Cyprus’ property boom has continued its ascent since the turn of the millennium, but while property investors during this period have been rewarded with skyrocketing sales values, there remains a surprisingly wide range of property for sale in Cyprus for those with a limited budget.
Studio apartments naturally make up the most prolific bank of properties available in the £80,000 and under price range, and most of these are on the resale market; the east coast in particular offers lower prices than its western coastal counterparts. Via Sold in Cyprus, a studio in the heart of the famous party town Agia Napa has a terrace, air conditioning and communal pool; Built in 1998 but still offering a distinctly modern style, the resale price of £48,849 makes it a wonderful holiday home deal. By comparison, a newly completed studio with communal parking and pool that is just five minutes from the beach, a 15-minute drive from the center of Larnaca, an astonishing distance from the amenities of Kiti village, and three kilometers from a golf course. proposed golf, offers top holiday rental appeal, with a resale tag of £57,516, again through Sold on Cyprus.
Inland, the capital Nicosia naturally offers higher property values, although by choosing to buy in the suburbs it is still possible to grab a bargain. For example, a modern housing estate completed in May 2006 in Latsia, on the outskirts of the capital, is ideal for permanent housing, as shops, banks, schools and the new hospital are all within a five-minute drive, the highway is close and the university is just a few minutes away. ten minutes. Built to the highest European standards, the Latsia development includes elevator, disabled access and assigned parking. With 15 studio, one, two and three-bedroom apartments on three levels, studios are just £54,799 through Alexanders.
Back up the coast and to the west, Paphos is one of the most affluent places for British buyers, making the number of properties for sale at £80,000 or less a very welcome find, especially in the high-end market. new construction. Scheduled for completion in April 2009, Orange Tree’s new project, Pafos Riviera, is conveniently located in Universal’s main investment area, in the heart of the tourist district. The complex comprises eight blocks of studios, one-bedroom and two-bedroom apartments surrounded by an established green park. Studio apartments are priced from £80,000, with attractive rental potential created by the luxurious community facilities, including three kidney-shaped swimming pools with a meandering lazy river located at the heart of the project, along with an indoor Jacuzzi and a sauna, changing rooms and a fully equipped gym. lounge, playground, bowling alley and clubhouse. Again attracting the Christmas crowd, Irene Heights in Paphos is in close proximity to shops, bars and restaurants, and is well served by public transport. This modern apartment development offers the ideal bargain for a pied-à-terre in the sun, with a one-bedroom apartment through Parador Properties for just £72,080, including private parking.
The outskirts of Paphos also offer a range of affordable studios, despite the fact that the suburbs have grown in popularity in recent years. The staggeringly low purchase price of £48,732 will put you in line for a studio deck in the hillside village of Peyia, a 15-minute drive from Paphos. Available through BuySell Real Estate, the property has double glazing and provisions for air conditioning, with all apartments accessed by lifts, sharing a communal pool and carport. As one of the few remaining locations within walking distance of the town centre, the development is perfect for permanent housing, while unobstructed views of the popular tourist spot, Coral Bay, just a five-minute drive away, attract excellent rentals. vacation. Built in two stages, phase A will comprise five two- and three-bedroom villas, and phase B will consist of 18 studios and one-, two-, and three-bedroom apartments.
If a scenic spot is high on your agenda, look no further than the northwestern tip of the island. This region has long been a favorite vacation spot, both for Nicosians seeking a country escape and British shoppers wanting a taste of old Cyprus. Situated in a prime location on the southern edge of Polis, Evagoras Gardens is an aesthetically pleasing and thoughtfully designed development comprising seven apartment blocks with a communal swimming pool and private gardens. One, two and three-bedroom apartments are available through Parador Properties, with prices for a one-bedroom apartment starting at £80,000.
The quiet outskirts of Polis are equally attractive to buyers on a budget, the traditional village of Prodromi being a prime example. The town contains its own collection of shops and restaurants, while Polis and Latchi Marina are just a five-minute drive away, as are the Blue Flag beaches in this pretty area. Through Parker Barnes, £79,716 currently buys a one-bedroom townhouse for resale within an established complex with mature landscaped gardens and communal pool, or £80,000 will get you a more modern one-bedroom resale apartment with pool community.
The wealth of offerings across the island is testament to the fact that Cyprus remains a formidable hotspot for cheap property purchases, with particular incentives for UK investors. Martin Pearce, UK Sales Manager for Aristo Developers, says: “With Cyprus joining the euro currency area in January 2008, local interest rates have been reduced from slightly higher rates than previously charged on Cypriot pound loans, and euro interest rates are lower than sterling.Coupled with the relaxation of Central Bank credit restrictions, this makes Cyprus a cheaper and easier place to borrow borrowed than last year. Aristo chairman Theodoros Aristodemou says there are new loan restrictions for buyers, which means that in order to get a loan in Cyprus, buyers must make a minimum contribution of 20 per cent towards the purchase of a first property (for be used as a primary residence), and a 30 percent contribution for all other cases (for non-residents and for investment purposes).
The good news for bargain hunters isn’t just limited to studios and one-bedroom properties; the idyllic prospect of owning a part of the island’s history is also an affordable prospect. Proving that properties full of character don’t have to involve a major renovation project, a fully converted traditional stone-built chapel can be purchased for £80,000 through Parker Barnes. Occupying an elevated position in the hillside village of Peristerona, just ten minutes from Polis, the tardis-like property consists of one bedroom, lounge, kitchen and bathroom, and comes fully furnished for immediate occupancy. Alternatively, for those willing to go to great lengths to renovate, it is possible to take ownership of a much larger property; For example, BuySell currently offers a three-bedroom, two-bathroom property built in 1850, located in the village of Lofou, 15 minutes from the island’s second largest city, Limassol. Although the asking price of £95,251 is slightly above the £80,000 limit, purchasing this property will result in significant future savings as the listed building is under a conservation order to be restored, and the The government offers a grant of £54,414 to pay for the necessary work. Even more attractive for future renovation, the property contains a basement with its own access from the road and has the necessary permission to be converted into a living space, with existing furnishings, including many original pieces, included in the price.
Similar spacious properties, both new build and fully refurbished, are much harder to come by on a budget of £80k. In fact, there are many who believe that to obtain an optimal investment, buyers should consider a wider range of aspects than the initial purchase price. Andreas Ioannou, Managing Director of Alpha Panareti Public Ltd, states: “Our experience shows that cheap properties are available now and will be in the future. But such properties are not always the best solution. Buying a property abroad is a serious challenge. financial investment”. decision and buyers should consider certain key criteria when choosing the most suitable property. I believe that in Cyprus cheap properties will be less in demand as buyers realize the future investment potential of their purchase. Clients are now realizing that the Cypriot market offers far greater future rewards than in the UK and are therefore not only considering the purchase price but also the prime location, quality of construction, architectural excellence, mortgage schemes, resale potential and much more to capitalize on in the most productive way.”