Residential Real Estate

Residential real estate in Cyprus

Real estate in Cyprus is a fast way to acquire permanent resident status, a way to optimise taxes, as well as make a profitable investment for capital diversification and business goals providing a high return on investment.

Today, Cyprus is developing rapidly and steadily, the real estate market is showing steady growth, and increasingly more companies are relocating to the island, most of which are engaged in the IT sector.

Thus, the demand for real estate purchase in Cyprus is growing, just like prices for real estate. Therefore, the purchase of lodging on the island is primarily a wise investment.

People purchase residential real estate here mainly to:

• live there;
• acquire permanent resident status;
• rent out the property.

These goals often intersect with each other, since you can buy real estate in Cyprus that will you eligible to obtain a permanent residence permit, and then rent out the apartment during the season, and live in it during the low season (from November to April). Thus, all three goals can be combined into one.

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Types of real estate in Cyprus

Residential real estate in Cyprus is represented by several types of modern development, each having its own advantages and specifics. Only bedrooms in the country count as rooms, which means that when buying a two-room flat, you will essentially buy three rooms – 2 bedrooms + one living room.

Types of residential real estate in Cyprus.

Apartments

Substantially, these are flats in a multi-unit residential building, yet they are distinguished by an open layout, extensive space, and a high level of design and comfort in terms of materials and technology. The kitchen, dining room, and living room are usually one room with zoning. The number of bathrooms most often depends on the number of bedrooms. Each lodging usually must include at least one terrace, yet it is not uncommon here to have both a balcony and a spacious terrace.

Apartments are located in compounds. There are almost no large compounds with dozens of flats in Cyprus. Most often, your building will have no more than 5–6 to 15 apartments. Each flat always comes with a parking spot, while a storage room is optional. Many compounds have the local infrastructure – a shared swimming pool, a gym, a landscaped garden, and a barbecue area. Upper floors are most often penthouses with private rooftop access, where you can have a private garden, a swimming pool, or a hot tub.

Villas (houses)

In Cyprus, villas are detached houses with 1 or 2 floors and a private parking spot and a plot that may include a private landscaped garden, a swimming pool, a leisure and barbecue area.

Villas are usually located within compounds. One compound may include several villas, yet each of them is isolated from the neighbouring ones, which ensures your privacy and peace.

The number of rooms ranges from 2 to 5 or 6 depending on the house area. You can buy a villa with a tailored interior design and built-in furniture and appliances. Underfloor heating is installed almost everywhere, and the Smart Home system is a frequent option, too.

Townhouses

A townhouse is lodging in a multi-unit residential building. However, there are no shared entrance areas. Each lodging has a private entrance, and side walls are adjacent to the neighbours' buildings.

This type of real estate can either come as a one-storey, or 2 or 3-storey property.

Furthermore, the compound usually has a shared swimming pool and leisure area.

A townhouse is an option somewhere in-between a villa and an apartment. It comes with the same advantages in terms of storage, parking, appliances, and interior design, as the other types of real estate.

Semi-detached villa

An semi-detached villa is lodging somewhere in between a villa and a townhouse. This is a duplex house as if there were only two townhouses in the compound.

This type of real estate is designed for two families only. The number of floors ranges from 1 to 3. Each owner has their own private entrance, and there is only one shared wall between them. The roof and garden can be shared, too. The swimming pool can be shared for the compound or shared for each specific semi-detached villa.

You can buy all these types of houses in Cyprus. SPM Real Estate specialists will help you choose the best property for you and your goals.

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Cities where you can buy real estate and their advantages

SPM Real Estate offers to buy real estate in all regions and cities of southern Cyprus, namely:

• Limassol;
• Paphos;
• Larnaca;
• Ayia Napa;
• Polis;
• Nicosia;
• Paralimni;
• Protaras.

Each of the regions has its own specifics. Limassol is the country's business centre, Nicosia is the capital, Paphos is a historic developing city, and Larnaca and Ayia Napa are popular resorts.

Depending on your life and business goals, our experts will help you choose the best real estate for investment in Cyprus.

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Prices for real estate in Cyprus

Just like anywhere, prices for real estate in Cyprus vary. Most often housing in the city centre or away from the coastline is usually available at affordable prices. However, if you want to buy an apartment by the sea, you will have to pay a little more, as this location is very popular.

Prices also differ depending on the city. For example, in Limassol, the cost of housing will be higher than in Paphos, and Larnaca and Famagusta belong to the middle segment.

In most cases, investors prefer to buy real estate in Cyprus worth EUR 300,000 or more. This is because you can acquire permanent resident status under the accelerated procedure upon spending a determined amount on housing.

In any case, the acquisition of real estate on the island is not only about the walls, but rather about investment, liquidity, and return of funds at a high ROI. You can pursue business goals and make a profit even by buying a villa or apartment for your own living. Our specialists will help you choose a property and develop a business model for you by calculating the risks and making a realistic forecast.

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Advantages of buying real estate in Cyprus

When buying real estate in Cyprus. you get several advantages:

• optimisation of taxes, because the country has a very mild tax climate and one of the lowest tax rates (only 12.5%);
• high rate of return on investment — the real estate market and demand for it are growing, which enables getting a good ROI;
• life in a safe country — the island is the 5th safest place in the world, there is virtually no crime, and even petty theft is rare;
• high standard of living, as Cyprus is a member of the European Union and Eurozone and is governed by the British legal system, which ensures a high level of life for its residents;
• obtaining permanent resident status for a real estate purchase of EUR 300,000 or more under the accelerated procedure (from 2 months). Permanent resident status applies to you, your spouse, your children, and your parents. Furthermore, the permanent resident status in Cyprus is also the permanent residency of the European Union with all its advantages. 7 years after obtaining the status, you can become a citizen of Cyprus.

Contact SPM Real Estate and buy real estate in Cyprus to make your dream of a beautiful life come true!

SPM Real Estate is your most valuable contact in Cyprus.

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