Cyprus is a large Mediterranean Island well known for having gorgeous beaches, high quality living conditions, and a convenient geographical location that is ideal for purchasing an investment property. In this blog article, we will cover everything important you need to know before buying an investment property in Cyprus, such as where to buy and what are the benefits of buying.

Why invest in Cyprus property?

Cyprus is one of those countries that offer highly attractive investment opportunities, and it has one of the highest real estate returns. It is one of the most stable countries in Europe, and the property market is ever-growing. With low costs of living and a low tax rate, many people are interested in investment properties and are attracted to the benefits that it offers. Many developers are offering beneficial and flexible payment schemes or investment incentives that work differently in different locations and areas. The market selling prices are also stable, which means that if you want to sell off your investment property in the future, the returns will likely be good.

What is the process of buying your investment property in Cyprus?

Buying properties in Cyprus is quite simple and if using a good independent lawyer who helps with the purchase of the investment property it shouldn’t be too stressful or difficult as they will take care of all the legal matters. Before purchasing the investment property, whether you are visiting on a viewing trip or investing from afar, there are a few things you need to consider.

1.    Verify the ownership of property

If you have visited a property and you are interested in it, then the very first thing you should do is verify the authenticity of the property. If you are unaware of how the process takes place, then hire an experienced person to do the job for you. Make sure that the person who is selling the property is the real owner of the house.

2.    Ensure the availability of title deeds

Ensure the availability of title deeds. Properties that are up for sale in the south of Cyprus should have title deeds to their name. Or if buying off plan they should have unencumbered title deeds which will be available to transfer. This will ensure that no issue occurs when the property is finalised for sale. Make sure that you check the original title deed before the purchase takes place. Always consult someone who is experienced in the investment property consultation so that you have no regrets later on.

It’s also worth checking if there are multiple owners of the title; i.e. different family members who will need to approve the title.

Make sure that you register your purchase with the District Land Office to secure the investment property rightfully.

3. Check building permissions

If you have hired a lawyer for the check and balance procedure, they will help you verify that the property you are planning to invest in has the correct planning and building permissions in place, and the agreement is flawless without any restrictions. Also, make sure that there are no additional taxes or payments for investment on that land that you weren’t expecting.

If you’re buying a resale property check that changes to the property such as extensions, converted buildings and swimming pools have all the correct building permissions so you don’t have any issues in the future.

4. Factor in ongoing fees

If you’re buying on a resort or development there will be maintenance fees to consider. Also make sure you are aware of other fees such as local taxes. Some municipalities have a small local tax for landlords as well as the council tax for tenants.

5. Be aware of other planned development in the area

This may have a positive or negative impact on your investment. Find out what other developments are planned nearby or potentially what could be planned; i.e. could that stunning sea view potentially be blocked if the farmer owning the field between you and the beach sales up to a developer?

6. What’s included in the property sale price and can you negotiate?

It’s a buyers market right now so don’t be afraid to negotiate. Make sure you have everything included in the property purchase listed in the contract before you sign.

Cyprus Property Viewing Trip Checklist

Book a viewing trip with us and we will send you our Cyprus Property Viewing Trip Checklist.

We only refer our readers to top agencies and developers that we recommend. We will book you into a viewing trip with one or more agencies and developers. Once confirmed we will send you our guide and checklist for viewing property in Cyprus. This is exclusive to readers of the Cyprus Property Blog.

Where makes a good investment in Cyprus right now?

Aphrodite Hills is excellent if you’re looking for long term tenants. It has a golf course, village square with restaurants and a costa coffee, making it ideal for holiday lets too.

Minthis Hills is perfect if you’re looking for an high end investment which is completely managed by the resort and offers good returns.

Limassol has lots of new city apartments that will make excellent investments!

Anarita is a quiet traditional village with great connections to the main road connecting Limassol and Paphos and to Paphos International Airport. As such it is a very popular location for ex pats, professionals and families.