Real estate in Cyprus is expensive but in constant demand. This is due to a whole range of favorable factors: good geographical location, mild climate, and low crime rate. The majority of buyers of luxury apartments worth EUR 500,000 and more are immigrants from the Russian Federation. This is related to the fact that the purchase of such real estate in Cyprus is not only a successful investment but a unique opportunity to obtain EU citizenship. Buyers also have a broad choice of housing, as local construction companies provide offers to meet every need.
If you would like to buy an apartment in Cyprus with maximum benefits, get the expert assistance. This article will guide you on how to choose a good construction company and what to pay attention to when making a deal.
What are the benefits of buying an apartment in Cyprus?
Real estate of the Republic remains in demand among Russians, Ukrainians, Englishmen, immigrants from the Baltic States and CIS countries. Having a sea-view apartment in Cyprus or the central part of the island allows you to live, work and relax in comfort, as well as receive passive income from lease. Many people decide to buy luxury real estate out of a desire to get the Golden Passport. If an investor can buy an apartment in Cyprus worth EUR 2,000,000 and confirm the legal origin of the funds used, they and their family members will obtain Cyprus citizenship in 6 months. This does not require permanent residence and passing history and language exams. It is worth mentioning that Cyprus is the EU member-state, which means that its residents can visa-free travel to the states of the Schengen Area, as well as live and work in the EU.
If you would like to buy an apartment in Cyprus for permanent residence, you will get a unique opportunity to move to a country with the following significant advantages:
- Favorable climate. Cyprus offers 330 sunny days a year. The bathing season lasts 8 months. And the average daytime temperature in winter is kept at +7°C.
- Friendly and hospitable locals. Cypriots are friendly and helpful. About 15-20% of the total population consists of immigrants from other countries, so it will not be difficult to find schools, kindergartens, social and entertainment centers where people speak foreign languages besides Greek or English.
- Bargain prices. You can buy an apartment in Cyprus at a bargain price, which will be 30-40% lower than prices for similar housing in France, Italy, and even in Moscow.
- High level of safety. Cyprus is famous for low crime rate. All modern residential complexes are securely guarded. The only danger is related to the seismic activity of the region but construction companies ensure maximum reliability of buildings and structures.
- Favorable geographic location. If you decide to buy an apartment in Cyprus, you can have breakfast at home and dinner in the best restaurants in mainland Europe. Direct air communication makes possible fast and convenient flights to different parts of the world.
It is worth noting that Cyprus has a well-developed health and education system. Here you can easily move as a young family with young children and elderly people who would like to retire in the comfort and mild climate of the Mediterranean.
Apartments in Cyprus: typical offers
There is a broad choice of housing options with various characteristics that are put up for sale in the Republic. It is worth noting that apartments in Cyprus have an increased living area, and the number of rooms is counted by the number of bedrooms. The living room, bathroom, and kitchen are included in the layout by default.
If you would like to buy an apartment in Cyprus, you will have to choose from the following categories.
- Studio apartments. This is a small apartment with an area of 30-40 sq.m. There are a kitchen and a room that can serve as a bedroom or living room. Studio apartments also have a private bathroom and recessed balcony. This housing option is the most budget-friendly and more suitable as a temporary solution.
- One-bedroom apartments. Such apartments in Cyprus have an area of 50-60 sq.m. They include a bedroom, living room, kitchen, and dining room. The last two functional areas are usually combined in one room.
- Two- or three-bedroom apartments. The living area of these apartments in Cyprus reaches up to 110-130 sq.m. due to additional bedrooms and enlarged living room.
- Maisonettes. This is an intermediate option between an apartment and a house. Maisonettes are designed for two families. These houses have a shared land plot, 2 separate entrances, as well as everything you need for a comfortable living: bedrooms, living room, kitchen, dining room, and spacious bathroom.
- Penthouses. This category is considered luxurious real estate in Cyprus. Penthouses are located in clubhouses and prestigious areas with panoramic sea or mountain views. They differ from other options as they are located on the top floor and have a private terrace or roof access.
Real estate in Cyprus is very diverse. In addition to various types of apartments, there are a lot of villas, townhouses, cottages, and mansions for sale. The choice of the best option depends on the investor's preferences and budget.
Popular regions to fish for apartments
Limassol is the most promising region for the purchase of real estate in Cyprus. This resort city is the second populated city in the Republic. Almost 30,000 residents of this region speak Russian, which indicates high popularity among Russians. The real estate market of Limassol is diverse. Here you can buy a luxury apartment, villa, or penthouse on the top floor of a high-rise building. Limassol is the southernmost city of Cyprus with a large number of sandy beaches. It is recognized as a tourist and business center of the Republic since not only wealthy travelers but also successful businessmen and fans of vibrant social life can enjoy the comfort of living. Coastal areas, including Yermasoyia, are the most popular among buyers of apartments. The eastern part of Limassol is not that active offering houses and apartments for sale due to the port and many commercial enterprises nearby.
If you would like to buy an apartment in Cyprus at a bargain price, check out offers in Paphos and Larnaca where housing is 30-40% cheaper than in Limassol. Paphos and Larnaca are best suited for those preferring a low-key life.
Ayia Napa is more suitable for lovers of entertainment, diving, and surfing. The city is famous for its abundance of leisure options and beaches with numerous prestigious awards. Ayia Napa is a great option for those who are looking to buy a sea-view apartment in Cyprus for subsequent lease.
Cost of apartments in Cyprus
Housing prices in this country cannot be called cheap. This is since Cyprus is an island state, and therefore the number of construction sites is very limited. However, the price of apartments in Cyprus remains lower than in the advanced countries of mainland Europe, many of which have less favorable climate.
The price of real estate depends on a number of different factors. In particular, the closer you would like to live to the sea, the more expensive it will be to buy an apartment in Cyprus. Pricing is also affected by the development of infrastructure, living area, and technical condition.
What to consider when buying apartments in Cyprus?
If you would like to profitably purchase resort real estate, it is important to carefully approach the choice of apartments. You should pay attention not only to the area and location but also to the following factors:
- transaction legality;
- technical condition;
- maintenance cost.
It is best to buy apartments in Cyprus from construction companies. The construction company will offer housing with no encumbrances from previous owners. And new buildings are traditionally distinguished by a high level of quality. Construction companies often help their clients in obtaining a mortgage and preparing the necessary documents.
Apartments in Cyprus can be part of an apartment building or a residential complex for 2-4 floors with a private garden, terrace, swimming pool, or parking. In the latter case, the cost of annual maintenance of housing increases slightly.
How to choose a construction company in Cyprus?
If you would like to be sure of the safety and profitability of your investment, cooperate only with experts in the field. When choosing a construction company, you should pay attention to experience in the real estate market, as well as the range of offers. And P.L. Property Gallery Developers & Constructors Ltd. is one of the most prominent players in this segment. . This is the biggest construction company in the region, which has been helping clients become happy owners of real estate in Cyprus for more than 19 years. Portfolio of P.L. Property Gallery Developers & Constructors Ltd. is distinguished by impeccable quality and unique design marked by numerous awards from the expert community.
The construction company not only helps to buy an apartment in Cyprus but also provides the following range of additional services:
- selection of housing to meet individual requirements;
- assistance in mortgage application;
- real estate management;
- interior design.
Buying an apartment from P.L. Property Gallery Developers & Constructors Ltd., you get a unique opportunity to live on one of the sunniest islands, as well as make a profitable investment in a secure future.