As a non-Cyprus resident, is there any restriction on what I can buy?
Currently you are entitled to buy up to one property or plot of land. However, this is set to change with the recent entry of Cyprus into the European Union and should enable UK and European citizens to buy multiple properties on the Island
Why should I choose Cyprus?
- The property market is one of the fastest growing in European Union. Prices in some areas are increasing by an annual average of 20%.
- 340 days of sunshine a year make it a comfortable and enjoyable place to live.
- Tourism is predicted to grow by 4.6% over the next 10 years, contributing some 13.9% to the country´s GDP by 2014.
Can foreign nationals own property in Cyprus?
Foreign ownership of property in Cyprus is unrestricted in the south and the purchase procedure is as straightforward as in any other EU country.
In northern Cyprus property ownership has limitations. Land is measured in donums. Foreign nationals cannot buy more than 1 donum of land (1,338 square metres or approximately 14,000 square feet) for one property. However this area of land will satisfy the majority of our clients. However should you wish to purchase a large piece of land, this can be easily be done by adding members of your family as the owners, or by forming a local company to buy the land in its name.
What is the rental situation like in Cyprus at the moment so as to prepare us for a realistic expectation.
Its very good - long term rentals are in demand due to the fact people are not buying so much in the depressed climate.