Is buying a property in Cyprus right for you?

So you know and love the island and you’re contemplating buying a property in Cyprus either as a holiday home or maybe even taking the leap to move to Cyprus permanently. I mean who wouldn’t want to do that? Sunshine all year round, beautiful beaches, amazing cuisine, friendly locals and a large ex-pat community, not to mention fantastic private medical healthcare and schools.

However, it’s important to weigh up the pros and cons before you buy and make sure buying a property in Cyprus is right for you.

Here’s some things to consider:

Why should you buy a property in Cyprus?

Photo by Mike Yukhtenko on Unsplash

1. Although property Prices are now on the rise, there are still some amazing bargains for the discerning purchaser!
2. Cyprus is spectacular – the sea, the mountains, the countryside, the flora. It’s so beautiful it takes your breathe away. And with approximately 340 days where the sun is shining it’s the perfect place to have a holiday home or to spend your retirement.
3. It’s a popular tourist destination, so there are plenty of flights with two international airports operating to and from the UK, Larnaca and Paphos. Also if you’re buying a buy-to-holiday-let it’s good to know there are plenty of tourists visiting the island who will potentially be interested in staying in your holiday home. The likes of TripAdvisor, HomeAway and AirBnB have made it a lot easier to rent properties for self-catering holidays.
4. The facilities and amenities in Cyprus are of a high standard including shops, schools and medical centres. There’s also plenty to do to keep you entertained too, from 5 star golf courses, to relaxing spas. There are many shop brands that you will recognise, including – Next, Marks and Spencer, BHS, Mothercare and Ikea, as well as some amazing shopping malls with designer brands and European shops too.
5. The food is great. Prices are very reasonable in local tavernas for beautiful Cypriot meals but there are lots of international restaurant chains as well as cuisine from around the world too. Wine is also very good in Cyprus with many vineyards on the island and the grapes benefiting from all the sunshine. In fact Commandaria from Cyprus has been named as the oldest wine produced in the world.

Why shouldn’t you buy a property in Cyprus?

1. Can you afford it? It may seem obvious, but you shouldn’t buy if you can’t actually afford to so make sure if you need to get a mortgage you can cover the repayments each month and prepare for any rising interest rates. If you need to get a mortgage I would personally recommend you get the loan in your home currency or the currency of the country you have your holiday home. There are always risks in big fluctuations in currency rates which can affect the amount you pay each month drastically so budget for this if you get the loan in Euros and avoid getting the loan in any other currency such as Swiss Franc (CHF) as many buyers have found themselves in very difficult and upsetting situations where they have no longer been able to afford monthly mortgage repayments.
2. If you have unrealistic expectations about your rental income. You may have been advised from a developer or agency that you can easily expect a certain amount of revenue from renting your property and you may well be able to achieve this, but do your own research too. Have a look at holiday let sites for nearby similar properties. How much are they charging? How full is their calendar? Don’t expect to get many bookings in the first year or two either. It can take a little while to build up rentals. You will begin to get repeat bookings and collect reviews which will then encourage new guests but this doesn’t happen overnight. Offer a good discount to friends and family first and ask them to leave reviews for you once they’ve stayed.
3. If you’re not prepared to prepare for the unexpected. You know there’s bills to pay but there’s also key holding and changeover fees if you’re letting your property. Also don’t forget wear and tear. Items will need replacing if they are getting heavy usage from rentals such as air conditioning units and furniture.
4. If you hate flying – if you have a holiday home I would recommend you visit at least once a year to get the most of your property, check for repairs and carry out maintenance where necessary.
5. You should absolutely not buy a property in Cyprus if you don’t like sunshine, history, culture, beaches, sea, the Mediterranean, delicious food or islands.

So there you have it. If you are considering buying in Cyprus get in touch as I’m happy to answer any questions you have and help you along the way of your buying process. Fill in the form below or email info@cyrpruspropertyblog.com. Or to view some of the current properties on the market please have a look at Cyprus Property blog posts. We work with reputable Cyprus estate agencies and developers and can arrange viewing trips for you to view properties in wonderful locations.

I would also love to hear people’s thoughts on the pros and cons of buying in Cyprus so leave a comment below.

Rowena