Nicosia is the capital of Cyprus and the property market here is perhaps the most dynamic among all the regions here. Nicosia is hugely popular with international investors who seek to buy villas and apartments in Cyprus after having been completely charmed by the island and what it has to offer. If you’re looking to buy property in Nicosia quickly, you will find the information in this article to be useful.
First, let’s understand who buys properties here in Nicosia. Generally there are three categories of investors who buy properties in this beautiful city, the capital of Cyprus. Local Cypriots are the biggest buyers; most of them are in the market to find a place to stay.
For local Cypriots, the goal is to purchase a primary residence. They are not in the business of investing for speculative purposes. It is true that many local Cypriots took on a great amount of debt to invest in multiple properties during the economic boom times of 2006-07, but banks have now clamped down on such activities.
The second category of investors is probably one that you fall into – British, Scandinavian or other foreign buyers who are looking to buy a luxury property in Nicosia Cyprus. They are greatly in love with Cyprus, its picture perfect climate, open and diverse culture, laid back and relaxed lifestyle and wish to be a part of that by buying a holiday home or a second home in Cyprus. Many want to relocate to Cyprus and are in the market for a comfortable retirement home in Nicosia and other regions of the country.
The third category of property investors in Nicosia are those who are here for purely investment purposes – they are sophisticated international property investors who are attracted by the amazing rental yields offered by the property market in Cyprus. They invest in Nicosia and elsewhere in Cyprus because of an assurance of long term growth in the value of their investment. Nicosia attracts tourists all through the year and the demand for seasonal or holiday rentals is very high. There’s certainly a lot of money to be made here.
So, how to buy a property in Nicosia?
The best way to buy a home in Nicosia is to get in touch with a UK estate agent with extensive ties in Cyprus. The best UK agents have a good understanding of the real estate market in Cyprus and are capable of getting you the best deals at the lowest possible cost. Buying property in Cyprus is much easier now than at any time in the past as the government has simplified the process by quite a bit.
You will now get a title deed for your Cyprus property within a couple of weeks, unlike in the past when you had no choice but to wait for 2 weeks or more. The inheritance tax has been abolished, which is another great development.
Also, the Immovable Property Tax – which is similar to the Council Tax in the UK - has been slashed by 75% in 2016 and will be completely abolished from 2017. So, the news from Cyprus is very encouraging indeed.