Is 2021 a good time to buy a house in the Cyprus marketplace?
Undoubtedly, the Covid-19 pandemic marked a before and after in our recent time. In this scenario, the Cyprus real estate market promises a very particular year. There are multiple investment opportunities, but we must be frank: there is a shortage of property deals due to uncertainty. It seems paradoxical, but it is not. Many people need to find a place to live, which leads to decision-making through the unavoidable help of a real estate agent.
Buying a property in Cyprus in 2021 implies a lot of decision-making capacity and a great certainty of what we want to do. There is a wide range of offers, but we must be truly clear about what we wish to our property forgiven the pandemic. Is it for investment? Is it to live permanently? Is it a simple real estate investment? Is it a property to buy and then rent? (LINK TO THE NOTE THAT REFERS TO THIS TOPIC)
Licensed real estate agrees that there are always good opportunities to invest, especially in times of crisis. There are even resale properties that can be an excellent investment. Much higher than the income that can be achieved by investing in the stock market.
And there are opportunities for everything. One that stands out especially is the purchase of properties paying directly in cash. The real estate industry in Cyprus is very dynamic and has these kinds of opportunities. It is always bearing in mind that these types of operations require the corresponding tax returns.
In this context, if 2021 is the year you decided to invest and you feel that it is a good time, make up your mind and buy the home of your dreams.
Depending on the location, there are certain places where the price has increased due to the pandemic. At the same time, there are also places where property market values have dropped drastically. Especially those strictly tourist towns, like Ayia Napa, for example.
Different real estate agencies with offices in Nicosia, Paphos, Limassol, and Larnaca, for example, have excellent information and offer a wide variety of investment alternatives. Thanks to our online platform, at Viotopo, we offer estate agency services in one place, with a list of high-quality properties for sale. Even Luxurious properties, which in some areas can be found at affordable prices.
The real estate crisis of 2008 is nothing like this. Estate in Cyprus is at an excellent time to invest due to the low rates and supply level.
For now, the important thing is to focus on the fixed costs involved in buying a property. This implies expenses, maintenance expenses, mortgages, and taxes in general. As a rule, it is always good to know that the costs related to your property should not exceed 30% of the value of your mortgage if you have one. Not taking this calculation into account can lead to unexpected problems.
It is critical to understand that it is not good to value property as a financial investment. For that, it is better to invest in stocks. A house or apartment is not a liquid asset like bonds and stocks. It must be understood as a long-term investment.
In any case, the markets are very dynamic, as explained by most licensed estate agents. Even specific sectors of the market have not been affected by the Covid-19 pandemic.
Some properties have achieved unthinkable appreciations. And in this range of options are commercial properties and houses or apartments near educational centers. Why? It is straightforward: many people prefer to avoid traveling too far from their homes due to the pandemic and seek to be close to their places of interest.
Undoubtedly, this situation leads to a more significant number of offers, many of them unthinkable.
That is why it is vital to be well-advised to make a correct decision. Buying a property is an important decision and requires a lot of validation before finally reaching the signing of the purchase and sale ticket. The best real estate agents know how to take safe steps.
These have to do with the appraisal of the property, the correct valuation of the costs that can be incurred, the taxes related to the property we want to buy, the commissions that must be paid, and any other relevant information. We can come to fruition with the purchase (or sale) of a property with all this.