There are countless reasons to purchase property in Cyprus, be it an investment or for the purposes of permanent relocation. There is no shortage of properties either and buyers always find they have dozens of options to choose from at many different price points, from the cheapest studios located far from the hustle and bustle of the city to gorgeous multi million euro penthouses located right by the shoreline in any of the island’s major cities. Buying a home on the island, especially since the Cyprus real estate market has been experiencing a boom in recent times, is a great investment. Even through the pandemic, Cyprus’ real estate industry continued to grow partially due to the fact that the island was no as hard hit as some other countries around the world. Property is in high demand in Cyprus as can be seen from the fact that prices keep on rising and developers are working overtime to churn out new properties every year. All these factors combine to create an almost inexhaustible list of houses for sale in Cyprus. 

Foreigners often decide to buy properties in Cyprus either as investments or as vacation homes in which to spend their summers. The Mediterranean island is known for its beautiful beaches, warm sunny summers and great quality of life which is why so many foreigners choose Cyprus as the place to buy or build a second home. Property in Cyprus, like in many other places around the world, is not cheap and purchasing a building or a piece of land costs a not-insignificant amount of money. However, becoming a property owner in Cyprus is a lot easier in Cyprus than in other countries in Europe. A luxury apartment in Cyprus is perfectly within reach of the average high end property buyer but there are also countless other options for sale that cater to the tastes of both the ultra-wealthy and those on a stricter budget. 

Reasons to buy a luxury home in Cyprus

There are so many reasons to buy a house in Cyprus that it almost seems easier to list the reasons not to. Those who buy a luxury home on the island with the intention of using it as their primary place of residence often find that the purchase is certainly work every cent as buyers often report a major boost to their financial security, mental health and overall well-being. In addition to providing access to exclusive neighbourhoods near gorgeous beaches, the purchase of a luxury property in Cyprus provides the buyer with easy access to a permanent residence permit, allowing them to live in Cyprus permanently if they should so wish. This is the reason why a large number of non-EU residents see so much value in the purchase of a piece of property in Cyprus, it makes it possible for them to live in one of the most beautiful places in the world all year round. 

The real estate industry in Cyprus can accommodate a range of budgets, even when it comes to luxury properties. There are opulent, exclusive apartments and detached houses on sale for as little as half a million euros while the most expensive house on the island, a gorgeous sprawling affair located right by the sea, costs €30 million. Other incredibly luxurious if slightly less pricey options can be found in The One Limassol, the tallest building on the island. Each of its 83 apartments is on sale for nearly 11 million euros. There are countless other luxury properties available and more keep going up, each one more luxurious and exclusive than the last. 

The sale process In Cyprus

The process of selling a piece of property in Cyprus is very similar to the process of selling a house in the United Kingdom. The seller makes an offer, and once it is accepted, the buyer pays a deposit to bind the owner and have the property removed from the market and secure it at that day’s price. The process generally only takes a few days from start to finish meaning a buyer can easily go from prospective buyer to the happy new owner of a luxury villa by the beach in under a week. The buyer is required to pay between 20% and 30% of the value of the property upon signing a contract of sale and they can then draw up a payment plan to clear the remainder, usually in the form of periodic instalments until delivery. 

Foreigners are required to apply to the Cypriot Council of Ministers for permission to purchase a property and they generally will not receive the title deeds until the council grants permission to purchase. This is usually just a formality and applications are rarely refused but buyers are encouraged to ensure that their contract includes a clause that outlines the steps that should be taken in the event that permission to purchase is not granted. 

Cities to buy in

The most popular cities among buyers of real estate in Cyprus are Nicosia, Limassol, Paphos and Larnaca. Nicosia is an obvious choice since, as the capital, it is where a number of important institutions and services can be found in addition to be the central hub of business on the island. The city also happens to be very centrally located meaning the entire island is easily reachable from a luxury house located in Nicosia. There are also countless houses available for sale, both very affordable yet comfortable studios and grand luxurious apartments worth millions. 

There are a number of luxury developments for purchase in and around Nicosia, including Nicosia 360, a marvel of architecture located right in the capital and some of the largest shopping centres in the whole of Cyprus. Buying a house in Nicosia is purely a matter of preference as availability is by no means a limitation. Limassol, on the other hand, is a rapidly developing business and leisure hub which a number of developers, both from Cyprus and elsewhere, have chosen to turn into a world class city. The skyline is full of incredibly tall glass buildings that can be seen from far away and the area around the city is full of resorts and highly exclusive neighbourhoods with countless high end properties currently on the market for anyone looking to buy a house in Cyprus. Similarly, Larnaca has seen a surge of growth over the past few years and it is quickly becoming a tourist attraction with many buyers choosing to purchase luxury apartments and houses and turning the city’s neighbourhoods into elite suburbs. Paphos is another favourite among aspiring property owners. The city, though somewhat further away from the capital than other cities, is a sight to behold. It is located right by the sea and is home to a number of beautiful pieces of property, both old and new that are available for sale right now.