Why you should use an estate agent to buy property in Cyprus?

With a population of just over 1.3 million people, a large percentage are foreign residents and at least 30,000 are British expats. But why is Cyprus such a popular location for foreign residents and investors? Here are some of our top reasons:

1. Beautiful surroundings and a warm climate
With sandy beaches, crystal blue seas and perfect views whichever way you turn, it’s easy to see why so many people choose this island as a holiday location as well as somewhere to buy a holiday home. Add in more than 12 hours of sunshine per day during the summer months, and sizzling temperatures, it’s the perfect place for a second residence.

2. Low cost of living
On average, it’s 14.8% cheaper to live in Cyprus than the UK. With the cost of groceries, rent, taxes and utilities all considerably cheaper than many European countries, Cyprus is an attractive location for foreign residents.

3. Affordable property prices
Although the housing market is on the rise, property prices in Cyprus are generally more affordable than other European countries. Apartments are the most popular purchase for both foreigners and Cypriots and cost an average of €235,000.

4. Residency Option
For foreigners hoping to permanently relocate to Cyprus, then the country offers an accessible Golden Visa program which requires a €300,000 investment into residential or commercial property. This Golden Visa scheme costs much less than other countries and comes with many benefits.

The country’s property market has been experiencing steady growth over the last ten years and prices reached a record high in 2023. More and more foreigners have been buying property in Cyprus, and it is estimated that over half of the transactions that take place every year are made by non-residents.

This means that demand for property in Cyprus is high, especially in tourist areas.

The below table shows the average property for the four main regions of southern Cyprus: Limassol, Paphos, Larnaca and Nicosia.

Rental demand during the holiday season is high and many investors have taken advantage of the opportunity to earn an extra income. There are many regulations you need to be aware of as a landlord some of which we have summarised in our article here. Rental yields in Cyprus are between 6.9 and 7.7%.

With the influx of investors and non-residents buying up property in popular regions, it’s a good idea to work with a trusted estate agent to find the perfect property for you.

Whether you’re looking for a second home, a retirement property or a place you can rent out, then using a property professional to aid your search will make things easier.

We have an experienced team of iad Overseas property consultants working in several countries in Europe to assist people searching for homes abroad. In Cyprus we have established à partnership with an excellent agency of property agents who can help you find exactly what you’re looking for.

So why is it so important to work with a Cyprus-based estate agent? Read on for why we think using an estate agent is the best way to find your Cyprus home.

Looking for a property in a different country is difficult enough, but when you don’t speak the language, it can make things impossible. Choosing a local agent, who has experience of working with foreign buyers can make things a lot easier. For example, they can explain the ins and outs of the market for you, help you ask questions during viewings and connect you with other professionals who also speak the same language as you.

Our iad Overseas property consultants are fluent in English as well as the language of the country in which they are based. And our partner in Cyprus can also speak English to help you on your way.

Whether you’re looking for an apartment in a tourist hotspot like Limassol, or you’re keen to find a place to call your own in Kyrenia, Northern Cyprus, working with a local estate agent is key to finding the right place.

Not only will they be able to advise you about the buying process, but they can help you set a realistic budget, communicate with vendors, show you areas and towns you may not have previously considered and much more.

If you’re hoping to rent your property out, they could also advise you around rental yields, regulations and organise property management for you.

One of the biggest advantages of working with a local Cyprus estate agent is their knowledge and access to properties that haven’t yet reached the open market. Local agents who have been working in one area for quite a while, often build up a network of clients and connections. This means they may be able to show you properties before anyone else has seen them – giving you an edge over the competition.

Working with an estate agent based in Cyprus will save you time and stress, especially when you’re not in the country yourself. For example, if you’re arranging to travel to Cyprus specifically to view different properties, they can arrange viewings on your behalf before you arrive.

Also, once you’ve decided upon a property, they can help liaise with all the parties involved and keep you updated.

Helping families, retirees and investors purchase property abroad is iad Overseas’ specialism. We have worked with hundreds of people to help them relocate and start a new adventure in different parts of the world.

We’re excited to be working with highly experienced and knowledgeable agents located all over Cyprus. So, if you want to start looking for your island home, please get in touch with our team today.