Buying property in Cyprus is an excellent investment in the future. It gives the right to obtain permanent residence. It is especially attractive for foreigners that, in addition to the mild climate and unique nature, they can also get housing in one of the most tranquil corners of Europe.
Property in Cyprus for holidays, living, investment
According to data from the end of February 2023 from the Department of Lands and Geodesy of the Republic of Cyprus, real estate sales increased by 8% compared to February 2022. This is the highest figure for February since 2008. The calculation considers the number of contracts received for storage in the land cadastre departments.
Since the beginning of 2023, 2,222 transactions have been registered, which is 17% more than the same period in 2022.
Property for foreigners in Limassol for sale is the most popular. The largest number of real estate transactions have been taking place here for several years now.
For foreigners, the Republic of Cyprus is a fairly attractive country. Firstly, it is part of the Eurozone; secondly, permanent residence, and subsequently citizenship, provide the opportunity for visa-free entry into 159 countries; thirdly, there are no residency requirements in the republic.
The acquisition of real estate includes certain stages:
- An object is selected. The legal purity of the selected property is checked. This issue should be dealt with by a hired lawyer registered with the Cyprus Bar Association. He checks the presence of encumbrances on the property, the seller’s right to the property, confirmed by the Title Deed document, and other nuances.
- Next, the object is reserved. The buyer makes a deposit in the amount of 1–3% of the stated price, and the seller removes the property from sale for a period of one or one and a half months (the exact period is negotiated). After the reserve period, an initial payment of 30% of the total cost is made, and a purchase and sale agreement is signed.
- The next step is to obtain permission to purchase. The Council of Ministers of Cyprus issues it. An application is submitted with a package of necessary information about the buyer, his finances, the object of purchase, payment terms, and so on. The procedure can last three months.
- The agreement is registered in the land cadastre within a month from the date of its signing.
- The remaining amount is paid. A document is issued indicating the rights of the new owner. The land registry staff prepares the certificate, provided that 100% of the cost of the property has been paid. Sometimes, it is not received immediately after the transaction is completed but after several months.
The best places to visit
Ancient ruins of Cyprus. In a marvelous place above the sea lie the ruins of an early Christian basilica of the 5th century (Kourion). In the lobby, visitors are greeted by an inscription on the mosaic floor that reads: “Enter and bring happiness to this house.” In the central room of the house, there is a wonderful mosaic with four scenes, of which the scene with birds and fish is especially beautiful. The most famous of the other mosaics presented here is Ktisis (“Creation”) in the form of a stern woman with a measure, the length of which corresponds to a Roman cubit. The nearby theater was built at the end of the 2nd century BC. e., made of heavy limestone blocks in Hellenistic style, today used for the summer Shakespeare Festival and other performances. His orchestra (stage area) was round. The classical tragedies of Euripides and Sophocles or the comedies of Aristophanes were staged on a small raised stage. The audience sat in a fan-out auditorium and listened to the performances of masked actors and a choir.
Troodos, Agros – tourist trip around Limassol. If you take a country road from Limassol to the north, the first interesting place will be Kalokhorio. The local Church of St. George (Áyios Yeoryios) is notable for its frescoes. Zoopiyí, further north, is famous for its smooth, slightly nutty Commandaria dessert wine, which you can try here. Agros (Agrós), spread out in a semicircle on terraces at more than 100 m, is considered the center of all Pitsilia and has the best hotel in the area – Rodon. Roses grow around it, from whose petals rose water is made in the spring. Agros is also famous for its meat products: a special type of smoked loin (lundza), cold smoked ham (hiromeri), and spicy country sausages (lukanika). In the village church of Panayiá Eleoussa (19th century) hangs an icon of the Virgin Mary, which is said to have been painted by the Evangelist Luke himself.
Troodos is the highest resort village in Cyprus (altitude 1725 m). It is popular both in winter among skiers and among vacationers in the summer. There is a lift to the Olympus slope (1952 m), mountain huts for skiers and ski rentals. In addition, there are many walking routes in the surrounding area. From Troodos, through a landscape of stunning wild beauty with mighty pine and poplar trees, a winding road rises to the monastery of Trooditissa. Its main church was built in 1731 on the foundations of a 13th-century building. The interior decoration with walnut carvings seems quite provincial. In later times, the miraculous icon of the Virgin Mary was encased in gold and silver. Only Orthodox Christians are allowed into the monastery.
If you are considering options for purchasing property in Cyprus, use the site cyprus-real.estate – a useful source of information for you. Experts advise on legal support, financing, and taxation when purchasing property in Cyprus. Professional specialists are always ready to help you make the right choice and provide you with safety and confidence at every stage of the transaction.