Cyprus has a pleasant climate throughout the year, and its people are friendly to the British as a result of the two countries’ long-standing strong relations. It is especially appealing to seniors because of its favorable tax policies.
Note: This paper solely addresses property buying issues in the Republic of Cyprus. The Turkish-occupied part of the island (officially known as the Turkish Republic of Northern Cyprus – TRNC) is not recognized as a legal territory by the international community. As a result, we do not recommend investing in real property there. Keep in mind that if the political climate changes, your home may be in jeopardy.
Consider the cost of buying a property in Cyprus
The island’s 2004 EU membership resulted in better infrastructure, communications, and services, especially in the medical and educational fields. Its adoption of the Euro on January 1, 2008, solidified its position as a modern republic that welcomes visitors of all ethnicities.
Cyprus’ property prices have grown by as much as 80% in the last five years, but they still represent good value when compared to other, more established markets such as Portugal, Spain, and Italy, especially for new build property, which makes up the majority of the island’s housing stock.
Take a look at the most popular property sites
This book provides brief explanations of the most popular places for British second home buyers, although it can only serve as a starting point. There are a variety of resources available to assist with further study, including television and radio shows, periodicals, the Internet, and property exhibits, not to mention estate brokers in the UK and Cyprus:
- Pathos, on the western end of the south coast, Limassol, on the middle south coast, and Larnaca, on the eastern end of the south coast, have traditionally attracted foreign property buyers. In recent years, the relative outliers of Polis in the extreme west and Ayia Napa in the far east of the island have attracted very different crowds.
- Polis and the surrounding area appeal to the more environmentally conscious individual because to their rural position, whereas Asia Napa has a reputation for the boisterous behavior of a small number of mostly British summertime party-goers. The truth, of course, lies somewhere in the middle of the stated extremes. Ayia Napa, for example, is a peaceful fishing village in the off-season.
- Paphos – Paphos is undoubtedly the most popular town in Cyprus among second-home buyers from the United Kingdom. It tends to experience the best and worst of the island’s weather due to the prevailing westerly winds, but fortunately, conditions are hot and pleasant for nine months of the year. Paphos is popular with families and a more retired populace than other portions of the island, as it is centered around a waterfront with a strong pedestrian traffic area. Because an international airport is within 20 minutes’ drive from the town center, access is always quick and easy.
- Paphos is an archaeological treasure trove, including several ancient kings’ tombs and remarkable mosaics from the period of the Greeks. Modern life concentrates around a thriving restaurant and beach scene, particularly in the famed Coral Bay region, which is only 10 minutes from the town center.
- Apartments in the neighborhood start at €120,000, while a house with a view of the sea can cost up to €500,000. Prices have been on an upward trajectory for some years. Plans for a new marina development across the street from Coral Bay indicate that they will continue to rise.
- Limassol – Though not the capital of Cyprus (Nicosia is the formal and administrative heartbeat), Limassol is the island’s pulse and the yardstick by which all others are measured. Limassol is the most urbanized part of Cyprus. There are the most trendy stores, restaurants, and pubs there, particularly in the old town district, which is hidden behind a section of the several-mile-long drive and promenade that extends eastwards, hugging the beach.
- Limassol also has Cyprus’ largest docks, which are located west of the city center. Nearby, plans are in the works to create a new marina to encourage wealthy boat owners to moor in the area, as part of a government effort to portray Cyprus as a more upscale destination. Plans to create several golf courses around the island, including one on the outskirts of Limassol, are based on similar reasoning.
- Property for sale will, of course, be a part of the new golf course developments, which will be modeled after the immensely successful and prestigious Aphrodite Hills Golf and Spa resort in Limassol-Paphos. The property benchmark on the island is this hilltop development.
- Larnaca, Cyprus’ third city and the site of the country’s primary scheduled airline airport, is a coastal town with its supporters on the island’s southeast coast. It has a slower pace than Limassol and is less impacted by the seasons than Paphos, and it has a lesser number of Britons than the west of the island, owing to the fact that most people fly into Larnaca and drive straight to their resort.
- The adjacent beaches are some of the best on the island. Because the east coast is sheltered, the sea is calmer and more picture-perfect blue than elsewhere, with golden sand beaches, especially around Paralimni and up to Famagusta. The region is home to a national park, Cape Greco, as well as Ayia Napa, and is truly a place of remarkable contrasts.
- Second-homeowners in the region are mostly Cypriots, who are definitely keeping their identity hidden. Property prices are slightly higher on the east coast than on the west coast, owing to the fact that there is less acreage and new build development here than elsewhere on the island.
to be continued…