A Look at the Cost of Property in Cyprus

If you are considering moving abroad to Cyprus and think you might want to look into buying property in Cyprus you may want to see if property there is affordable for you. Due to its nice Mediterranean climate and low crime rate there is an increasing demand for property in Cyprus from foreigners interested in experiencing the more relaxed way of life that you can find on the island. Also due to its popularity with citizens of the United Kingdom as a place to retire, the property prices in Cyprus have been rising steadily since 2000.

While the prices for property in Cyprus did start to stabilize a few years ago, the demand for property has not died down at all. Cyprus is attractive to some people because while prices have been on the rise, they are still lower than what you can find in most other European Union countries. For instance, if you are looking for a place with a similar climate such as in Spain or France then you can expect to pay about 40 percent more in Spain and about 50 percent more in France. Granted, Cyprus is a bit farther away if you are moving from the United Kingdom or the United States, but the significant cost savings just might be worth your while.

Since becoming a member of the European Union, the prices of property in Cyprus have risen fasted than inflation at a rate over 10 percent. In the more popular tourist areas the properties have seen a more significant increase, sometimes as much as 50 percent a year. That being said, it is still quite possible to find charming villas at reasonable prices in Cyprus. In fact, you can get a decent sized villa home for around $120,000 US. If you are more interested in buying an apartment, you can typically find modern apartments for around $150,000 US in popular areas.

It is important to remember that when you are buying property in Cyprus that you will have to pay taxes and fees that you may not be used to paying in your home country. Typically taxes and fees add on about 11 percent of the purchase price to the total cost of the property.