Property prices in Cyprus are rising steadily in 2021: foreigners have bought 1095 properties in the country in the first five months. At the same time, house prices fell by an average of 2.7% at the end of the first quarter. We told you about the dynamics of Cypriot property sales over the last two years.
Rental returns to Cyprus range from 2 to 6.5% per annum. The average cost of renting a three-bedroom apartment is €977 per month, according to Numbeo.com.
Numbeo.com allows all users to share information about the cost of living in their country: real estate, food, travel.
The cost of renting in different cities in Cyprus
The cost of renting an apartment varies according to the region of the country. The Republic of Cyprus is situated in the southern part of the island of the same name in the Mediterranean Sea. The country is divided into six regions: Limassol, Famagusta, Nicosia, Paphos, La aca and Kyrenia.
Popular destinations for foreigners are Ayia Napa, Paphos and Limassol. Tourists rent hotel rooms, villas or apartments in the towns and villages where they vacation.
The cost of renting an apartment varies depending on the region of the country. The most expensive options for renting accommodation are in the resort town of Ayia Napa and the center of Limassol. The table below shows rental prices for apartments in major cities of Cyprus.
Average cost of renting a three-bedroom apartment in Cyprus
|La aca||La aca||€905|
Why investors buy property in Cyprus
For residency status in Cyprus to move to a European country with a developed economy, good environment and a warm climate. Investors with a residence permit in Cyprus have the right to live, do business and study in the country as locals.
After 5 years, residents are entitled to apply for Cyprus citizenship. A Cypriot passport gives freedom of movement to 176 countries around the world, including Schengen states, the UK and Hong Kong.
For holidays and property rentals. Cyprus is visited by around 3-4 million tourists every year since 2016. Therefore, the demand for rental properties is high. In 2020, entry to the country was restricted due to the coronavirus pandemic. Cyprus opened to most tourists in the spring of 2021.
Russians can fly to the island by direct flight from Moscow. To enter the country, Russians need a visa, which can be obtained free of charge through a simplified procedure online, and two tests for coronavirus with a negative result. If a certificate of vaccination is shown on arrival, a second test at the airport will not be necessary.
Wealthy people prefer to own their own home in Cyprus, so they can come and holiday on the island whenever they want. Some investors buy property, rent it out and earn extra income.
Examples of three-bedroom apartments in various cities in Cyprus
Three-bedroom apartment in a country holiday complex in Paphos. Price - from €338,000.
Rental income - up to 4% per annum
Three-bedroom apartment in a residential complex near the sea in Limassol. Price - from €460,000.
Rental yields of up to 3.5% per annum
Three bedroom apartment in a residential complex in Nicosia. The cost - from €300,000.
Rental income - up to 4% per annum
How to get a permanent residence permit in Cyprus by investment
Cyprus grants a permanent residence permit for the purchase of residential or commercial property, a contribution to a local business or an investment fund.
The investor buys up to two residential properties. The total amount of the transaction is from €300,000. Of this, the investor pays €200,000 outright, even if the property is still under construction. The rules allow only the purchase of new homes and directly from the builder.
Under the commercial real estate option, the investor can also purchase one or more properties with a total value starting from €300,000. The properties can be purchased either in the primary or secondary property market.
The investor must have a domicile address in Cyprus in order to become a resident. A document of proof, such as a contract of sale, must be attached to the application for residency.
Immigrant Invest property experts advise against putting off the purchase until the end of 2021. As long as demand and prices remain relatively low, more properties at an attractive price are available to investors.
Immigrant Invest helps you get a permanent residence in Cyprus by investment. If you want to buy property in Cyprus and become a resident of an EU member state, seek advice from the experts in the investment programmes.