Why Buy A Home in Cyprus?

Why Buy A Home in Cyprus?
Mon, 24 Oct 16

The unique position of Cyprus makes the Island a favorite target for Real Estate purchases either by buying a Home in a secure country with an exceptional climate or safely investing in one of the many Real Estate projects also devloped by Africanos Property Developers.

Geography of Cyprus

Situated on the north-eastern domain of the Mediterranean, Cyprus is the third largest island in the region with an area of 9,250 square km. The beautiful island is perfectly situated with close access to the European, African and Asian markets.

The mild climate of Cyprus makes the island one of the healthiest places in the world. Cyprus enjoys the best type of Mediterranean climate with 340 days of bright sunshine annually. Cyprus has numerous blue flag beaches and bays for sunbathing.

Relative to many other European countries, Cyprus enjoys an exceptionally low crime rate. This is quite evident to visitors who visit the laid back and relaxed island. The island is a safe place for you and your family.

The Greek language is the national language of Cyprus, and English is widely spoken throughout the island. Cypriots are mostly Greek Orthodox Cypriots.

Living Standards, Laws, Permanent Residency and Natural Gas

A relatively low cost of living often accounts for a substantially improved quality of life. Cyprus enjoys a high standard of living with good facilities.

Cyprus is administered by a western, stable, and democratic government. The infrastructure of Cyprus has changed and is continuing to change over the years, offering to the locals and the tourists all the facilities that a developed economy in the modern world offers

Cyprus has a British-based legal system and a British-based banking system, thus making the choosing of mortgages and managing of your money similar to the United Kingdom.

There are a variety of primary and secondary schools of a high standard. More than 30 private primary and secondary schools (Greek-language, English-Language, French-language and Russian-language) operate with Ministry of Education and Culture approval.

Cyprus is a a member of the European Union and the European Monetary Union and both European Union citizens and non-EU citizens are not bound by any restrictions to buy properties in Cyprus.

The Cyprus Government has introduced the Permanent Residency Program (P.R.P) that grants lifetime Permanent Residency Visas to whoever invests €300.000 in new properties developments. The Program has been especially tailored to cater for the needs of families. The Cyprus P.R.P. has been very attractive earning the Island more that one (1) billion euros to date. 

The Cyprus Government has also introduced the Cyprus Passport Program to whoever invests €2 million euros in land development allowing investors and their families access to full EU membership. Please refer to the Africanos Land brochure for more details.

The recent discoveries of large oil and natural gas near to the coast of Cyprus are expected to completely transform the country’s economy over the next decade.

The Cypriot economy is small, diversified, and prosperous. With a moderate industry, a healthy service sectors and the rapid growth in exports of agricultural and manufactured products as well as in tourism have all played important roles in making Cyprus a developed nation and a member of the European Union.

Overview of the Cyprus Real Estate Market

Property prices in Cyprus are at very attractive levels due to the price drop experienced during the economic crisis and therefore property prices remain competitive in comparison to other countries. There is a large rental market for holiday makers and Cypriot residents, making property a good rental potential, as a holiday home and/or a permanent residence.

Being a secure island facing the unsettled Middle East and North African countries,Cyprus is expected to experience a substantial increase in property sales over the next few years due to families in the Middle East looking to own a second home in a safe destination.

The Cyprus real estate market has been largely affected by the 2008 global crisis and housing prices have declined from 115 to bottoming out 85 in 2016. Cyprus housing prices in 2016 are a real investment opportunity

Since summer 2016 housing prices in Cyprus start progressively increasing again, presenting unique real estate investment opportunities.

Cyprus districts

Cyprus has 5 distinct regions, each with its own real estate characteristics

Paphos, Limassol, Larnaca, Famagousta and Nicosia.

Paphos Real estate Market

Paphos the hometown of the Godesses Afrodite- so legend says- is the main attraction of homeowners looking to buy a holiday home away from the main cities and within the natural beauty Cyprus has to offer.

Limassol Real estate Market

After 1974 Turkish Invasion the city of Limassol was benefited with huge growth in its local economy and was the main attraction of the Russian Market leading to a development of a number holiday homes, residential and commercial properties

Larnaca Real estate Market

Hands down the best property buy opportunities are found in the Larnaca area as properties are mostly undervalued in both residental and holiday properties. It is widely recognised as the city which is expected to have the next expansion and huge growth within the next several years.

Famagousta Real estate Market

Perfect for holiday homeowners and tourists Famagustas natural white sand beaches is the attraction for potential holiday home owners.

Nicosia Real estate Market

The Capital of Cyprus is located in the mainland away from the sea is the home to most civil servants and large corporations. It offers mainly commercial and residential developments.

land and building developers association International Real Estate Federation