Apartments distinctive features
The Cyprus housing market offers a wide variety of types of real estate:
The term "apartments" refers to flats in Cyprus with different levels of comfort. In a narrow sense, this concept refers to real estate, which is declared as commercial but used for short-term residence. Apartments are often located in business areas and are rented out for people conducting business activity.
If you are interested in affordable apartments in Limassol, then you should keep in mind some of the aspects of local real estate. For example, the number of rooms in an apartment is measured by bedrooms. This always implies a living room as part of the layout. Thus, a two-bedroom apartment means a three-room flat with two bedrooms and one living room. In addition, apartments in Cyprus are located not only in typical high-rise buildings but also in so-called condominiums. This means that by purchasing housing in such a luxury house, you become a co-owner of public facilities, which includes the hall, entrance, attic. Such prestigious real estate is more expensive than standard apartments in residential and business areas of Cyprus.
Advantages of purchasing apartments in Cyprus
Affordable apartments in Limassol and apartments in the middle price segment are in demand among Russian citizens. The reason for this is that this type of real estate often costs less than a villa or cottage and is easier to maintain. Heating bills are also significantly lower, and there is no need to invest in maintaining the adjoining territory.
The decision to purchase apartments in Limassol is beneficial for several other reasons:
- Renting out. Affordable apartments are very popular among tourists and visitors to Cyprus. By purchasing apartments in close proximity to the sea, you can get a stable source of income.
- Vacation-friendly. Becoming the owner of property in Cyprus, you can come to the Republic at any time with no troubles in finding a place for temporary accommodation.
- Local citizenship. You can purchase apartments in Limassol for more than EUR 300,000 and get a residence permit in a short period of time. This document is renewed an unlimited number of times and remains valid even if you do not live permanently in Cyprus (you can simply visit the Republic once every 2 years and have an active account in a local bank). If you invest EUR 2,000,000 or more in the local economy, you can get EU citizenship in 6 months.
To make the purchase of Cyprus real estate beneficial, it is important to carefully choose a suitable solution before entering into a contract. You can always get qualified help in P.L. Property Gallery Developers & Constructors Ltd.
Prices for apartments in Cyprus
The price of real estate varies depending on the location. Apartments on the red line are in great demand. Affordable apartments in Limassol are located in residential areas remote from the Mediterranean Sea.
In addition to location, the cost of apartments is affected by the following aspects:
- Type of housing (secondary or new building).
- Area and number of rooms.
- Level of improvement.
- Developed infrastructure.
You can purchase a studio apartment for EUR 50,000-80,000 in a non-tourist area of Limassol. Comfortable apartments with 3-4 bedrooms will cost EUR 200,000-300,000. Luxury penthouses and apartments with a total area of 1500 sq.m will cost like a separate villa.
If you decide to purchase real estate in Limassol, you should take into account not only its cost but also the amount of related taxes, fees for re-legalization. We also recommend you consider the expenses for subsequent maintenance of the selected apartment.
Why is it profitable to purchase apartments in Limassol (Cyprus)?
This southern city is extremely popular among Russian citizens. About 10% of the population here speak Russian. There are schools with educational programs in English or Russian and the well-developed healthcare system. Limassol is perfect for moving with the whole family for permanent residence. At the same time, the city has a good geographical location. It is the seaport and business center of Cyprus. Limassol is famous for its natural diversity, a large number of sandy beaches, and mild climate. It is good not only to live here but also to spend holidays or vacations.
In addition to Limassol, there are many other regions in Cyprus that are suitable for permanent residence and purchasing real estate. If you would like to get a wide range of opportunities for active recreation and active social life, then look for apartments is Paphos, Ayia Napa. Larnaca and Protaras are more suitable for those who prefer a low-key life. Nicosia, the capital of the Republic, is a perfect place for doing business. Limassol also offers opportunities for commercial success, as it is home to a large number of major businesses and ports.
How to purchase an apartment in Limassol with maximum benefit?
If you are thinking about purchasing real estate in Cyprus, please contact the experts from P.L. Property Gallery Developers & Constructors Ltd. We are the biggest developer in the region and offer our clients a wide choice of real estate, as well as a whole range of related services.
- Selection of real estate in Limassol and other regions under individual requirements and preferences.
- Legal assistance in purchase and sale transactions, documentation appraisal.
- Assistance in resolving migration issues.
- Real estate management and rent.
- Interior and exterior design under individual projects.
It is challenging to purchase apartments in Limassol or any other city in Cyprus with no qualified help. The language barrier and lack of in-depth knowledge of local legislation can become a significant obstacle. And you can only rent out your housing through a real estate agency or developer. To ensure maximum convenience and benefit when making any real estate transactions in Cyprus, contact the team of our experts. We have 18+ years of experience in the field of construction and offer real estate with unique architecture and compliance with all EU quality standards.