You may have heard some people say that Cyprus is a cheap place to live and visit. However, the reality is there is a price tag on everything in the country, so you need to be prepared for a shock. When it comes to property, Cyprus has some of the most expensive houses in Europe.
What is the cost of property in Cyprus?
Property in Cyprus is a popular investment for many people. The cost of property on the island can vary greatly, depending on the location and condition of the property. For example, a small, one-bedroom apartment in a busy city can be priced at around $100,000. However, a similar property located in a rural area can be much more expensive – up to $1 million or more.
Why is the property in Cyprus so expensive?
If you’re thinking of buying property in Cyprus, you might be surprised at the cost. Property prices in Cyprus are some of the highest in Europe, and they’re not likely to go down any time soon. Here’s why:
- The Economy In Cyprus Is Still Struggling
The economy in Cyprus is still struggling, which is causing a lot of people to lose their jobs and move away from the island. This means that there are a lot of people looking for new property opportunities, and the prices for those opportunities are high.
- The Government In Cyprus Is Trying To Boost The Economy
The government in Cyprus is trying to boost the economy by increasing the value of the currency. They’ve done this by raising interest rates, which has made it harder for people to buy property.
- There’s A Lot Of Competition For Property In Cyprus
There’s a lot of competition for property in Cyprus because there are a lot of people looking for new investment opportunities. This competition keeps prices high, even though there may not be a lot of available properties.
Pros of buying property in Cyprus
There are a number of reasons why people might consider buying property in Cyprus, property in Cyprus is not cheap. When you take into account all the associated costs – such as taxes, maintenance, and insurance – it can be very expensive to buy property on the island.
Even if you manage to find a property that’s available for purchase, you’ll likely face high prices and restrictive lending policies. Before making any decisions, it’s important to understand both the pros and cons of buying property in Cyprus.
The Pros of Buying Property in Cyprus:
-Cyprus is a beautiful and well-developed country. This means that there are plenty of opportunities to find quality properties that will meet your needs.
-Property prices are relatively low compared to other countries in Europe.
-The local currency, the euro, is strong and stable. This means that you’ll be able to easily transfer money into euros when you want to make your purchase or carry out repairs.
-Cyprus has a competitive tax system, which makes it an affordable place to live and invest.
-Lenders are willing to provide you with loans for property purchases, making it feasible to buy a home.
Alternatives to buying property in Cyprus
Property in Cyprus is an expensive proposition. The cost of purchasing a home can be a major shock to someone who is used to more affordable housing prices in other countries. Here are some alternatives to buying property on the island:
– Rent an apartment: This is a great option for people who are not ready to commit to purchasing a home outright. Apartment rental prices in Cyprus range from around €350 per month for a small studio to €1,200 per month for a three-bedroom apartment.
– Invest in real estate: Another option is investing in real estate. This could be through buying the property directly or through investing in a property development project. Real estate prices in Cyprus vary depending on the location, but they are generally much cheaper than home prices.
– Consider moving to another country: If buying property in Cyprus is not an option due to cost, people might want to consider moving to another country with cheaper housing prices. This could be a good option if someone plans on staying on the island for only short periods of time or if they are not eligible for citizenship in Cyprus.
Wrapping It Up
If you’re thinking of buying property in Cyprus, it might be a good idea to prepare yourself for the cost. The average price of a home in Cyprus is around €220,000 (£185,000), but that figure can reach up to €1 million (£767,500) if you’re looking at properties located on the more popular islands. If you’re not prepared to pay that much for the property, don’t worry — there are plenty of other options available on the island. However, bear in mind that prices can change rapidly. So it’s always worth keeping an eye on developments in the market before making a decision.