buying in cyprus what are the cost and is it really worth it?

Question

can you get a 95% Mortgage, I have looked around and they can only offer a 25% mortgage because Im buying from England

Answer 1

It depends if you are buying in the North or the South. In the North it is dangerous to try to buy a property new or old, because there is always a possibility that the building or land belongs to a Greek Cypriot refugee and they will eventually have the right to have their property back. Those who are selling do not usually tell you that.

In the South, the prices are rising at a steady rate, especially as they have now joined Europe, but it is still very much worth it.

Prices vary, but on average a 2 bed apartment can cost between 25,000 and 70,000 Cyprus pounds and a large house can go from 50,000 to a couple of million.

You can still get old stone village houses in need of renovation from 10,000 upwards, I personally prefer that idea, and if it is a listed property, the government will give you a grant of up to half the costs of renovation.

Have a look at the Cyprus Property pages on the net, but it would be better to go to Cyprus for a week or two and look around.

Answer 2

It depends on your own circumstances. Cyprus may be a little bit expensive for young people just starting. For retirees (with some money and steady income) it seems to be perfect with a slower pace in the many villages. A decent house should be from CYP100k to CYP250k. Thousands of foreigners buy property in Cyprus because of the good climate, low taxation, very low crime fresh food. Fruit usually reaches the shelves the next day is picked. On the downside it can get very hot in summer and dusty. Cypriots dont know how to drive and they smoke everywhere.

Answer 3

its expencive, but there's a fair bit of unclaimedp property there too.