Is Cyprus a good place to invest in real estate?
Are you a real estate entrepreneur looking to expand your portfolio in a popular area? You’re in luck – Cyprus could be the perfect place to invest in real estate. Drawing in residents from around the world with its sunny locales and a variety of entertainment options, it’s no surprise that the real estate industry is currently booming in Cyprus.
Whether you plan to buy a home for yourself or to rent it out for tenants, here are some of the main attractions of real estate investment in Cyprus:
Breathtaking natural scenery
A dream home isn’t just about the property itself, but also about the surrounding area. And in Cyprus, your home will be situated around some of the most stunning natural scenery imaginable. With a property in Cyprus, you’ll enjoy the luxury of heading to a beach or hitting the bright blue waters at a moment’s notice. This makes Cyprus a perfect place to buy a property for you and your family, or to sell on to tenants drawn in by the sunny weather during peak holiday season.
Lower cost of living
Once you’ve bought a property in Cyprus, you’ll be able to benefit from a lower cost of living than in most European countries. For example, if you are relocating from the UK, you’ll end up spending 10% less than you normally do. This can make a huge difference when it comes to your day-to-day budgeting, freeing up some extra cash to spend on doing the things you love, or even expanding your real estate ventures.
A perfect place to retire
If you are a retiree looking to enjoy a slower pace of life at an affordable price, Cyprus is an island that ticks all of the boxes. With plenty of quiet areas away from the hustle and bustle of the city, Cyprus is perfectly suited for a laidback retirement lifestyle. With the opportunity to sunbathe, hit the beach or go on scenic walks, you’ll never get bored with a property in Cyprus.
Lower tax rate
Concerned about how property tax might impact your real estate dreams? Don’t be. If you buy a property in Cyprus, you will be able to profit from a lower property tax rate than other parts of Europe. With a favorable tax system that makes it more attractive to invest, there’s a reason why real estate in Cyprus is so popular at the moment.
Moving to a new area can be an intimidating experience, especially if you don’t know anyone in your new home town. But with a property in Cyprus, you don’t need to worry about feeling out of place. Cyprus is known for its friendly, welcoming locals, many of whom go out of their way to make foreigners and expats feel at home. This makes it much easier to make friends in your home city, and your property will start feeling like a home in no time.
It’s impossible to talk about living in Cyprus without mentioning the incredible food options on offer. Cyprus has a rich culinary heritage and is known for its delicious Mediterranean cuisine. From fresh seafood to traditional Cypriot dishes like halloumi cheese and souvlaki, there is something to tantalize every taste bud. Owning a property in Cyprus means you can enjoy these culinary delights all year round, and there are plenty of restaurants to choose from.
If you are looking to expand your real estate business, Chris Michael Property Group could have exactly what you need. With real estate options in Paphos and Limassol, we have a range of different homes for you to turn your real estate dreams into a reality. Why not also make use of our capital gains tax calculator so you know just how much profit you could make if you were to sell some of your portfolio.