Buying a property in Cyprus
The sea and the sun are the first images that someone has when they think about buying a property in Cyprus. Also, Cyprus is an island with a great history and warm and loving people. Cyprus falls into a European standard of living, but the living expense is less than most of Europe, making the dream of buying property in Cyprus a reality. Everyone wants a dream vacation home in the sun and there are few better places than Cyprus, especially when it comes to winter and summer destinations. Even in the dead of winter, the average high temperature is 16 degrees, providing a welcome respite for visitors from the cold of northern Europe.
Buying property in Cyprus can be a very pleasant and stress-free experience. As in many other EU countries, buying property in Cyprus is a very easy and straightforward procedure. As long as you hire an attorney who specializes in real estate matters, you have nothing to worry about. Buying property in Cyprus is an excellent investment, especially for those who want a holiday home or investment property. Since Cyprus became a full member of the EU, its economic growth has progressed steadily, resulting in increasing popularity.
If you are thinking of buying property in Cyprus, now is the time to do it. With ambitious plans to build new tourist attractions including 10 major golf courses in addition to the three already open, two new marinas, yacht clubs and sports centres, the island’s future is bright.
While buying property in Cyprus is an attractive option, there are certain legal and procedural aspects that need to be considered; Loans and Mortgages. Banks in Cyprus have more or less the same policies. As long as you can put up around 25-30% of the sale price and your net monthly income is twice the proposed monthly dose, you can get a mortgage to buy property in Cyprus.
When you buy a property in Cyprus, also take into account the additional costs that you will have to face, such as lawyer’s fees, stamp duty and transfer fees. Although these costs are lower than in many other European countries, they are good to keep in mind when setting your budget to buy property in Cyprus.