Ultimate Guide to Buying Properties Abroad
Thanks to the creation of the EU, buying and living abroad is now more accessible than ever before. The range of countries within the EU allows people looking for holiday rentals and investment opportunities in a myriad of places. If you are within this infrastructure, you may have already taken advantage of that precious golden visa. One of the best options to take advantage of within the EU is Cyprus. This island boasts beautiful scenery, warm weather all-year-round, and the most affordable housing on the market. In this article, we will be discussing properties for sale in Cyprus as well as their unique benefits.
Let’s dive right in.
Investment Potential – Properties for Sale in Cyprus
According to a recent report from the Global Property Report, Cyprus is enjoying an impressive increase in property sales. This means that now is a great time to buy and reap the benefits of owning property in Cyprus. Here are some of the more popular areas to purchase and the current projections:
- Nicosia – Housing prices have risen 0.5%
- Limassol – apartments have experienced an 8.6% with housing prices increased by 1.6%
- Larnaca – Saw a rise of 2.7% for apartments and 1.1% in housing
- Paphos – a popular place to buy now is seeing a big uptick in apartment price while it’s a buyers market for housing with prices at a low of 2%
- Famagusta – is on a significant rise so you would need to act fast to take advantage
How to buy Properties for Sale in Cyprus
Like any investment having an expert with knowledge of the market is priceless. Companies such as Prime Property Group have gained an impressive reputation over the last decade that they have been serving the foreign interest in Cyprus properties.
Here are some tips from the professionals:
- Always research and visit your perspective location
- Find property managers and real estate agents that has proven expertise in the market
- If you are planning on living on the property, look into lifestyle, education, and commerce in those areas
- For investment opportunities – look into the unique Cyprus Investment Programme as well as citizenship opportunities
- Familiarize yourself with the unique legal rights available to foreigners buying abroad in Cyprus
Investment and Residency
Unlike other investment opportunities, Cyprus is highly-motivated to invite foreign nationals in the EU to move temporarily or permanently. They are making a patch to permanent residency incredibly simple and transparent.
As a member of the EU, this means you can carry dual citizenship, travel, work, study, and take advantage of Cypriot tax relief as any citizen of the country. Perhaps the best benefit of this programme is how your entire family can take advantage. Once you receive citizenship it is passed down through the generations. Also, once an investment is approved your spouse and any child that is financially dependent up until 28 years old are also applicable.
If you have been considering an investment opportunity, properties for sale in Cyprus is a fantastic opportunity. With an impressive roadmap to citizenship, any member of the EU should consider taking advantage of the favourable market development. Make sure to contact an expert in the field like Prime Property who offer property management as well as real estate agents for all your needs. Happy hunting!