Buying a holiday home or permanently living in Cyprus
Many people buy a holiday home in Cyprus with a view to living there permanently or semi-permanently when they retire.
The island has always been a popular location with British buyers, especially retirees, and almost 30,000 of them own homes there, a further 10,000 choosing to rent properties. However, estate agents are now seeing an increased demand from younger people with young families who want to work or start a business.
Those who have lived in Cyprus for many years and been used to a steady, if rather unremarkable, property market are beginning to see property supplements appear in newspapers and growing numbers of property magazines for sale. This is a relatively new departure for Cyprus and illustrates the dramatic change in the property market on the island during the last few years.
There are many excellent reasons for buying a home in Cyprus, although it’s important not to be under any illusions about what you can expect. The first and most important question you need to ask yourself is exactly why you want to buy a home in Cyprus? For example, are you seeking a holiday home or a more permanent home because you want to live and work on the island or perhaps retire there? If you’re looking for a second or holiday home, remember that flight times from the UK to Cyprus are far longer than to Spain or France (around four hours), which may affect how often you and your family can enjoy a property.