Property in Cyprus What to Expect?

Property in Cyprus What to Expect?

 Before we tell you if you should place your Cyprus properties for sale, let’s discuss what led you to buy a home in Cyprus in the first place. You were no doubt excited by the fact that Cyprus is ranked by money surveys as one of the best countries to live in because of the quality of lifestyle and tax rates that are among the lowest in the developed world.

In fact, the taxes in Cyprus are capped at just 12.5%, which is very attractive for someone wanting to buy a home there. Cyprus is very strategically located – it is right in the middle of Asia, Europe and Africa, which means it can be your gateway to any one of these continents.

It has been a member of the European Union since 2004 and a member of the Eurozone since 2008.  The Cyprus legal system is based on the UK Common Law, which has the reputation of being the best in the world, and safe for investors, with extensive protections given to private property rights.

But unfortunately, just like most countries in Europe, Cyprus was affected quite severely by the global economic downturn which began in 2008. The prices of properties in Cyprus went into a freefall and the real estate sector here was quite depressed. People who had bought homes in Cyprus in 2007 at a high, found the value of their Cyprus property declining by over 50 percent in just over a year.

But fortunately, things have changed for the better over the last couple of years or so. The Cyprus economy is in the middle of a strong recovery and the real estate market in the country has become favorable yet again.

Already, economic growth in 2015 has been positive, at 0.4%. This is major news because from 2008 to 2013, Cyprus witnessed negative GDP growth.  The IMF expects economic growth in 2015 to be around 2%, which is quite a turnaround.

The confidence in Cyprus is certainly back. As Nader Ghermezian, one of the biggest international investors in Cyprus says, "I think Cyprus is one of the best countries in the world today to invest it. Even though the economy is a little bit slow at this time, that should not stop anybody coming here."

So once again, buyers are back in the Cyprus property market, especially rich investors from emerging economies such as Russia and China. And this is great news for you if you have Cyprus property for sale.  As Tony Martin, a real estate developer from Nicosia says, “You as the buyer have all the power over the price of the property and what you want to pay. Of course the sellers are still in control of the final decision. If you’re smart and patient and have good negotiating skills, there are a lot of bargains in the market to consider.”

Foreign demand for properties in Cyprus will only increase because of the Golden Visa scheme and liberal immigration laws introduced by the Cyprus government in 2014. Foreign investors can get Cyprus citizenship by buying Cyprus properties for sale worth 5 million Euros or get permanent residency by buying properties in Cyprus worth 300,000 Euros.

If you’re looking to sell property in Cyprus, you should consider hiring the WorldWide Group – the #1 UK estate agents for overseas property markets. We have sold hundreds of Cyprus properties for sale, and have been involved in thousands of property transactions in Europe over the last few years.  For more on how we can help you sell property in Cyprus, do contact us by filling the contact form here. We will be sure to get back to you ASAP.

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