SALE AND PURCHASE OF PROPERTY IN CYPRUS
The law governing the acquisition of immovable property in Cyprus by foreigners is the Cypriot Acquisition of Immovable Property (Foreigners) Law, Cap. 109 of the Laws of Cyprus (hereinafter referred to as “the Law”), as amended from time to time.
In 2003 [Law 54(1)/2003], and by reason of Cyprus’s entry into the European Union on 1/5/2004, the above Law has been amended giving to EU citizens and EU companies more but not absolute rights in acquiring immovable property in Cyprus. Cyprus had the right to maintain for five years from the date of accession, restrictions on the right of E.U citizens and E.U companies to acquire residence for secondary use. Even though there has been no amendment in the said Law since 1/5/2009 by the instructions of the Government there are no restrictions to the E.U. citizens.
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Some tips for buying property in Cyprus
With the Cypriot real estate market at an all time low now, this has to be the right timing to invest in the various areas in which property developers are selling in.
One of the leading locations of this real estate boom is Limassol Cyprus. So, just in case you too are thinking about investing in property in Cyprus, here are some tips on how to go about it
Houses and Villas
Since Cyprus is mainly known for its tourism and its allied sectors, most of the properties for sale in Cyprus are targeted towards these industries. There are many families looking for an apartment or house or villas for sale or rent in Cyprus.
Where to buy
Some of the most important cities include the region of Ayia Napa, which was once a small fishing village and today one of the most popular points in the map of tourism in the region. The region of Paphos Cyprus is also an important area and seeing many many bargains available.
All property in Cyprus, Limassol, Larnaca, Paphos make a great investment as they can be rented out to tourists and families at comparatively higher prices during the seasons when the tourism is at its peak in the area.
Foreigners can invest in property in Cyprus thanks to the flexibility of the legalities within the region. Even those outside of the EU can now invest and get an immigration visa for non EU citizens in Cyprus.
To search for properties in Cyprus use our totally free Cyprus property search service, we have many many years of personal experiences of buying and selling property in Cyprus