The main buyers of luxury real estate in Limassol and other prestigious areas of Cyprus are still Russians. After all, a house in Cyprus by the sea is not only a profitable investment. It is an ideal environment for work and leisure. This is an inviolable personal space in which you live in accordance with your rules. This is the absence of neighbors behind the wall. This is an adjoining territory that you can arrange to your taste. In short, your home is not just an indicator of prestige and status, but also respect for your needs.
Buy a house in Cyprus. What to look for
When looking at real estate listings, remember that houses in Cyprus are classified by the number of bedrooms. A three-bedroom house also includes a spacious kitchen, hall and living room (by Russian standards, this is a 4-room apartment). A house can be named differently in ads, so it is important to find out what is behind an effective name. The following types of real estate may appear in advertisements for sale:
- The house itself in Cyprus is the name that best matches the essence of the object. A standard house is usually 2 stories high with 3 bedrooms. The cost of the object includes a land plot (on average from 6 to 10 acres) and parking for 1-2 cars.
- Villa - usually such an offer means that the house claims to be a luxury class. And this means a prestigious area, location on the first line, increased footage, a large plot of land with a terrace and a garden, parking for 3 or more cars, a pool or a place for it. But sellers often call a villa an ordinary house, sometimes of an economy class.
- Bungalow. It can be either a one-storey house with all the amenities, or a summer house for living during the warm season. A one-storey well-maintained house is a great option for an elderly couple, people with limited mobility or families with small children
If you are interested in one of the proposals for the sale of houses in Cyprus, take the time to find out the details (some of them may turn out to be decisive later). The more information you get about the property, the more profitable and safe you can buy a house in Cyprus. In particular, it will be helpful to find out the following:
- The history of the site on which the house of your choice is located;
- The presence of a certificate of ownership (title) - it indicates the absence of encumbrances;
- Legal purity of the object;
- Your future neighbors. If you are looking for privacy and tranquility, you are unlikely to enjoy the cheerful youth groups in the neighborhood, which are noisy and listening to music until late.
You can view offers for the sale of luxury houses in Cyprus in Limassol right on the seashore in our catalog.
How much is a house in Limassol?
Before closing a deal and signing a contract, estimate your total costs. This is not only the cost of the house itself, but also VAT - check if it is included in the price of the object. If this is your first purchase of property in Cyprus, then you pay tax at a reduced 5% rate. You can also partially compensate for the costs of interior furnishings (furniture, etc.). Cypriot law requires you to pay stamp duty and property transfer tax when purchasing a home. Add to this the cost of the services of a lawyer and a realtor.
Order, cleanliness and safety are the hallmarks of Cyprus and have earned it a reputation as an ideal place to live and relax. This is largely the merit of taxpayers, whose ranks you will join by buying a house in Cyprus, and in particular in Limassol. Estimate the cost of maintaining the property: in addition to paying for utilities, security and cleaning services for the house and the surrounding area, you have to pay the annual owner tax and city tax.
If you are not going to live in the house all year round, then you need to decide who will take care of it during your absence - especially if the house is not located in a gated community. Such a need often arises for foreigners who have bought a house in Cyprus on the seashore, so there is a market for appropriate services: security, cleaning, etc. In the luxury segment, the maintenance of a house (without paying taxes) is 2–3 thousand euros per year.
House in Cyprus by the sea - and the whole world to boot
For thousands of wealthy Russians, a house in Cyprus by the sea is not just a matter of prestige and a profitable investment of capital, but also a real “window to Europe”. Buying real estate worth at least 2 million euros (including a residential property worth at least 500 thousand euros), you and your family will receive a Cypriot passport within 6 months, that is, in a record time by European standards. With this document you become a citizen of the world: it opens visa-free travel to 157 countries, while retaining your Russian (like any other) citizenship. Unlike foreigners who wish to obtain citizenship of the Republic of Cyprus on a general basis, you do not need to take an exam in the knowledge of the Greek language and history.
You can receive dividends from the real estate you purchased literally from the moment of purchase - for example, by renting out a house
