the island, as long as the right documentation is provided. However, you have to still ask for permission. It’s best to hire a real estate attorney to ensure your investment is protected and the local laws are adhered to. You will need to apply to the Council of Ministers. You can ask for the permit yourself or via your lawyer. It is quite straightforward. If you are a non-EU citizen, there are restrictions on how much property or land you can purchase.  

You will need to provide the following items to get your buying permit – 

• Filled out application form
• Your financial and personal history
• Place of current residence
• Property details you want to buy
• Details of the current property owner
• Terms of payment, sales contract
• Copy of your passport
• Proof that you have no criminal record in your country

Now keep this in mind…non-residents cannot legally rent out their property in Cyprus. However, you won’t have to break the rules to rent out the property to vacationers. There is a means to make it happen.

Renting Out Your Property Legally in Cyprus

To rent out your Cyprus property, you will have to apply to the CTO or Cyprus Tourism Organization. You will need to register your house as a holiday residence with the authority. It’s wise to check with this organization prior to making your purchase.

Conditions Where You Don’t Need Permission to Buy

European Union citizens residing in Cyprus permanently don’t need a permission for buying property on the island. They can also register several properties provided they live on the island for a minimum of five years.

EU businesses also don’t need the permission provided they have their registered office and headquarters in Cyprus.

Expenses Buying Property in Cyprus

In addition to the cost of the property, there will be additional fees that will be incurred. First off, there will be legal fees. The amount depends on the charge of the legal firm that represents you. It usually varies between €1,000 to more than €4,000. You will need the services of a property lawyer who will help you submit all the required paperwork.

The payment terms are normally specified but can vary, especially if you’re buying a new property from a real estate developer. Typically, you will find that the payments are staggered. You will need to file the signed contract of sale with the Department of Land Registry. This ensures that the property will be transferred to your name eventually once it has been fully paid.

Golfing Residential Estates

Many villas and homes have also come up in recent years in and around the golf estates of Cyprus. They are not just for avid golfers or those who want to learn the sport. These luxury homes are perfect for everyone who likes to stay with lush greenery all around or enjoy the peaceful and sophisticated ambience of the place.

There are some added advantages of staying in a golfing estate or renting out your property. The residents will be within walking distance from the club house that offers many facilities and amenities. There are also fitness rooms and spas that offer beauty treatments. The estate is planned with gardens, fountains, and have areas designated for shops, restaurants, and cafes.

Aphrodite Hills in the west of Cyprus, close to Paphos, has the best golf resort on the island. The Elea Estate Golf Club, which is owned by Nick Faldo, is also in Paphos. It attracts players from Europe and elsewhere. Luxury villas have come up on this estate as well. The Minthis Hills Golf Club is up in the Troodos Mountains. The estate and its homes have been designed by world renowned architects. This estate also has a village square like the Aphrodite Hills resort.

Best Cities in Cyprus for Real Estate Investment

You can buy a property on the island whether you are planning to live in Cyprus or rent it out. Here are some of the best places to make an investment – 

• Paphos – A historic and UNESCO heritage-listed city with many ancient sites. An investment of €30 million has completely refurbished the city and made it a modern metropolis with beautiful architecture, wide roads, and an awesome seafront. Real estate is still affordable.

• Limassol – The business hub of Cyprus. The city attracts many visitors because of the commercial port and many business activities. It attracts many tourists as well because of the Limassol castle, nearby archeological sites, and the beaches. Your property can make good rental income.

• Ayia Napa – One of the most popular nightlife cities of Europe. There are many bars, restaurants, and nightclubs. Nissi Beach is a favorite. Ayia Napa attracts mostly young tourists.

• Protaras – Protaras is the home of the famous Fig Tree Bay. The scenic Cape Greco region is also close. There is big demand for rental properties because the sea caves, unique rock formations, beautiful beaches, and the craggy shoreline attract many tourists.

Cyprus is a beautiful island on the Mediterranean Sea. The island is on the upswing and is attracting a lot of real estate investment. Investors are buying to open hotels, luxury villas, and also residential homes to enjoy the sun, the island’s scenic beauty, and prosper from future price escalations.

 

Sources:

https://www.brief.com.cy/english/cyprus-tourist-arrivals-hit-new-record-highs-august-2019