How Brexit is affecting purchasing a property in Cyprus
With another new year, it’s time for many of us to reassess our lives, and our goals. To determine what we really want, and where we’d love to be. Living your life under the Cyprus sunshine could be your dream, but in 2022 it could also be your reality. Whether you’re looking for a permanent residence or a holiday home of your own, to visit whenever you want, here’s all the information you need to start out on your journey to home ownership in Cyprus.
Living the Cypriot lifestyle
Living in Cyprus can take a little getting used to, but in a very good way! You’ll find people take life a little slower in Cyprus, there’s less rushing around, and more appreciation for the good things in life such as long leisurely meals with friends and family. Of course, the fantastic climatealso brings with it the chance to spend more time outdoors, partaking in sports, strolling along the sea front, or simply unwinding around the pool.
A closer look at the Cyprus property market
The property market has been doing very well over the last few decades, improving year on year. Of course, the market has been hit slightly by the pandemic, reducing supply and demand, but there are still plenty of amazing properties available at some very reasonable prices.
Buying Cyprus property when you live in another country
It’s entirely feasible for foreigners to buy property in Cyprus. If you live within the EU then it’s very simple. In fact, for EU residents there are no restrictions at all. The rules are the same as if you were a Cyprus citizen. If you live in the UK, there are now some extra regulations in place due to the UK leaving the EU, but you’ll still find the process more straightforward than purchasing property in many other European countries.
Post-Brexit property purchasing rules
Now the UK is not in the EU, would be classified as "third country nationals" and the rules for purchasing property in Cyprushave changed. Thankfully, once you’re clear on the rules, it’s not really too complicated. To outline the process, here are the main facts…
- UK nationals are permitted to purchase one Cyprus property and can hold the freehold.
- UK nationals are permitted to purchase land, villas, houses and apartments not exceeding 4014 m2.
- UK nationals can stay in Cyprus for up 180 days without a visa. To stay longer a visa is required.
- When entering a sale, permission must be granted from the Council of Ministers. This is rarely refused.
Approximate prices in different areas
Prices vary a lot from area to area. It’s well worth taking a look at properties in different areas as you may find you get more for your money in some areas compared to others. Of course, property prices change all the time, but here are some figures for the average prices:
Nicosia - apartments €130,728 & houses €432,517
Limassol - holiday apartments €264,624 & holiday houses €828,597
Larnaca - holiday apartments €205,057 & holiday houses €336,195
Paphos - holiday apartments €116,421 & holiday houses €467,305
Famagusta - Paralimni - holiday apartments €132,986 & holiday houses €438,794
(Source: RICS Cyprus)
How to make the process as simple as possible
While buying property is never without its complexities, there’s no need for the process to be stressful. Choose a reputable company to deal with your purchase and you should find the process a straightforward and even enjoyable one, taking those steps to making your dreams come true.
You can read more in our buying Guide: https://sweethome.cy/about/cyprus/buying-guide
Sweet Home Estates – we’re here for you
With more than 15 years’ experience working with the top property developers in Cyprus, our knowledge and expertise of property purchase and relocation from overseas is vast. It’s important to us that our customers experience a smooth process from beginning to end, and so we’re always here to answer any questions and offer advice. Will 2022 be the year that you make the move to Cyprus? Why not take that first step and visit our website today, who knows where it might lead?