Property in Cyprus 
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Cyprus Property News

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We give sharp, insightful comments on issues affecting the Cypriot property market. No nonsense reflection of current events and market trends as well as news on property tax and general legalization changes in Cyprus.

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Cyprus Property News

Dream a little bigger when buying property in Cyprus.

Date: 03/11/15

Resale property in Cyprus is excellent value for money.

Many properties are now offered as low as half price of 2007 peak, when converted from Cyprus Pounds into euro (Cyprus Pound x 1.71 = Euro). Another significant factor contributing to great value in Cyprus property is strong pound sterling, which currently at a near 10 year high against the euro. To many shrewd investors it’s plain that there are exceptional bargains available in the resale market.

Recent moves by both Bank of Cyprus and Hellenic Bank to offer mortgages to foreigners after a four year absence bring the tantalizing prospect of hungry buyers sliding into something bigger than may have been originally intended. We recommend that buyers looking to obtain a mortgage here in Cyprus err on the side of caution with a projected contribution of around 50%. 

Where in the past a buyer with a 200,000 euro cash budget may have looked at the lower end of the detached villa market or upper townhouse/apartment, now such a customer can take their contribution of around 140,000 British pound and dream a little bigger into a 400,000 euro luxury villa.  

Every market is cyclical and it’s fair to say that Cyprus property has truly bottomed out. Thus there are superb opportunities for market-aware buyers to obtain the property of their dreams. These buyers are here today. Cyprus government has also helped provide market momentum by slashing property transfer fees in half and abolishing capital gains tax on all properties purchased until 31/12/2016.

Has there been a better time to buy? We don’t think so.
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