Cyprus Will Soon Join the Schengen Zone: Now It’s High Time to Buy Property
Investment migration and real estate experts at Astons explain why now is the right time to buy property in Cyprus before the prices go up.
Cypriot Minister of Foreign Affairs Nikos Christodoulides held a speech before the Committee on Financial and Budgetary Affairs of the House of Representatives and announced that Cyprus had applied for Schengen membership in September 2020. “The government has submitted the application for security reasons and we are now expecting the European Union to come and start its evaluation process which is divided in five parts,” said Christodoulides.
As of today, Cyprus is one of the EU states applying for Schengen membership along with other non-members. Romania, Bulgaria and Croatia, for instance, have already undergone the multi-tier evaluation process and are waiting to be accepted as Schengen members. Experts believe that Cyprus will inevitably make part of the Schengen zone. All facts say in favour: Cyprus joined the EU in 2004, since 2008 Cypriots have used Euro as the official currency.
Analysts forecast a major surge in Cypriot property rates after Cyprus becomes a Schengen member and recommend foreign investors to buy real estate in the country before prices go up.
Limassol is the city that generates most demand in terms of residential property. 37% of all sale-purchase transactions are performed in Limassol. Foreign buyers are also interested in apartments, villas and houses in Nicosia, Paphos, Larnaka, Famagusta and some other towns. Market analysts maintain that Cypriot property yields solid profits. Those letting apartments in Cyprus for rent may count on the ROIs of 2.5%–6,5%.
The Astons experts will help you pick the best offer of the Cypriot market based on your budget, circumstances and preferences.
At Astons, we’ll ask you a few key questions so you can make a decision:
1. What is your budget for buying a Cypriot property?
2. What would you like to purchase: apartments, studio, villa, townhouse, suburban house?
3. How many bedrooms are you looking for?
4. Which part of Cyprus are you interested in? Do you have any regional preferences?
5. What attracts you more: dwelling in a big city, suburb or countryside?
6. Which city infrastructure is vital for you? Does proximity to shops, offices and restaurants matter?
7. Are you looking for schools or kindergartens nearby?
8. What is your key objective for property investment?
- You’re planning to stay in your Cypriot home on a permanent basis
- You will be spending holidays or extended periods of time in your Cypriot dwelling
- You’re looking to get lucrative ROIs from your property.
The Astons experts will help you define your goals and will answer any questions on Cypriot property.
Astons is a leading global property and immigration advisory firm with offices in London, Beijing, Moscow, Dubai and Limassol (Republic of Cyprus) and offers residency & citizenship investment solutions worldwide including the UK, Turkey, Vanuatu, the EU and the Caribbean.
For further information or to discuss your personal circumstances in a private consultation, please contact Astons at firstname.lastname@example.org or call +44 207 292 2977.