Cyprus Developers: The Property Market in Cyprus
Posted by: admin / Category: Bulgarian Real EstateDue to the booming property market in the Republic of Cyprus (south Cyprus), many properties are currently bought off plan. In other words, before the property has even been built. However, the thriving market does offer advantages to those wishing to buy abroad.
Benefits of Buying in the Republic of Cyprus
- One of the main advantages buying a home in Cyprus is that it is actually very straightforward. All properties are freehold, which means that the transfer of ownership is a quick and easy procedure. In addition, unlike the horror stories of house purchases in northern Cyprus, buying in the Republic of Cyprus doesn’t present any risks
- There are many opportunities for monetary gain in Cyprus, because a buyer can acquire an excellent return on his, or her, investment. Capital appreciation is estimated to reach 8 to 10% over the next few years meaning that there are opportunities for buyers to become developers themselves and make a profit from refurbishing properties.
- Mortgages in Cyprus can be arranged from between 60 and 80% of the value of the property and range from 7 to 10 years. What’s more, a mortgage can be arranged in a foreign currency, making it easier to buy a second, or holiday, home.
Good Times for Cyprus Developers
With the above benefits of Cyprus property in mind, property developers have wonderful opportunities on the island. In fact, many developers choose to relocate to Cyprus to begin a business there. Moreover, as one of the few countries with a flourishing property market Cyprus developers have a lot to be happy about.
Things to Consider Before Buying in Cyprus
- Some estate agents recommended buying a property that requires little or no refurbishment. In part, this advice is given because there is a shortage of skilled labourers in the Republic of Cyprus, subsequently, it can be hard to hire a qualified builder. However, if you have the ability to carry out the work yourself or have contacts in the building industry, you may find that taking on a property project is not impossible.
- If you are looking for a property to sell on or rent out to holidaymakers, consider the location of the house and the proximity of amenities. Of course, this should be a consideration when searching for a property for yourself, but particularly if you are looking to sell or rent a property.
Cyprus has stunning scenery and a wonderfully laidback Mediterranean way of life, which is currently being very good to Cyprus developers, as the country continues to attract homebuyers each year. However, if you wish to buy or develop, it is wise to do your homework.
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