Why buy a home in Cyprus? Cyprus, strategically located in the eastern Mediterranean Sea, offers a unique blend of cultural and geographical advantages. While geographically part of West Asia, its cultural ties and geopolitics are predominantly Southeast European. Since joining the European Union in 2004 and adopting the Euro in 2008, Cyprus has become a prime destination for property buyers. So, why buy a home in Cyprus? Let’s take a look.
A rich history and culture combined with modern convenience
Cyprus is not just steeped in history and culture; it is also considered one of the healthiest places in the world to live. With a subtropical Mediterranean climate, stunning mountain ranges, traditional villages, and miles of beautiful beaches, Cyprus offers an unmatched quality of life. The island is also a thriving hub for international business, thanks to its favourable tax regime and strategic location.
With around 320 days of sunshine annually and a warm, welcoming population, Cyprus attracts approximately 4 million tourists each year. This high demand also drives the local property market, making it an appealing investment opportunity with house price inflation mirroring trends seen in other European cities.
Why invest in Cyprus real estate? Why buy a home in Cyprus?
The residential property market in Cyprus is both sophisticated and active. While still affordable compared to many other EU countries, property prices have risen significantly in recent years, making Cyprus an excellent place to invest. The buying process is similar to the UK, and non-residents can purchase property with ease. Moreover, incentive schemes are available for those interested in fast-track residency through purchasing new-build properties worth over €300,000 (subject to conditions).
Advantages for UK buyers
For UK buyers looking to buy a home in Cyprus, Cyprus offers several familiar comforts: 90% of Cypriots speak English, the legal system is based on the British model, and driving is on the left-hand side of the road. You can even import a duty-free car. The cost of living is low compared to most major European countries, and the quality of shops, supermarkets, and services is exceptional, offering a vast range of choices that often surpasses those in the UK.
Modern infrastructure and high living standards
As an established EU member, Cyprus has benefited from significant infrastructure investments. The roads are modern and well-maintained, linking the island’s east and west coasts seamlessly. The telecommunications infrastructure is advanced, with widespread access to fibre optic broadband. This high standard of infrastructure is a major draw for both residents and businesses.
Cyprus has also invested heavily in education to cater to international demand, with numerous private schools offering top-tier education. The healthcare system is another highlight, with new hospitals and high-quality health services that often exceed expectations.
Diverse leisure activities
Cyprus is one of the few places in the world where you can snow ski and swim in the sea on the same day. The Troodos Mountain range, including Mount Olympus, offers a stark contrast to the sunny beaches and bustling tourist resorts like Paphos, Ayia Napa, and Limassol. Limassol, in particular, is a booming city with luxury apartment buildings, high-end hotels, fashionable boutiques, and gourmet restaurants. For those seeking culture and history, the island is dotted with traditional villages where time seems to have stood still.
A haven for retirees
Cyprus is home to around 10,000 UK retirees who either rent or own villas and apartments on the island. Thanks to the Cyprus-UK double tax treaty, residents benefit from various forms of tax relief and exemptions, ensuring they are not taxed twice on their income or pension. Renting property in Cyprus is straightforward, and the island boasts low crime rates, minimal vandalism, and little pollution, making it an ideal place to retire.
Experience the better lifestyle of Cyprus
If you’re ready to explore the better lifestyle that awaits you on the island of love, the birthplace of Aphrodite, contact a member of the MyElysium team today. Let us help you find your dream home in Cyprus.
Ready to find your dream home in Cyprus?
Don’t wait to make your dream a reality. Whether you’re looking for a seaside villa, a modern apartment, or a traditional village home, we’re here to help. Contact us today to start your journey to owning a home in Cyprus and discover why so many are choosing this beautiful Mediterranean island for their next property investment.
Thank you for reading our blog on ‘Why buy a home in Cyprus?’. Would you like to find out more about Limmasol? Visit our recent blog here In Focus: Limassol
