Non-European citizens who own a property in Cyprus can benefit from a new procedure for having a Permanent Residence Permit. The parents of Permanent Residency holders or future holders are allowed to apply for a permit as well.
The applicants must give the application accompanied with a title deed or a contact of sale (submitted to the Department of Lands and Surveys) for a property purchased in Cyprus of a minimum value of €300.000. They must also provide a proof of payment for at least €200.000. They should prove that they have a minimum annual income of €30.000 transferred from overseas. The amount requirement increases by: - €5.000 for each dependent child - €8.000 for each dependent parent. Another thing that applicants must do is to submit a letter from a Cypriot Bank confirming they have deposited an amount of minimum €30.000 to be deposited in the account for 3 consecutive years. The amount should be sourced from overseas and transferred to Cyprus from abroad. After that, they must present a clear criminal record certificate and a statement confirming they will not be working or be engaged in any form of business in Cyprus. Applicants will be examined and the permit shall be granted within 1-2 months, provided that the criteria described above are fulfilled.
The Cyprus real estate market is divided by two groups. Nicosia, Limassol and Larnaca seem to be mainly supported by locals while Paphos and Famagusta by foreigners. The market is further divided into three main sectors, being the residential, retail and office sectors with the basic emphasis since the country’s topography and geography appeal largely for residential utilization.
During the period of January to November 2016, Limassol had experienced the biggest increase in value (44,2%) compared to the corresponding period of 2015. In Nicosia, the increase in value was exhibited as well ( 11,0%). On the contrary, Famagusta experienced the biggest decrease in value (-14,8%) between 2016 and 2015. A decrease in value was also noticeable in Larnaca and Paphos (7,6% and 3,7% respectively). Considering the total areas (m2)) for building permits, Limassol witnessed the biggest increase (45,3%) compared to the first 11 months of 2015. In Nicosia, Famagusta and Larnaca, the increase was 9,0% , 3.5% and 20,0% respectively while Paphos experienced a decrease of 9,2%.
Limassol, Paphos and Ayia Napa are areas which offer their owners a luxury lifestyle due to their location as they are close to the beach. They are areas with the highest demand. It is very hard to find resale properties in these areas. The price per m2 for these properties varies between €8000-€12.000 depending on the location and building specifications. A good figure to maintain is about €10.000 as you can be comfortable knowing there is room for appreciation. The vast majority of foreign buyers purchase properties in the above mentioned classifications, as opposed to owning a property in the capital city of Cyprus.
Collective Developments usually have a golf course or community at their core, providing properties that cater to all kinds of owners and include locals, new residents, second home owners and holidaymakers. Another important project is the Casino that is about to open in Limassol until the end of 2019 or the beginning of 2020. The casino will feature a hotel with 500 luxury rooms and the casino section will offer among 100 and 200 table games and also among 1000 and 2000 slot machines. The casino will also provide restaurants, theme parks, conference centre and waterparks.
Residential and Commercial Properties with a good rental income
It is a fact that buyers prefer to buy properties that can provide them a good rental income in case they want to sell their properties after a period of 3 years. Such properties can vary from whole buildings to apartments, houses, offices.