How to buy a retirement home in Cyprus
Are you thinking of the best place to settle after you retire? With the cost of living going up in most American cities, you should consider other well-developed countries in Europe. In the past few years, Cyprus has emerged as a leading destination for American retirees. This article will look at the reasons why you should consider settling in the tiny Cyprus and the process you need to follow to buy a home in the country.
Why Buy a Retirement Home in Cyprus?
Cyprus is a small island nation located in the Mediterranean. The country has a population of slightly below 1 million people. There are a number of reasons why many people are opting to buy their retirement homes in the country.
First, while Cyprus is a developed nation, it is known for having an affordable cost of living. In fact, it is one of the cheapest countries to live at in the European Union. Second, Cyprus is strategically located near Africa, Europe, and Asia. Therefore, you can easily travel to these locations within a few hours. Third, Cyprus has some of the best beaches in the world. A recent report by Flight Network found that the country’s Nissi beach is the 25th best beach in the world.
Third, the country offers incentives for international residents to live in the country. The investment passport enables international investors to become citizens after making a EUR 2 million investment. As naturalized citizens of the country, the residents can therefore travel and do business to all parts of the European Union.
In addition, Cyprus has advanced infrastructure such as roads and airports. It also has excellent schools, universities, and hospitals. Further, it is home to people of all cultures, which make it a vibrant place to live in.
How to Buy a Home in Cyprus
The real estate industry in Cyprus has seen impressive growth after the financial crisis of 2011. In fact, the industry is one of the best-performing in Europe. This has been contributed by the government incentives to encourage local and international home ownership in the country. Still, houses in Cyprus are relatively cheaper than those in fellow European countries like Germany, France, United Kingdom, and Switzerland.
As with all places, the process of buying a home in Cyprus starts with research. It is recommended that you look at the properties that are listed in the popular real estate portals in the country. Looking at these portals will help you find the best properties on sale in the country. It will also help you with the cost estimation of the properties.
After this, it is recommended that you get in touch with leading property agents in Cyprus. While you can handle the process yourself, working with agents is usually recommended for a number of reasons.
First, the real estate agents have a good understanding of the market. They know the procedures for buying a home. They also understand the growth rates of the various locations in Cyprus. Second, using an agent will save you a lot of time and money. Third, if you are interested in buying a home using the investment passport, a real estate agent will help you with the process.
After finding a good real estate agent, you should now sample the houses that they have. These houses should have the aesthetic beauty that you love. They should also be in line with your budget and in the location that you love. Finally, you should now use the advice of the registered agent to purchase the home.
Buying a good retirement home is a major decision for you. If you are thinking of a place to settle after you retire, Cyprus will not disappoint. It is an exciting place that has seen excellent growth in the recent years. With Cyprus, you can be sure that your home value will continue moving higher for years to come.