Category: Cyprus

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Why buy a home in Cyprus?

Paphos - why buy in Cyprus?

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

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NEWS: Positive Trends in Greece and Cyprus Property Markets Continue to Attract Investors

NEWS: Positive Trends in Greece and Cyprus Property Markets Continue to Attract Investors

Despite economic challenges across Europe, including rising inflation and interest rates, the property markets in Greece and Cyprus are showing resilience, making them attractive destinations for both local and international investors.

Find Your Ideal Second Home in Cyprus, Greece, or the Greek Islands

If you’re looking to find your ideal second home in Cyprus, Greece, or the Greek Islands, you’ve come to the right place. Our dedicated team is ready to guide you through every step of the property search and acquisition journey. Contact us today on +44 7740 735144 or stephen@myelysium.co.uk to discover how we can help you secure the perfect second home in these stunning Mediterranean destinations. Our team is here to make your dream a reality, offering expert guidance and personalised support throughout the entire process.

Why Invest in Greece and Cyprus Real Estate in 2024?

The housing markets in both countries are driven by a combination of strong foreign investment and steady local demand. Particularly in Cyprus, the real estate market continues to thrive, with the first quarter of 2024 reflecting robust growth. According to recent data, the Central Bank of Cyprus reported a 7.8% annual increase in house prices during this period, slightly lower than the 8.3% growth seen in the previous quarter. Notably, apartment prices surged by 13.9%, underscoring the high demand in this segment.

The Growth of Luxury Properties in Cyprus

Luxury properties remain a significant contributor to Cyprus’s real estate market, with total sales reaching €2 billion. This momentum has carried into 2024, indicating sustained interest, especially from foreign buyers. In 2023 alone, 6,900 properties in Cyprus were purchased by international buyers, marking a 16% increase from the previous year.

Rising Demand for Class A Office Space in Cyprus

In the commercial sector, demand for Class A office space in Cyprus has reached its highest level in five years, recovering strongly from the pandemic downturn. Despite an increase in supply, office rental prices remain high, particularly in key areas like Limassol, Larnaca, and Nicosia, driven by consistent demand and evolving market standards.

Understanding the Booming Real Estate Market in Greece

In Greece, the real estate market is similarly robust. The Bank of Greece reported that the average house price in Athens’ southern suburbs hit €3,750 per square metre in Q1 2024, making it the highest nationwide. Piraeus led with a remarkable 28.9% annual increase in house prices. On a national scale, apartment prices grew by 10.4%, with significant gains across various regions, including Athens, Thessaloniki, and other urban areas.

Explore Investment Opportunities in Greece and Cyprus Real Estate

For those considering investments in Greece or Cyprus, the positive outlook in these markets offers promising opportunities. As the European Central Bank potentially lowers interest rates, the anticipated increase in local buyer activity, combined with an expanding supply of residential properties, is expected to balance the market, making it an ideal time for prospective buyers to explore options in these thriving Mediterranean regions.

How MyElysium Can Help You Find Your Dream Second Home in the Mediterranean

At MyElysium, we pride ourselves on delivering an exceptional level of service. Our experienced team is dedicated to helping you find the perfect second home in Cyprus, Greece, or the Greek Islands. We believe in building long-lasting relationships with our clients, ensuring that you are completely satisfied with your new property. From the initial consultation to the final purchase, we’re with you every step of the way.

Contact Us to Start Your Journey to Owning a Second Home

If you’re ready to find your dream second home in Cyprus, Greece, or the Greek Islands, look no further. Our expert team is here to assist you with every aspect of the property search and acquisition process.

Contact us today to learn more about how we can help you find the perfect second home in these beautiful and culturally rich regions. Let us make your dream of owning a second home in paradise a reality!

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In Focus : Limassol

Why Choose Limassol for Your Property Investment?

Limassol, with its stunning natural beauty and vibrant lifestyle, is a prime location for property investment. The city offers an enticing blend of modern amenities and rich history, making it an attractive choice for both local and international buyers. If you’re considering buying a property in Limassol, this city provides a unique opportunity to enjoy luxury living amidst breathtaking surroundings.

Explore Limassol’s Golden Beaches and Seafront Properties

One of the most attractive features of Limassol is its long stretch of golden beaches, making it a popular destination for tourists and locals alike. Properties along the Limassol beaches offer not only spectacular views but also easy access to a wide range of activities, including swimming, sunbathing, and water sports. Owning a seafront property in Limassol means enjoying a picturesque coastal lifestyle and a serene escape from the hustle and bustle of city life.

Invest in Limassol’s Historic and Cultural Landmarks

Apart from the beaches, Limassol is also home to a wealth of historical and cultural landmarks. The Limassol Castle is a medieval fortification that has stood for over 400 years and is now a popular tourist attraction in Limassol. Investing in property near the Limassol old town area provides access to narrow streets, charming cafes, and traditional buildings. These historic sites in Limassol not only enhance the appeal of the city but also add value to the properties located nearby.

Enjoy the Vibrant Nightlife and Entertainment in Limassol

Limassol boasts a thriving nightlife scene, with numerous bars, clubs, and restaurants to choose from. Living in Limassol means being a part of a city known for its dynamic social scene and diverse culinary offerings. Whether you’re looking to enjoy a quiet meal or a night out, the nightlife in Limassol caters to all tastes. Properties in the city centre or near popular entertainment districts offer easy access to the vibrant lifestyle that Limassol is famous for.

Discover the Shopping Experience in Limassol

For those who enjoy shopping, Limassol offers a range of modern shopping malls, boutiques, and traditional markets. Properties near Limassol’s shopping venues provide residents with convenient access to a wide array of shopping options, from designer brands to local crafts. Whether you’re looking for unique gifts or the latest fashion trends, living in Limassol offers a fantastic shopping experience.

Find Your Dream Property in Limassol

Whether you’re looking for a luxurious villa, a modern apartment, or a charming townhouse, Limassol has a diverse range of properties to suit your needs. The city’s real estate market is thriving, offering excellent opportunities for both personal use and investment. If you’re considering a long-term stay or simply want to explore the options available, check out our available properties in Limassol to find your perfect home.

Ready to Invest in Limassol? Contact Us for More Information!

If you’re interested in buying property in Limassol, contact us for more information. Our experienced team is here to guide you through the process and help you find the ideal property that meets your needs and preferences.

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Guide to Buying Property in Cyprus

If you’re considering buying property in Cyprus, here is a guide to help you navigate the process.

Determine your budget

    Before you start your property search, it’s important to determine your budget. Consider your financial situation, including your income, expenses, and any savings or investments you may have. You should also factor in additional costs such as taxes, legal fees, and property maintenance.

    Research the property market

    Research the property market in Cyprus to get an idea of the types of properties available and their prices. You can browse property websites, attend property fairs, and speak to local estate agents for advice.

    Choose a location

    Cyprus has a diverse range of locations, each with its own unique character and attractions. Consider what you want from your location, such as proximity to the beach, access to amenities, and transportation links.

    Find a reputable estate agent

    If you’re looking for a reputable estate agent to help you buy property in Cyprus, you may want to consider speaking to MyElysium. We are a well-established and reputable company with extensive experience in the Cyprus property market. We can provide you with a wide range of properties to choose from and offer expert guidance throughout the buying process. By working with MyElysium, you can ensure that you have a smooth and stress-free property buying experience in Cyprus.

    Visit properties in person

    It’s important to visit properties in person before making a purchase. This will give you a better idea of the property’s condition, location, and surroundings. You should also inspect the property for any potential issues such as dampness or structural damage.

    Get legal advice

    Before making a purchase, it’s important to seek legal advice from a lawyer who specializes in property transactions in Cyprus. They can advise you on the legal requirements of buying property in Cyprus and ensure that the transaction is conducted in a legally sound manner.

    Make an offer

    Once you’ve found a property that you like, you can make an offer to the seller. This should be done through your estate agent, who can negotiate on your behalf.

    Complete the purchase

    If your offer is accepted, you will need to complete the purchase. This involves paying a deposit and signing a contract. Your lawyer will ensure that all legal requirements are met and that the transaction is completed smoothly.

    Buying property in Cyprus can be a rewarding experience, but it’s important to approach the process carefully and with the right guidance. By following these steps, you can find your dream home on this beautiful island.

    Interested in buying property in Cyprus? Let our expert team help you find the perfect match. Reach out to us today for a personalised consultation.