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Property To Rent Or To Purchase

Renting a property

Newspaper adverts and online searches are the ideal locations to start looking for expats who want to rent a property in Cyprus. Estate brokers can be extremely useful in these instances, but they always charge a fee. Customers should be aware that rental prices in Cyprus can be extremely high, so some expats should seek house-sharing solutions.

Expats are largely responsible for their own spending when it comes to utility bills. It can be very expensive, and it should always be incorporated into your housing budget. It’s also worth noting that Cyprus has a progressive water-taxation system, so everyone should think twice about watering the garden or re-filling the swimming pool.

The general standard of lodging in Cyprus is quite high, as the majority of the island’s property is relatively recent and in good condition. The majority of houses in Cyprus include heating and air conditioning systems, as well as a communal or private pool.

On the island, rented apartments are often equipped, whilst residences are typically unfurnished. It’s good to know that exporting furniture to Cyprus is a practical alternative, particularly from within the European Union.

Prices vary depending on region and service provider when it comes to the cost of living in the Republic of Cyprus. The following data is based on the average price of a hotel room during the summer of 2016.

  • Two-bedroom furnished property with an average rental rate of 620 EUR
  • A two-bedroom unfurnished property rents for 570 EUR on average.
  •  A furnished two-bedroom apartment costs an average of 590 EUR per month to rent.
  • A two-bedroom unfurnished apartment with an average rental cost of 550 EUR

Cyprus’s Regions

As a result of the enormous migration of foreigners in recent years, so-called “expat areas” have sprung up all across the country. The majority of these areas are in Limassol, Paralimini, and Oroklini. Individuals must always decide if they would prefer to live in a close-knit expat group or be surrounded by locals.

In Cyprus, home security is paramount.

The situation in Cyprus is slightly different than in continental Europe when it comes to home security. The majority of people on the island feel comfortable in their homes, and while most doors and windows have locks, most people prefer to leave them open, especially during the sweltering summer months. Break-ins are much more often in rural locations than in metropolitan ones, although both are quite safe.

Purchasing Real Estate

In most nations, the terms and circumstances of buying or renting a property as an expat are heavily influenced by the expat’s origin zone. These restrictions apply differently for EU nationals and those who arrive from outside the European Economic Area, as they do in other European Union states. Although the prices are the same, the purchasing process for non-EU citizens may take a little longer. It’s also crucial to learn more about banking services, particularly when it comes to borrowing money and all of the associated loan terms.

Expats who relocate to the Republic of Cyprus will often find a wide range of housing possibilities. Apartments, both furnished and unfurnished, as well as houses, villas, and some maisonettes in complexes with shared pools and other amenities, are available.

In general, most expats and international investors that relocate to Cyprus in recent years have chosen to buy rather than rent property. In recent years, prices have risen in response to increased demand.

Those interested in learning more about the contrasts between Cyprus’ “Turkish North” and “Greek South” should be aware that the process of renting and buying property in both regions is basically the same. However, there is one significant difference: residences in the southern portion of the country tend to be newer and fancier, but also more expensive. Foreign nationals will find it considerably easier to purchase property in the south.

Buying real property in Cyprus is a popular choice among expats and foreign investors. Both retirees and individuals with long-term employment contracts are among those interested in settling on the island. In the long term, several foreigners discover that buying property in Cyprus is significantly less expensive than renting it. It’s also worth noting that housing is less expensive than in most Northern and Western European countries.

Buying property in this country is a very simple process for citizens of the European Union. The growth of the property market and tremendous increase in building on the island has led to a larger danger of scams and property fraud in recent years, which expats should be aware of. Expats should make sure they have the right title deeds to the property they want to acquire before making a purchase.

Expats should contact any commercial bank to explore the terms of a possible loan before deciding to borrow money to buy property. The typical loan term for a home is 20 to 25 years, and it can cover up to 72 percent of the property value.

Because of the banking crisis that hit Cyprus and the country’s struggle under austerity, getting a loan may be a little more difficult than it used to be. The official website of the Central Bank of Cyprus has all of the necessary information.

The following are the steps involved in buying a property:

  • Find an appropriate property, negotiate a price with the owner (if using a real estate agency), and pay a reservation fee to your solicitor.
  • The contract is drawn up by a solicitor.
  • The contract is signed, and a deposit or the entire balance owed is paid.
  • Once the contract is signed, your lawyer will apply to the Council of Ministers for authority to transfer the title deeds into your name.

The application to the Council of Ministers is merely a formality because applications are rarely turned down. Although the process may take several months, there are no limits on taking possession of the property and living there while the application is being completed. A bank reference, character reference, property purchase contract, paperwork demonstrating appropriate funds to live in Cyprus, and a copy of your passport should all be included in your application to the Council of Ministers.

The region is currently being extensively advertised as a site for property investors and expatriates alike, with property here among the cheapest in the Mediterranean region. There is contradictory advise on whether it is safe to acquire land or property in Northern Cyprus. However, some potential buyers are concerned about a recent case in which a law ordered an expat couple to remove their property because it was built illegally on Greek Cypriot territory.