Many people are jumping on the opportunity to own property in Cyprus. A beautiful, island destination, Cyprus has lured potential property owners with more than its charm. The economy is booming. Tourism is on the rise. And property values are expected to spike dramatically in the near future.
If you have read about all that Cyprus has to offer and are dreaming of owning Cyprus property, there are some practical considerations that you should make. Fortunately, there is an abundance of information about purchasing properties in Cyprus. You should take advantage of it. Learn all you can before making a decision to buy property in Cyprus and think about the following practical considerations:
o Do you plan to move to Cyprus or simply purchase a holiday home on Cyprus? How you will use the property will determine what type of property you will buy and how much it will cost to keep it maintained. If you choose to purchase a vacation property, you will have to pay a management company to maintain the property. Of course, you could rent the property out to make some extra money when you’re not using the home.
o Can you afford the property? A second home can be very expensive. Make sure that you know all of the cost involved. If you plan to move, there may be additional expenses that come along with living in a foreign country. Make sure you understand all of these costs fully.
o Can you make a living on the island? The economy on Cyprus is booming, but will you be able to make a living. If you posses certain trade skills, you should find out if these are in demand on the island before you make the decision to relocate.
o How long with you hold onto the property before you sell it? You should always have a financial plan for the future. If the property is an investment, have a clear idea of how you will manage your investment.
There is a great demand for housing on the island of Cyprus. If you plan to develop vacant land, you will need to understand all of the legal aspects of developing Cyprus property. For example: It is not uncommon for it to take up to five years to receive a property title/deed for your property. You will still be able to develop and sell your property; however, you will need to understand how to legally do so.
There are also a few non-resident restrictions that you will need to consider. Currently, non-residents are only allowed to own one piece of property on Cyprus. This could present challenges if you planned to parcel off land, develop it, and sell each parcel individually.
While there are many practical considerations that you need to make before buying Cyprus property, it is not that much different from purchasing property elsewhere. You should always do your research and make all real estate purchases with both eyes wide open.