A mild Mediterranean climate with the influence of subtropics, a large number of sunny days a year, beautiful nature, flora and fauna that exists only in Cyprus, friendly inhabitants of the island, rapidly developing infrastructure – all this, coupled with the achievements of human thought, make the island a real paradise.
Investment in luxury real estate in Cyprus
Foreigners have always been attracted to the island’s real estate. Apartments and flats in Cyprus were popular before the crisis and remain very popular objects for long-term investments today.
Thanks to the Cyprus investment program, the number of foreign investors is growing every year. And thanks to the professional management company https://www.cyprusvillas.com/, you don’t even have to make any effort to rent out your home – that is, it is completely passive income.
The interest of foreigners is concentrated in the coastal areas of Paphos, Limassol, Larnaca, the capital of the island of Nicosia. The demand here is greater than the supply.
It offers a wide range of the most diverse luxury real estate. The most common and available for purchase are Mediterranean style villas and houses on the island.
What you need to pay attention to:
- Be sure to evaluate the nearest infrastructure, distance to the sea and other points of attraction. It is important that the facility can be used in different ways – both for recreation and for long stays. This will provide a high resale value.
- Study plans for the development of the region, pay special attention to large infrastructure projects. In the future, they will increase the value of your property.
- Consider the seasonal workload of different areas. For example, when choosing a villa for a quiet life in retirement, it is better to avoid locations where too many tourists come in summe
- Choose an appropriate travel insurance policy to ensure your peace of mind before you jet off. Expat travel insurance from Globelink has affordable and flexible plans, so that you can tailor them to suit your own unique needs. All policies also include COVID cover as standard.
Luxury real estate market in Cyprus
The luxury real estate market in Cyprus is now very diverse – these are expensive penthouses with outdoor pools on the roof, and exclusive villas by the sea with large plots, and spacious apartments in high-rise buildings, and large-scale residences located on plots of 1-2 hectares; Moreover, each of these options is unique in its own way and is in demand among buyers.
Features of luxury real estate in Cyprus
The peculiarities of the elite real estate in Cyprus are that they are located in presentable areas and have an author’s design that will emphasize the impeccable taste and character of the owner.
Many villas have not only a vast territory with parking for several cars, a terrace and a place for a pool, but also their own access to the sea and the beach. The number of rooms is considered to be based on the number of bedrooms. The presence of several bathrooms, a living room and a kitchen, a spacious hall, large rooms, all of this is present in such objects
Demand for luxury real estate in Cyprus
The demand and sales of elite houses and penthouses of large areas (they are called in Cyprus nothing more than a “house on the roof”) have grown over the past few months – the quarantine against the backdrop of the coronavirus pandemic has demonstrated that it is the privacy, comfort and excellent species characteristics of real estate that have become for many decisive for a comfortable life, and, consequently, in the choice of housing.
The demanded elite Cypriot real estate also includes small one-, two- or three-bedroom apartments located in closed-type club houses with a full range of smart home options, high-quality expensive finishes, energy efficiency classification of A +, A ++. with overflow pools, saunas, gyms, conference rooms.
Often, home buyers in such houses, even at the construction stage, combine several apartments into one – as a result, the object has an area of 200-300 sq. m. With this approach, the territory of a one-bedroom apartment can be turned into a huge bedroom with a bathroom of 15-20 square meters, a dressing area of 20-40 square meters and a library. These interconnected apartments also offer more space for the kitchen, dining area and living room.
Location of luxury real estate
Elite club houses are located in the most popular areas of the island with fully developed infrastructure, and skyscrapers are mainly concentrated in Limassol, which also has first-class characteristics in terms of the variety and quality of construction and a high level of infrastructure.
At the same time, it is not necessary that luxury real estate is located directly near the sea. Most of the buyers who buy it for permanent residence try not to focus only on walking distance to the sea, primarily paying attention to the popularity of the area and the level of infrastructure – proximity to large supermarkets and shopping centers, fruit shops, pharmacies, hospitals, schools, etc. kindergartens, children’s development centers and other important facilities.
However, if the purchase of luxury real estate is considered as an investment or as a property for vacation or rental to tourists, then the proximity to the sea is crucial in choosing the right property.
Property prices in Cyprus
The cost of elite housing is several times higher than the price of more compact and modest properties, but fully justifies the offered comfort. With due attention to the interior and exterior design of a purchased villa, mansion or penthouse, you can create a real paradise that will be a living embodiment of your dreams.
Real estate prices in Cyprus, including luxury ones, depend on numerous factors.
- Living quarters.
- Building type.
- Development of the adjacent infrastructure.
- Recreational load of the region.
When choosing a suitable property, it is worth considering not only the prices for real estate in Cyprus, but also the cost of its further maintenance. This includes the payment of utility bills, and taxes, and the maintenance of the common area.
Here are the popular offers and their cost in order to make it easier to navigate the prices of real estate in Cyprus.
Villas and houses2
Magnificent sea views, private access to the pier, a large plot filled with lush vegetation, and maybe turned into a private golf course, the opportunity to sunbathe by the pool – these are not all the advantages of buying a house on the coast. Exclusive villas in Limassol Marina with direct access to the beach start at € 3,250,000, while a ready-to-move four-bedroom house in Latchi (Paphos) will start at € 2,000,000. Even a large family will be spacious here.
Apartments in the most picturesque and comfortable areas for life in Cyprus, including the capital – Nicosia, are the most suitable option for those who love to be in the center of events and active people. The cost of proposals, for example, in the Aglantzia Panorama complex close to the University of Cyprus – from 465,000 € for a 131-meter living space. This option is more suitable for investment than for recreation, as it is located far from the sea and beaches. Apartments in Limassol are, on average, somewhat more expensive, but also larger in size.
If you want to own a modern duplex apartment, then you can be offered maisonettes – premium duplex with three bedrooms in one of the most prestigious areas of Nicosia – Engomi. Such pleasure will cost from 632,500 €. You can also become the proud owner of a penthouse in Limassol Marina. However, housing here is more expensive – from € 2,500,000 for a four-bedroom apartment. As you can see, the range of prices for real estate in the Republic of Cyprus is quite wide, so you can always choose the most suitable option for your budget.
Features of buying real estate in Cyprus
After the final selection and inspection of the object of interest to the buyer, the process of registration of the purchase and sale transaction begins. It takes place in several stages:
Paying a security deposit of 5,000-10,000 € and signing a reservation agreement. This step obliges the seller to withdraw your reserved option from the sale. Keep in mind that in case of an unjustified refusal to purchase, the deposit will not be returned.
Conclusion of a contract. After the lawyers collect all the necessary documents from the seller (for example, on the developer’s right to implement the project), the contract is signed. After signing the contract, the buyer gets the opportunity to make the first payment.
The lawyers immediately deposit the agreement with the Office for Registration of Land Transactions. After full payment of the cost of the contract, the Title of Ownership (the buyer’s title deed) is transferred. Any foreigner (non-EU citizen) in Cyprus has the right to transfer one Title to his name, if he is not wanted by Interpol. If the property is new, the process of registering and issuing a new Title Deed can take up to two to three years.
Entry into the ownership of real estate. The buyer assumes ownership after registering the contract with the Land Committee. Keys are handed over to the buyer, as a rule, after full payment of the contract value.
At the end of all these simple (compared to the process of processing transactions in other EU countries) procedures, you become the full owner of a house or apartment in the Republic of Cyprus. You can live in the home you bought, sell it or rent it out.
From all that has been said, it is easy to conclude that Cyprus is an extremely attractive destination not only for those wishing to move to a warm country near the sea, but also for investors. This is true, but keep in mind that there is no ideal real estate, otherwise new and new modern projects would not have been created.