With the unfolding economic crisis of 2023, political reshuffling in many countries, rising taxes and financial instability, many foreigners are looking for stable jurisdictions, reliable ways to minimize risk and just a comfortable place to relocate. Such a location has been attracting millions of visitors due to affordable Cyprus property prices in 2024 and loyal tax politics. If you plan to travel to this amazing Mediterranean island, do not miss to navigate the local real estate market. 

So, let’s be honest. Traveling around the amazing country, you obtain unforgettable emotions. Therefore, the day will come when you will have the desire to stay for longer than just several weeks. 

Why Cyprus?

Attractive tourist location

Cyprus is famous for its magnificent beaches, crystal clear sea and rich historical heritage. It is an attractive destination for travelers, creating the potential to successfully rent out your property. In general, the island has a low crime rate and all luxury apartment complexes are well guarded.

Favorable prices

Luxury real estate in Cyprus has more attractive prices than in other European southern countries. In addition, the island boasts a favorable taxation regime and a generally relatively lower cost of living.

Developed infrastructure

A large financial network, top-notch healthcare system, and robust legal services are all present in Cyprus, which is beneficial when buying real estate. Both foreign schools and well-developed communications are present.

Booming economy

The cost of real estate rises annually due to the stable economy in the country. Foreign property owners can benefit from high rental prices, regular passive income and long-term potential of housing for resale. 

How to combine travel and investment

• Choose the right location. Limassol, Paphos and Ayia Napa are on the top of choice. The cities offer exceptional landscapes and comfortable living conditions appreciated by most tourists. In such a way, you will explore the fascinating tourist spots, lifestyle and atmosphere to invest in your permanent living place. 
• Identify the desired property type. Depending on your goals, choose the type of property. Beachfront apartments and villas can attract tourists by providing high rental incomes. Think about your personal preferences – where would it be comfortable for you to stay in Cyprus? 
• Contemplate on property management. Choose properties with management services. This will save you time and ensure a seamless rental process for yours and many other properties.

Benefits of combining travel and investment in Cyprus

Vacation and earn

In the realm of property ownership within Cyprus, individuals are presented with a unique opportunity that extends beyond mere enjoyment of vacation time. The profit can be generated via renting out the real estate while being out of the country. The owners can decide on short-term or long-term rental agreements. Those, who opt for long-term rent, can expect about 5% of the property value. If you plan to go for a short-term rent, the approximate return is up to 8%.

Long term investment prospects

Absolute stability in terms of politics and economy guarantees less risks when buying property in Cyprus. Due to the robust economy and loyal tax system, the country provides a favorable climate for business and investment. 

Cyprus is located at the intersection of Africa, Asia and Europe. The unique location, isn‘t it? Such a favorable place provides an opportunity to manage important market routes and develop a successful business. 

Tax advantages

Take advantage of the Cypriot tax system, optimizing costs and maximizing returns on your real estate investments. Once all agreements have been reached with the property seller and the buyer has received official government clearance to transfer ownership, title transfer tax is paid to the Land Registry. Depending on the property valuation, the transfer tax rate ranges from 3 to 8%. The amount of this fee is lowered when the property is deeded to multiple people because each owner’s taxable value is lowered correspondingly.

Property market exploration

While you are traveling around the country, you can explore the local real estate market and navigate various types of housing. It will help to obtain broad visual experience. The Cypriot property market offers apartments, penthouses, duplexes, villas, townhouses and maisonettes. 

The property differs in construction, size, furnishing, utility costs as there are a variety of development companies in Cyprus. The only thing they have in common is legal registration.

How to extend your vacation and increase profits

Owning an accommodation in Cyprus, you can easily get a significant return of up to 10%. Just start renting out your property while you are not in the country. Choose whether to manage your rentals yourself or through an agency. Effective management will help maximize income and save you time. Research the rental market to set a competitive price. This will ensure a steady stream of tenants. Invest in high quality furnishings and amenities. Comfortable living attracts loyal tenants.

Some more important tips are the following: 

• Start preparing your apartment for renting by clearing the place of all unnecessary things. What should you definitely get rid of? Faulty furniture and appliances that cannot be put back into working order. Old textiles, carpets, bedspreads, curtains – they collect dust and very cheapen the look of the room.
• Don’t forget the details. Examine the taps, switches, and light bulbs. Make sure that everything is in working condition. Otherwise, the first impression from your apartment will be spoilt along with negative reviews. 
• You’ll want to live in a snug apartment for a long time, so take some time to consider what can be added or changed to make the space cozier. A curtain in the bathroom, new chairs, or chic light fixtures can all assist to modernize the apartment’s appearance and draw in more renters.

Conclusion

Investing in Cyprus real estate is not just about investing, it is about creating a life filled with travel and financial success. Cyprus-Real.Estate becomes your guide on this exciting journey. Reliability, innovation and experience make this platform an ideal partner for those who seek long-term investments and colorful adventures. Make the right choice – choose Cyprus, choose Cyprus-Real.Estate, and start your unique journey to a combination of travel, real estate and profit.