Real Estate Market Navigation in Cyprus: Tips for Buying and Selling Real Estate

Cyprus is a Mediterranean island that combines magnificent sea and poetic landscapes, a diverse economy, and a dynamic real estate market. Real estate is a business that brings in millions of euros annually, over a billion in2023. It is also competitive and evolving. Here we explore and provide you with advice on buying and selling!

The real estate market is sensitive to factors such as:

• Global investment group Goldman Sachs reports that the world housing market is quickly stabilizing. "Housing prices are not meeting expectations and are rising in major economies." On May26,2023, they announced that sales and prices worldwide are recovering "at a unexpectedly fast pace."

Cyprus has a strong real estate sector. Financial Mirror (August1,2023) reports an increase in construction activity in the first quarter. RICS (Royal Institution of Chartered Surveyors), reporting for the second quarter of2023, notes an increase in all assets, including rental and vacation homes.

The first thing you need to do when buying or selling property is to research. Real estate is a valuable asset that increases in value over time. Nevertheless, "be quick, but cautious." Research and understand the market in order to make an informed decision. Learn about market influences and the availability of housing. Buying or selling a house is an important step. You will regret hasty or uninformed decisions!

Furthermore, determine your investment strategy. Are you buying real estate on a long-term or short-term basis? Will you be renting out the property? Calculate the expenses. In addition to the price, consider:

• Also consult an experienced real estate agent. They know the local market and the methods of buying and selling. Do not try to navigate real estate listings, prices, and advertising methods for your property without the help of a professional.

In addition, you will need a lawyer registered with the Cyprus Bar Association. The lawyer will handle the process and registration, conduct legal due diligence, and protect your interests.

A professional will also provide personalized advice. When buying and selling, your specific situation matters. The best property is the one that suits you best. The question of whether it is a good investment comes later.

The areas of Cyprus are divided into urban, rural, and coastal zones. If you are a city person or involved in business, it's better to choose the city; if you don't mind the drive, consider the countryside. Cyprus is small, so you won't be far from amenities or the city.

Limassol is the most popular place due to its business culture and proximity to the sea. It is also more expensive than other cities, with Nicosia coming in second.

In the coastal area, various properties are available, ranging from apartments to bungalows and villas. However, they are usually expensive. If you don't mind the quiet, mountain properties could be an option. Urban villages offer amenities and are centers of local culture.

There are two points that need to be addressed here. The first is the budget: how much you can afford to spend monthly on a mortgage or how much money you have in savings. To determine what you can afford, carefully calculate your monthly expenses, keeping in mind that your salary or income may decrease in the future. The second is the property and location. Choose a property that fits your budget and needs, considering whether you will have a family or if it will grow. Realtors will provide recommendations for suitable properties.

As soon as you select a few properties, drive around the neighborhood. Check their proximity to schools and amenities, the distance from the city center, and the noise level.

During the house inspection, pay attention to the details:

• In legal terms, your lawyer will explain the purchase agreement. They will also conduct a legal review, checking the ownership rights to the property and, if the seller is a company, the financial status of the company. If you are taking out a mortgage, the bank will pay the amounts to you, and you will pay the seller. Do not sign anything until your lawyer advises you to do so.

The realtor will provide advice on the price range and receive offers when selling the property. You will choose the buyer and sign the contract. After payment, you will transfer ownership to the buyer. Ensure that the property is repaired if it is a resale. If there are any issues, it's better to discuss them in advance. Do not sign anything until your lawyer gives the go-ahead.

Explore and work with professionals to navigate the real estate market. Cyprus combines natural beauty, a business culture, and a vibrant housing activity. The prospects for buying and selling look promising and positive!

This post is for informational purposes only. It does not replace personal legal, financial, investment, or real estate advice. We make every effort to ensure the accuracy of the information. However, we do not guarantee its completeness and accuracy. All responsibility is disclaimed.