Real estate in Cyprus – housing in the most picturesque and popular corner of the Mediterranean

Recommendation points

• A bit of history
• Variety of offers
• Flat
• Bungalow
• Maisonette
• Private house, villa, cottage
• Purchase and maintenance costs
• Purchase procedure

What associations does the phrase “island of Cyprus” evoke? Of course, white beaches, gentle waves of the Mediterranean Sea, Aphrodite emerging from the sea foam, lush palms, summer all year round and carefree relaxation surrounded by unspoiled nature.

It is not surprising that those travelers who have already visited this luxurious island, which has become a real center of attraction for tourists from all over the world, sooner or later think about not just coming here as part of the usually too short tour, but staying for a long time, at least for few months.

For such lovers of the Mediterranean and holidays in Cyprus, the question of acquiring real estate in this, without exaggeration, a piece of paradise becomes relevant. What should property buyers in Cyprus know about? What are some interesting offers for potential homeowners on this picturesque island? Is this investment profitable? Let’s try to figure it out.

A bit of history

Before deciding on buying real estate in Cyprus, it is worth at least in general terms to learn about the history of this island, famous for its strategic location and because of this has repeatedly become the object of international disputes.

The newest history of Cyprus includes a long stay as an English colony. By the way, it was the British who built the railway on the island and left their mark in the form of two military bases still operating today..

The Turks are also actively claiming dominance in Cyprus, for whom this territory has remained very attractive and important since the 16th century. As a result, Cyprus was divided into two parts, in the larger of which the laws of the Republic of Cyprus are in force and inhabited mainly by Greeks professing Orthodoxy, and on the smaller there is the Turkish Republic of Northern Cyprus, unrecognized by the world community, but at the same time is a very real and significant value in the political arena.

It should be noted that the overwhelming majority of Russian buyers of real estate in Cyprus, and there are more than 40 thousand of them in the last few years alone, prefer to buy houses and apartments in the Republic of Cyprus, as they are more attractive in terms of stability and relations with the local Orthodox population..

According to statistics, Russians make up 30% of foreign buyers of real estate in Cyprus, second only to the British, who acquire almost 40% of apartments and houses bought by foreign citizens. Among the inhabitants of Foggy Albion, a tradition has already developed – after retirement, to acquire a house on the Cyprus coast, so that the number of English on the island is very large, and English is the second state language of Cyprus.

Variety of offers

The Cyprus real estate market has a number of peculiarities and often the variety of offers baffles buyers from Russia, who simply cannot decide what exactly they need and how an ordinary country house differs from an object under the exotic name “bungalow”.

Flat

City apartments in the settlements of the island are generally very similar to ordinary apartments in Russian cities. However, here, too, there are a number of features that should be taken into account when choosing suitable housing..

Firstly, in Cyprus, even in large cities such as Nicosia or Larnaca, there are very few multi-storey buildings, usually residential buildings have three to four, maximum five floors.

Secondly, residential complexes on the island are several, most often from two to five houses, united by one fenced area, landscaped, with its own communal pool and areas for walking and recreation..

Thirdly, apartments in Cyprus are always offered to buyers in a form that is almost completely ready for living; here it is almost impossible to find offers in a “after the builders” state. A typical apartment, exhibited in both the primary and secondary market, is distinguished by a fully completed renovation, equipped with all the necessary kitchen and an attractive interior. So the new owners will have to spend extra money only on air conditioners, household appliances and furniture for living rooms..

Fourth, the number of rooms in an apartment in Cyprus is counted by the number of bedrooms. That is, an apartment that in Russia would be put up for sale by a realtor as a two-room one, since it has a living room, a bedroom, a kitchen, a small room such as a pantry for storing things, a balcony, a hall and a bathroom, in Cyprus will be offered to the attention of buyers as a one-room.

Bungalow

The traditional bungalow is built with lightweight materials in an area that does not require heating. However, modern bungalows in Cyprus have turned into ordinary houses, built of wood or brick, and not at all from reeds and mats..

The main difference between bungalows and ordinary cottages is always a one-story house, elongated in length, an excellent solution for families with children or the elderly, since there are no stairs, and the layout is as convenient and functional as possible. Bungalows are always located outside the city limits, on the outskirts, near recreation areas and beaches.

Maisonette

This type of real estate is unfamiliar to most Russians, but in Cyprus such houses are very common. This type of housing resembles townhouses, houses that have a common side wall, but separate exits and their own adjacent territory. However, unlike townhouses, maisonettes have not one, but two walls in common. That is, in such a building, individual apartments face all four sides..

In Cyprus, maisonettes are usually combined into whole complexes of five to six buildings, often there are whole streets of similar houses.

Experts note that a maisonette is a compromise between a city apartment and a country house, it costs less than a villa and allows you to use your own separate, but small plot of land.

Private house, villa, cottage

Between a private house and a villa in Cyprus, the difference lies rather in the psychological effect that the prestigious and beautiful name “villa” has on the average buyer. In fact, this is the same private home as many others..

A typical villa in Cyprus is a two-storey building with three bedrooms, a spacious living room, two bathrooms and a kitchen-dining room, surrounded by a plot of 7-10 acres. The land plot is registered in ownership together with the building itself.

Such offers are currently the most popular among Russian buyers..

The peculiarities of private houses in Cyprus include the fact that they are offered to buyers completely ready for housewarming, with built-in furniture in the kitchen and fully equipped bathrooms. The new owners traditionally buy the rest of the furniture themselves. In addition, many homes in Cyprus are equipped with solar panels, which can reduce energy costs, as well as a hot water storage. On the territory there is usually a swimming pool or a place for such a structure, a garage, and the building has an open terrace.

Purchase and maintenance costs

According to experts, the cost of apartments, maisonettes, bungalows and houses in Cyprus is pleasantly different from the prices for similar offers on the Mediterranean coast of Europe. So, on average, the price of a small studio apartment with an area of ​​25 to 40 square meters, with a small terrace or loggia is from 45 to 60 thousand euros, that is, about 1.5-1.8 thousand euros per “square”. The cost of a one-bedroom apartment will be from 55 to 70 thousand euros, and for an apartment with two bedrooms you will have to pay from 75 to 100 thousand euros.

The cost of an apartment in Cyprus depends not only on the area of ​​housing, but also on its location, the sea view may slightly – by 1-5% – increase the offer price. Also, the quality of finishing works and materials has a great influence on the price level..

Utility bills for an apartment depend on the status of the complex, the availability of a pool, various additional services and the level of service.

Monthly utility bills can range from 15 to 50 euros. This amount includes the maintenance and use of the pool, cleaning the adjacent territory of the complex and the building itself, as well as garbage disposal. You will have to pay separately for electricity and water meters, but the price of electricity and water supply in Cyprus is one of the lowest in Europe, so these costs rarely exceed 100 euros per month..

The cost of a maisonette in Cyprus on average ranges from 100 to 210 thousand euros. Utility payments for this type of real estate reach 50-70 euros per month, this includes maintenance of the pool and cleaning of the complex, respectively, additional costs for water and electricity arise.

Prices for private houses and villas in Cyprus vary greatly depending on the status, location and quality of finishing work. The cheapest offers can be bought for only 120-150 thousand euros, and the cost of luxurious mansions of two or three floors with ten bedrooms and high-quality renovation can reach 2-3 million euros.

Utility bills for a house or cottage on average range from 25 to 80 euros per month, the cost of electricity and water supply most often does not exceed 200 euros per month.

It should be noted that among Russians the most popular in terms of buying real estate in Cyprus are Limassol, the Paphos and Latchi areas, that is, coastal, resort towns and villages. The most expensive are apartments and houses in Limassol, as the most popular city among travelers, but in general the cost of real estate in different villages and cities of the island does not differ much.

Purchase procedure

The Republic of Cyprus is renowned for its low taxes as well as its loyal attitude towards foreign buyers. There are no restrictions on the purchase of real estate for citizens of other states, and the procedure itself is very simple.

It begins with the selection of a suitable object and negotiations with the seller. Experts strongly advise translating the sales contract into Russian and actively bargaining – often it is possible to reduce the initial price by at least 5-10%.

The only nuance that often causes fears of foreign buyers is that permits for the purchase of a house or apartment in Cyprus are issued only by the Council of Ministers. Such permission must be obtained after signing the purchase and sale agreement and paying the full cost for housing.

Most often, the procedure for obtaining a permit is a routine formality. The main condition for its issuance is that the buyer should not have problems with the law on the territory of the republic itself, and the authorities of the island care very little about his past in his native country. As long as the permission of the Council of Ministers is issued, the new owner can freely use his villa or apartment..

After the authorization is issued, a Certificate of Full and Free Owner is issued in the name of the buyer, and the Land Department calculates the amount of the real estate purchase tax. Its value depends on the price of the object itself and will range from 2% for inexpensive apartments and houses to 4% for proposals worth more than 854 thousand euros.

Also, a foreign buyer pays stamp duty, registration of ownership in the Register of Land Property, as well as a lawyer’s fee (there are no notaries in the usual sense of the word in Cyprus, their function is performed by lawyers). All payments for taxes and fees when buying a home on the island can reach 6-7% of the value of the property.

Foreign citizens can also apply for a loan to buy a house or apartment in Cyprus, and the terms of mortgage lending compare favorably with Russian.

The banks of the island offer loans at 4-5% per annum and for a period of 30 years, the initial payment when buying on the terms of mortgage lending is usually 20-30%.

Two more important nuances: if an apartment is purchased in a house still under construction, then the first payment will be 50% of the cost, the buyer pays the remaining funds only after the completion of construction and delivery of the house, and if a foreigner decides to independently start building a house in Cyprus, he will have to pay 30% of the project cost of a construction company that will be engaged in the construction.

All real estate purchased in Cyprus can be freely sold, donated or inherited, there are no restrictions for foreign citizens in this area. In the entire history of the island’s existence, there has never been a nationalization or expropriation of private property, which certainly inspires confidence in the future..

And one more additional plus – buying real estate in Cyprus gives you the right to obtain a residence permit in the republic.

As you can see, there are at least several reasons for buying a house, villa, bungalow or apartment in Cyprus. Comparatively affordable prices, beautiful nature, stability of the economy, low taxes, reasonable prices for utilities, as well as a low crime rate and the tourist, resort orientation of the island’s economy make it a very attractive land for property buyers, surrounded by gentle waves of the Mediterranean Sea.