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Home in Cyprus
Pafilia ConstructionsYou can choose and buy a villa in Cyprus as a foreigner using the convenient Global Properties aggregator. The website catalogue contains more than 6825 offers of villas and houses in Cyprus, bungalows and townhouses in the island’s different cities and towns.
An advanced search based on various criteria will help you quickly pick up the perfect property in Cyprus by price, location and area. Open the ad you like, study the photo of the property and its technical features. Then you can turn to the seller by phone or via messenger, discuss the major points of real estate viewing and other purchase details.
The cost of villas in Cyprus varies depending on the year of construction, area, quality of finish, location and some other criteria. The Global Properties website offers the following information in 2024:
- The lowest house price in Cyprus is €185014.
- The highest cost of a villa in Cyprus is €14.5 million.
- The minimum area of villas for sale in Cyprus is 1 m².
- The area of spacious premium houses for sale in Cyprus reaches 1,890 m².
Overseas buyers of houses and apartments in Cyprus can obtain a residence permit in the country. To do this, you need to buy 1 or 2 properties in the amount of €300,000. The key nuances are:
- Residential real estate must be new and purchased directly from the developer.
- Commercial properties can be purchased on both the primary and secondary markets.
- It is allowed to buy only one type of real estate for the required amount: either housing or commercial properties. The option of buying both a house for sale in Cyprus and a retail space with a total cost of €300,000 is not suitable to get permanent residence.
- The purchase must be made with money received outside the island. You can make a transaction from an account in a foreign bank supporting international transfers.
- A foreign buyer must prove that his annual income received outside the island is at least €50,000.
Villas for sale in Cyprus
The island's real estate market is full of offers for sale of villas in Cyprus for investment, townhouses, bungalows and houses. Buyers can choose from a wide range of finished housing and off-plan properties.
The main advantages of acquiring a house in Cyprus at the excavation stage:
- The opportunity to buy a high-quality home at a market price without extra charges directly from the developer. They can provide various discounts or offer instalments;
- Buying a villa in Cyprus from the developer in some cases allows you to obtain a permanent residence permit;
- Modern buildings are constructed with advanced technologies to ensure strong seismic resistance. Engineers also carefully design houses to improve their energy efficiency;
- New villas are located in secure complexes with a gentrified territory and infrastructure for comfortable living.
If you decide to buy a house in Cyprus on the secondary real estate market, you will discover diverse benefits, including the following:
- You can immediately move into a new house or start renting it out;
- Before buying, you can thoroughly inspect the overseas property and evaluate all its pros and cons;
- It is easier to negotiate a discount, especially if the homeowner wants to make a deal faster;
- You can find properties with an ideal location on the beach or in busy areas with high-quality infrastructure.
In addition to the basic cost of the home, buyers of villas in Cyprus will have to include the tax in their expenses. The standard VAT rate on the island is 19%. However, it can be reduced to 5% if a person buys only one house for personal use. Preferential VAT has been applied only to the first 130 m² of real estate since 2023, the total area of which should not exceed 190 m². Moreover, the reduced tax rate applies only to villa prices in Cyprus up to €350,000, and their total value should not exceed €475,000.
Reasons for investing in a house in Cyprus
Prices of a villa for sale in Cyprus are rising annually making the island a promising destination for investors. The most popular and expensive destinations to purchase investment-attractive properties are the resort towns of Limassol, Paphos and Larnaca.
When it comes to investing in a house in Cyprus, an important advantage for those who plan to rent out their property is that it is located in a resort place. The mild climate, the cleanest Mediterranean Sea, and the island's rich historical and cultural heritage attract tourists from all over the world. This significantly increases the return of investment in local real estate. The yearly profit potential for housing in this area is around 5%, but properties leased to tourists temporarily can bring in earnings of 8–10%.
An overseas investor who plans to rent out their investment villa in Cyprus must obtain permission from the local Ministry of Labour. The income tax on rent is calculated on a progressive scale. The total annual income of less than €19,500 is tax-free.
Buying villas in Cyprus
To choose the best house or villa on the island, you should carefully study the market pricing policy. You can do this at home visiting the Global Properties website.
The catalogue contains thousands of up-to-date offers from reliable developers and real estate agencies. For the convenience of users, there are filters to have a closer look at properties at various prices. This is a crucial choice for those seeking an overseas property for permanent residence. You can also sort ads by city, real estate type, number of bedrooms and many other parameters.
The online-platform can help you compare prices and features of real estate from various sellers enabling you to choose the most appealing options based on price and quality.