Cyprus is a small country many people don’t know about. It has no famous musicians, athletes, and actors. Yet, Cyprus is one of the few shining stars in Europe. In 2019, the country’s economy expanded by more than 4%. This was higher than the European Union’s growth of slightly above 1%. This growth was mostly because of the real estate sector, which accounts for about a third of the Cypriot economy. In this article, we will delve into this sector and identify the reasons you should buy a house in the country. We will also look at how you can buy the property there.
Why Buy a House in Cyprus?
There are several reasons why you might consider buying a home in Cyprus. First, the country’s houses are relatively affordable. For example, it is possible to buy a home for less than $100k. It is almost impossible to buy a house in other European and American cities at this price. In fact, the average price of a home in New York is more than $200k.
Second, house prices have a better return in Cyprus than in most European and American countries. In 2019, the average return of house prices in Cyprus was more than 4%. This is significantly higher than in other countries. In the United States, house prices rose by less than 3% while in Europe, prices were relatively unchanged. Therefore, with Cyprus, you have a situation where house prices are less expensive and better-yielding.
Third, Cyprus is a developed country. The road network is great. The same is true with the local airports. There are also good schools, good hospitals, and excellent shopping centers. This is a good thing because good infrastructure means that quality of life is better. If you are moving from America or other European countries, you will not see a downgrade of your quality of life.
Fourth, it is easy to move and settle in Cyprus. If you have a special talent, the process will be relatively easy. On the other hand, if you have money, the country has simple ways of getting citizenship. It has an investment passport. This is a passport that is given to people who invest money in the country. It is given to people who invest at least 2 million euros. You can also get a permanent residence passport if you invest at least $200k in the economy.
Fifth, Cyprus is a tax haven. The corporate tax rate in the country is about 11%. This is a rate that is smaller than the EU average of 22%. Therefore, if you are an entrepreneur, buying a home in the country makes business sense. You will not only pay lower taxes, but you will also have access to the second-biggest economy in the world. This is because Cyprus is a member of the European Union. All EU countries can do business with one another without any tariff and non-tariff barriers.
There are other reasons why many people prefer buying a house in Cyprus. The country has some of the best beaches, has great weather, is one of the safest countries, and has a peaceful political system.
How to Buy a Home in Cyprus
Buying a home is always a big decision. This is because of the amount of money that is involved and the sentimental value that comes with owning a place. Therefore, it is important for you to follow a set process. This will help you get a good home at an affordable price. According to CENTURY21, taking time will also help you avoid getting duped.
Stay in Cyprus
If you are an international citizen, you should first travel and stay for a few days or months in Cyprus. You should avoid buying property that you see online. The benefit of staying in Cyprus for a few days is that it will help you familiarize with the place. It will help you know more about the country and the people who will be your neighbours. It will also help you explore the country and identify opportunities.
Have a budget
It costs a substantial amount of money to buy a home in Cyprus. For this reason, you should ensure that you have a good budget. A budget will help you avoid buying a home that you don’t need. We believe that talking to a financial expert can help you avoid getting into financial trouble. In short, think about the amount of money you have before you buy the property. Additionally, consider what the actual costs of your move will be including expenses such as car shipping.
Online research
The internet has become an important tool. We all turn to the internet to find things we want to buy. The same is true with homes. We all go online and see the types of properties that are available and their costs. Therefore, we recommend that you take time to research more about the house you want to buy. This will help you to budget.
Find a good agent
It is possible to buy a home without an agent. However, as it is the case with many countries, having an agent is a better option. This is because agents have been in business for so long. They understand the local Cyprus property market better than anyone else. Also, they have hundreds of properties that they are selling. This will help you chose your ideal property.
There are many agents in Cyprus. Some are good while others are not credible at all. As such, you should ensure that you find an agent that is good, and one who is credible. There are several qualities you should look at when hiring an agent. First, they need to have a good reputation. Second, they need to have a huge collection of properties. Third, they need to have a good customer care. Finally, they need to be knowledgeable about the real estate sector.
Select a property
After finding an agent, they will take you to various homes. You should look at the properties and select the one that suits your taste. Also, ensure that the property is within your budget. Also, you should consult a structural engineer, who will check whether the house is built well.
Find a lawyer
After you find a property, it is recommended that you find a good lawyer. A lawyer is very important whenever you are buying a house. This is because of how sensitive issues of properties are. The lawyer will ensure that you are doing everything to the book. In all this, you should look for a lawyer that is registered by the Cyprus Bar Association. They should not have a prior working relationship with the agent also.
Finally, you should pay for the house and ensure that all taxes are paid. You don’t want to be in trouble with the tax authorities.
Final Thoughts
Cyprus is a good home to buy a home. There are all types of properties in the country. There are apartments, seaside villas, townhouses, and bungalows. You can buy these houses for residential purposes or for use as an investment. Fortunately, the process of buying a home in Cyprus is not all that complex. In general, it takes less than a month to complete the transaction.