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. Villas
for rent in Ayia Napa
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. Villas for
rent in Ayia Napa
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.
