Buying a Home in Cyprus: The Advantages and Disadvantages

If you are considering buying property in Cyprus there will some things that you will want to consider before taking the first step towards purchasing a home abroad in Cyprus. For instance, are you planning on buying a home to live in or to rent out? If you are buying a home to rent out then you may not know that there are restrictions on renting out homes in Cyprus.

Cyprus is a fairly popular place for foreigners looking to buy second or holiday homes. A lot of people buy homes as holiday homes with the intention of moving into them full time once they reach retirement. If you are unsure if buying a home in Cyprus is the right choice for you then you should know that purchasing a home in Cyprus is considerably cheaper than purchasing a comparable home in Spain or France. When you are looking for property in Cyprus you should remember that the island is divided as a result of the 1974 Turkish invasion. You should also know that there are some restrictions placed on foreign owners. For instance, short term holidays rentals are illegal in property owned by foreigners. As a foreigner you can only rent out your property to a Cypriot or someone that is a resident of Cyprus for a long term period. That could but a damper on your plans to holiday in your second home.

Clearly there are some advantages and disadvantages to buying property in Cyprus. Some disadvantages are as follows: Depending on your home country, it could take a considerably longer time for you to travel to Cyprus as opposed to another country like Spain or France. Some of the regions of Cyprus experience water shortages in the summer. You will experience congestion and pollution in some of the more popular areas. And during peak season the popular areas are overcrowded with tourists. If you are not careful you can buy a property with debts or with extensive renovation costs.

Some advantages to buying in Cyprus include its low crime rate and beautiful Mediterranean year round weather. You will experience low taxation in Cyprus, especially if you are a retiree. The quality of life in Cyprus is high and the cost of living is low. Almost everyone in Cyprus speaks English and they are friendly and warm people. There is a slower, more relaxed pace of life in Cyprus as opposed to most of Europe.

Those are some of the advantages and disadvantages of buying a home in Cyprus. For specific legal information in regards to foreigners owning property, such as the rental restrictions, you should contact a lawyer in Cyprus that is familiar with property laws for foreigners.