Buying property in Cyprus
Many people buy a holiday property in Cyprus with a view to living there permanently or semi-permanently when they retire.
The island has always been a popular location with British buyers, especially retirees, and almost 30,000 of them own homes there, a further 10,000 choosing to rent properties. However, estate agents are now seeing an increased demand from younger people with young families who want to work or start a business.
Those who have lived in Cyprus for many years and been used to a steady, if rather unremarkable, property market are beginning to see property supplements appear in newspapers and growing numbers of property magazines for sale. This is a relatively new departure for Cyprus and illustrates the dramatic change in the property market on the island during the last few years.
Why Property in Cyprus
There are many excellent reasons for buying a property in Cyprus, although it’s important not to be under any illusions about what you can expect. The first and most important question you need to ask yourself is exactly why you want to buy a property in Cyprus? For example, are you seeking a holiday home or a more permanent home because you want to live and work on the island or perhaps retire there? If you’re looking for a second or holiday home, remember that flight times from the UK to Cyprus are far longer than to Spain or France (around four hours), which may affect how often you and your family can enjoy a property in Cyprus.
Property in Cyprus and having a business
Perhaps you have plans to work or start a business in Cyprus, which has been made far easier for EU citizens since Cyprus became a member of the Union in May 2004. If this is your long-term plan, you will be faced with a completely different set of criteria than if you were ‘simply’ buying a holiday home. You should look at the cost of living and the cost of property in Cyprus in the different areas to see what suits you best. If you have school-age children, you should consider what their schooling options will be. You may want a property in Cyprus that’s more accessible to main roads and the major towns. Does it have reliable postal services and access to telephone lines? Can it be connected to all the necessary services?