Real estate in Cyprus remains extremely popular among investors from different countries despite all the turmoil of the global economy. Housing on this sunny island is cheaper than in France or Italy but offers all the same advantages. These include developed infrastructure, low crime rate, strong health and social protection system. If you would like to buy an apartment in Cyprus but have not yet decided on a suitable solution and a reliable construction company, check out the following recommendations for making real estate transactions in the Republic.
What apartment to buy in Cyprus?
Although the territory of the island state is limited, construction companies offer a vast number of attractive projects to invest profitably. Some investors choose to buy an affordable apartment in Cyprus for permanent residence with the whole family. Others prefer luxury real estate to get EU citizenship and subsequently earn on lease or resale. You can buy an apartment in Cyprus to meet all your needs. Local construction companies offer the following types of real estate.
- Studio apartments. This is the most affordable option to buy. Studio apartments have a bathroom, recessed balcony, and one room combining a bedroom, living room, and kitchen. If you decide to buy an affordable apartment in Cyprus for temporary residence, this option will be your perfect option.
- Apartments. The number of rooms is counted by the number of bedrooms. Two-bedroom apartments are the most popular. They include a living room, bathroom, combined kitchen and dining room. The average area of such apartments is 70-90 sq.m.
- Penthouses. This type of real estate is considered luxurious. Penthouses are best suited for those who would like to buy a sea-view apartment in Cyprus. Luxury housing with unique design is located on the top floor of an elite building, has a private terrace or roof access, as well as amazing sea views.
- Maisonettes. This is an intermediate option between a house and an apartment in Cyprus. Maisonettes are separate comfortable buildings designed for two families. They have private entrances, bedrooms, living room, kitchen, bathroom, dining room, as well as shared adjacent territory with a swimming pool or terrace.
The resort city of Limassol is the most promising area for buying real estate. The second-largest region is located in the southern part of Cyprus and is recognized as the business and tourist center. It has all the opportunities for a comfortable living with the whole family, unforgettable holidays, and successful business. The largest port on the island, as well as several industrial enterprises, are located in the eastern part of the city. The rest of Limassol is a contrast between quiet and well-maintained coastal villages such as Yermasoyia and stylish high-rise buildings downtown.
If you would like to buy an affordable apartment in Cyprus, consider real estate in Paphos or Larnaca where real estate is 30-40% cheaper than in Limassol. Those willing to buy a sea-view apartment in Cyprus should consider accommodation in Ayia Napa. It is famous for its beaches awarded the prestigious Blue Flag award and unique conditions for surfing and diving.
How to buy an apartment in Cyprus?
The procedure for purchasing housing in this island state is simpler than in other EU countries. However, you need to remember some details and features when investing in apartments in Cyprus.
Stage 1. Determining the available budget
The range of available offers will be based on available funds. If you would like to obtain Cyprus citizenship in 6 months, you should buy an apartment worth at least EUR 500,000. The total investment in the local economy should be at least EUR 2,000,000. In case of more modest opportunities, it is worth considering obtaining a mortgage. Then you need a bank guarantee from the construction company. You can get a bank loan in the amount of 60% of the apartment cost and up to 50% of the commercial real estate price. The term of mortgage is 10-30 years. The exact amount depends on the bank and buyer requirements.
Stage 2. Selecting a suitable option
If you would like to buy an apartment in Cyprus, pay attention to its location, technical condition, and cost of annual maintenance. Luxury housing on the red line is perfect for investment. If you decide to buy an affordable apartment in Cyprus, it is better to consider options away from tourist areas. Apartments located in a residential complex for 3-4 families will be a bit more expensive than analogs in multi-storey buildings due to shared adjacent territory. Experts recommend considering new buildings to those who would like to buy an apartment in Cyprus without encumbrances and legal restrictions. Their technical condition is many times better than housing from the secondary market. And when contacting the construction company you can make a deal at the stage of construction and divide the payment.
You can find a suitable apartment on the Internet. However, it is highly recommended to visit the selected option yourself.
Stage 3. Making a deposit
If you have decided which apartment to buy in Cyprus, you can proceed to making a deposit. You need to open an account with a local bank. The seller receives your deposit of EUR 5,000-10,000 included in the cost of housing. Only then you start preparing the contract and other documents. If you would like to buy an apartment in Cyprus, you can only deposit a trusted seller. Remember to read all the documents provided carefully.
Stage 4. Signing a contract
The sales contract for an apartment in Cyprus is drafted only in English. It prescribes the conditions for the transfer of the remaining funds for the purchase of real estate.
You need to pay the so-called stamp duty within the first 30 days upon purchase. This is a one-time tax reaching 0.15% of the transaction value. Then the sales contract is transferred to the Land Committee. The entire process of contract registration shall be completed within 60 days.
Stage 5. Registration of title
The final stage of buying an apartment in Cyprus is the payment of title fee. It is from 1.5 to 4% of the real estate value. If several people become owners, then the title fee is divided between them into equal shares. This tax is not charged if you decide to buy a real estate subject to VAT. Value-added tax in Cyprus is 19%. However, if you buy an apartment for the first time, there is a preferential rate of 5%.
Choosing a construction company to buy an apartment in Cyprus
If you would like to buy real estate being confident in its quality and transaction security, get the expert assistance to go all the way with no risks. P.L. Property Gallery Developers & Constructors Ltd is the best choice . The company has been working in the real estate market for 18+ years becoming the biggest developer in Cyprus. The range includes apartments, penthouses, maisonettes in various parts of Limassol, as well as in other regions of the Republic. P.L. Property Gallery Developers & Constructors Ltd. also provides a full range of services to help you buy an apartment in Cyprus with maximum benefit and convenience.
- Selection of housing to meet individual requirements.
- Legal assistance in transaction, examination of documents.
- Assistance in mortgage application, opening a bank account.
- Real estate management.
- Lease of apartments and houses.
- Assistance in real estate sale in Cyprus.
- Interior and landscape design.
P.L. Property Gallery Developers & Constructors Ltd. builds houses that meet all modern quality standards using best materials and proven solutions. Apartments from P.L. Property Gallery Developers & Constructors Ltd. is a harmonious combination of style and functionality, marked by numerous international awards in the field of architecture and construction.