Cyprus property market overview
When compared to other European nations, the Cypriot property market is comparatively inexpensive.
There are, however, a number of restrictions for non-residents when purchasing or renting property in the nation that you should be aware of.
Prior to Cyprus's accession to the European Union, it was usual to invest in Cypriot real estate due to its inexpensive pricing in compared to other European countries.
However, Cyprus was joined to the EU in May 2004, and this membership was followed by regulations that prohibited the buying of real estate.
If you're thinking of renting out your house to help pay off your mortgage and other expenses, you should be aware that there are now different leasing limitations in Cyprus. According to Cypriot legislation, property owned by foreigners who are not inhabitants of Cyprus may only be rented out on a long-term basis to Cypriots or EU nationals who live there.
In other words, short-term vacation rentals are unlawful. If you wish to rent out your home in Cyprus, you should seek competent legal counsel on your specific case.
Despite the low pricing, don't expect to earn a rapid profit while purchasing a house in Cyprus. However, because of the thriving property market, an increasing number of brokers are now promoting what they call "investment opportunities." It is typically smarter to do what the Cypriots do - most locals do not purchase and sell for profit, but rather see property as an investment in their family's future rather than a financial investment.
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