Buying an apartment in Cyprus
When looking for a place in the sun, look no further than beautiful, sunny Cyprus. This eastern Mediterranean island is blessed with sunshine, a rich history and breath taking scenery in almost every direction you turn as far as the eye can see. In recent years, construction and economic development have made it popular with tourists from across the world. After just a short visit to its golden shores, many visitors decide to make it their second home by buying an apartment in Cyprus.
To make the best property investment, research is essential as property values vary across the island and some areas may be more suitable than others depending on your interests, needs, wants and budget. Familiarize yourself with the many areas of the islands as well as their proximity to the island’s two airports at Lanarca and Limassol to make trips on and off the island as convenient and easy as possible. Coastal towns such as Paphos, Limassol, Larnaca and Protaras are popular with those buying an apartment in Cyprus as either a second home, as a rental property or retirement home. While all areas offer a range of beaches and water sports, Limassol has the added benefit of being close to winter time skiing in the beautiful Troodos Mountains.
When buying an apartment in Cyprus as an investment, the Mediterranean climate is one of the island’s greatest assets. A long summer and warm weather year-round mean that rental income can be collected over seven months of the year, rather than just three like in many areas of the world. One hot-spot for rental income is in Kato Paphos, Paphos’ town center. Close to beaches and the nightlife, the apartment prices may be more expensive, but the investment returns are greater since many tourist desire to be close to where all the action is on their vacations. Along the coastline, development is tightly controlled, in towns such as Paphos, Limassol, Larnaca and Protaras. Despite this, prices are affordable, with a one bedroom apartment costing in the region of $100,000. When buying an apartment in Cyprus, it is worth considering service charges. Service charges are quite reasonable across the entire island. A one bedroom flat in the larger towns costs approximately $500 per year for service charges.
Many real estate developers and agents have internet web sites which should be reviewed prior to arranging a flight to Cyprus to get a good idea of the inventory of properties that are available in Cyprus. A reputable agent will assist with setting up apartment visits for viewing, offer mortgage advice, recommend lawyers and guide the buyer through the whole process of purchasing a property in Cyprus. Opening discussions with an agent allows a potential buyer to understand what type of apartment they can afford as well as arranging their finances accordingly. As a property buying hot-spot, one must be able to act quickly when buying an apartment in Cyprus since they sell quite quickly and wasting time will just leave you still looking after the property you wanted but waited to long to buy is gone.
How to purchase an apartment in Cyprus
It is no surprise that just a few days into their vacation, many visitors and tourist wonder how to purchase an apartment in Cyprus as a holiday home, the ideal getaway. With its miles of golden sandy beaches, rich history, beautiful culture and mild Mediterranean climate, it is the perfect place to relax and enjoy life when trying to get away from the stress at home.
The decision to purchase an apartment in beautiful sunny Cyprus, as with any property should not be taken lightly since there will involve your hard earn money. To make the best property investment, undertake necessary research to familiarize yourself with the many areas of the island. Property values vary between towns and some areas may appeal to your interests more than others. Travel considerations are essential as the island has just two main airports: Larnaca and Limassol. Being close to an airport will make arrive and leaving the island much easier for you Also figuring out what you and your family will need in a vacation home is important to decide before you shop. Consider the amount of space you will need, how many bedrooms will be required along with the amount of bathrooms. This is a vacation home and you want to be comfortable while you are there.
Friendly coastal towns such as Paphos, Limassol, Larnaca and Protaras are popular with those who decide to purchase an apartment in Cyprus as a second home or as a rental property. While coastal areas feature beaches and water sports, Limassol is a town with a difference. In the wintertime, the nearby Troodos Mountains offer the opportunity to hit the ski slopes.
Cyprus’ popularity as a tourist destination and its warm year round climate open up exciting rental income opportunities. While many vacation homes only collect rent for just three months annually, many holiday companies in Cyprus guarantee rent collection for seven months each year. Kato Paphos is popular with investors purchasing rental apartments in Cyprus. Its close proximity to the town center, beaches and nightlife make it popular with tourists. While apartments in this area are more expensive, in the long-term they offer a greater investment return.
In coastal towns such as Paphos, Limassol, Larnaca and Protaras development is tightly controlled which protects your investment. Despite this, apartment prices are affordable, with one bedroom apartments costing in the region of $100,000. When purchasing an apartment in Cyprus, it is worth considering service charges. Service charges are fairly reasonable with a one bedroom flat in the larger towns costing approximately $500 per year.
Many real estate developers and agents have web sites which can put you in touch with a reputable agent prior to visiting Cyprus. An agent can arrange apartment viewings, offer mortgage advice, recommend lawyers and guide the buyer through the process. Discussing arrangements with a reputable agent increases a buyer’s understanding of just how far their dollar will stretch. It also prepares them to purchase an apartment in Cyprus’ lucrative property market.