Cyprus is one of the more popular real estate markets in the world. Activity in the real estate market in Cyprus is brisk, including foreign nationals who buy and sell real estate Non-Cypriots have been involved in all areas of the real estate market. Foreign nationals have been found to invest in commercial, investment and residential real estate in all areas of the country.
Most industry experts maintain that the property market in Cyprus should continue to do a brisk business well into the coming decade. With the entry of Cyprus into the European Union, more and more foreign nationals from EU member states likely will become involved in the Cypriot real estate market.
There are no prohibitions on foreign nationals purchasing real estate in Cyprus. However, a foreign national must obtain prior permission from a Cypriot governmental agency in advance of making the purchase of real estate in that country. Generally speaking, this approval is relatively easy to obtain — although the process of obtaining the permission can be rather time consuming
Investment Property in Cyprus
One of the primary areas that foreign nationals have become involved when it comes to property investment in Cyprus is in the resort and vacation property arena. Cyprus remains a very popular destination for people on holiday. As a result, foreign nationals have taken to buying apartments, single family residences and hotel properties which in turn are utilized by men and women on holiday.
Over the course of the past decade, a number of foreign nationals have profited dearly through investments in real estate used for vacation or holiday purposes in Cyprus. Indeed, because this type of venture has proven so profitable for some foreign nationals, these men and women have taken to purchasing and investing in multiple property holdings in Cyprus. Again, and has been noted, this is particular true in the area of investment in properties that are intended to be used for vacation or holiday purposes. Now we are seeing more interest in North Cyprus property investment as more and more visitors to the island become familiar with the north side of Cyprus.
Residential Real Estate in Cyprus – Single Family Properties
A significant number of foreign nationals have established second homes and holiday homes in Cyprus over the course of the past thirty years. The trend towards purchasing second residences and holiday homes in Cyprus continues on to this day.
One of the more recent occurrences in regard to holiday or vacation s in Cyprus involves the creation of significant developments that are designed exclusively for people who want gracious residences on Cyprus. These developments in many instances are taking the form of gated communities for the security conscious foreign national who wants to idle away part of the year in Cyprus.
In addition, some foreign nationals have determined the benefit of purchasing oIn addition, some foreign nationals have determined the benefit of purchasing older residences in the country and embarking on improvement and remodeling campaigns to bring them up to date. In some instances, these men and women are rehabbing properties and putting them back on the market — making nice profits in the process.
Residential Real Estate in Cyprus – Apartments
The Cyprus apartments market is bustling in the 21st century. With Cyprus movement into the EU, a significant number of foreign nationals from other EU nations are finding themselves in the country with some degree of regularity. In this regard, many of these business men and women have turned to spending a significant amount of time in Cyprus each and every year. Rather than hole up in a hotel, these men and women have taken to buying cheap Cyprus apartments.
Some of these business minded people have gone so far as to rent or lease out their apartment properties when they are not in the country on business — making their apartments an income generating enterprise. sed apartments for In some resort communities, men and women from foreign countries have purchased apartments for vacation and holiday purposes. There is a wide range of different types of apartments of available for sale in resort areas in Cyprus.
Holiday Property in Cyprus
As referenced previously, sales in holiday homes in Cyprus is brisk business in the 21st century. One area in which foreign nationals have been active in the market is the purchase and ownership of single family, free standing residences on the island. These types of residences generally do come with some fairly hefty price tags.
In addition to larger residences that are being purchased with regularity by foreign nationals, many foreign nationals have taken to purchasing holiday apartments in the country. In some instances, these foreign nationals have turned these types of property into something of a lucrative investment. For example, when they are not in residence in Cyprus, these men and woman are turning around and leasing out these holiday residences to other individuals — including many foreign nationals — who then use these residences for their own holiday purposes