Many people are jumping on the opportunity to own property in Cyprus˳ A beautiful, island destination, Cyprus has lured potential property owners with more than its charm˳ The economy is booming˳ Tourism is on the rise˳ And property values are expected to spike dramatically in the near future˳
If you have read about all that Cyprus has to offer and are dreaming of owning Cyprus property, there are some practical considerations that you should make˳ Fortunately, there is an abundance of information about purchasing properties in Cyprus˳ You should take advantage of it˳ Learn all you can before making a decision to buy property in Cyprus and think about the following practical considerations:
o Do you plan to move to Cyprus or simply purchase a holiday home on Cyprus? How you will use the property will determine what type of property you will buy and how much it will cost to keep it maintained˳ If you choose to purchase a vacation property, you will have to pay a management company to maintain the property˳ Of course, you could rent the property out to make some extra money when you’re not using the home˳
o Can you afford the property? A second home can be very expensive˳ Make sure that you know all of the cost involved˳ If you plan to move, there may be additional expenses that come along with living in a foreign country˳ Make sure you understand all of these costs fully˳
o Can you make a living on the island? The economy on Cyprus is booming, but will you be able to make a living˳ If you posses certain trade skills, you should find out if these are in demand on the island before you make the decision to relocate˳
o How long with you hold onto the property before you sell it? You should always have a financial plan for the future˳ If the property is an investment, have a clear idea of how you will manage your investment˳
There is a great demand for housing on the island of Cyprus˳ If you plan to develop vacant land, you will need to understand all of the legal aspects of developing Cyprus property˳ For example: It is not uncommon for it to take up to five years to receive a property title/deed for your property˳ You will still be able to develop and sell your property; however, you will need to understand how to legally do so˳
There are also a few non-resident restrictions that you will need to consider˳ Currently, non-residents are only allowed to own one piece of property on Cyprus˳ This could present challenges if you planned to parcel off land, develop it, and sell each parcel individually˳
While there are many practical considerations that you need to make before buying Cyprus property, it is not that much different from purchasing property elsewhere˳ You should always do your research and make all real estate purchases with both eyes wide open˳
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