Accommodation in Cyprus
Expats moving to Cyprus will find plenty of housing options available to them. A variety of accommodation exists in Cyprus, from furnished or unfurnished flats, to houses, villas, and maisonettes in complexes with shared pools.
The general trend in recent years has been for foreign investors and expats moving to Cyprus to buy property, rather than to rent property, on the island. This trend has greatly influenced the property market in Cyprus, sending prices skywards as demand has increased. Note that the following advice is applicable to both the 'Turkish North' and 'Greek South' of Cyprus; with one major difference being that in the south, properties tend to be newer, fancier, more expensive and easier for foreign nationals to purchase.
Renting Property in Cyprus
Expats looking to rent property in Cyprus will find that newspaper advertisements and online searches are good ways to go about looking for accommodation. Estate agents can also be helpful, but will charge a fee. As rental fees in Cyprus can be quite substantial (up to half of one's salary), some expats might want to investigate house sharing options (i.e. renting an individual room in a house filled with other people). Again, Internet searches and newspaper adverts will be the most effective methods of finding this kind of listing.
Expats should also bear in mind that (in normal circumstances) they will be responsible for all their utility bills. These can be quite costly, and should be factored in when planning a housing budget. Cyprus has recently embarked on a progressive water-taxation system – so think twice before lavishly watering your garden or re-filling your pool!
The standard of accommodation in Cyprus is generally very good, as a lot of the property on the island has been recently built. Air conditioning and heating are common, and most houses in Cyprus will also boast either a shared or private pool. Typically, houses in Cyprus consist of small bedrooms and large kitchens and family areas, and usually have at least one verandah.
The general trend in Cyprus is that rented flats are furnished, while houses are unfurnished. While shipping furniture to Cyprus is a viable option (especially from within the EU), the arrival of IKEA in Nicosia has meant that buying furniture to kit out a new home is also feasible. Expats report that the second-hand furniture market in Cyprus is somewhat disappointing.
Due to the large influx of foreigners in recent years, 'expat areas' have sprung up around the island of Cyprus. These include Limassol, Oroklini and Paralimini. It is, of course, up to the individual expat to decide whether they wish to live within a closely-knit expat community, or whether they'd prefer to be surrounded by locals. In the latter case, they might be better off finding accommodation in the 'Turkish North' of Cyprus, or one of the smaller, more outlying villages in the south.
Home security will not be a major issue for expats relocating to Cyprus. Expats report that they feel very safe in their homes in Cyprus; and that although houses are usually fitted with locks on their doors and windows, in the heat of summer, these are often left open without much concern. Rural areas tend to be safer than urban centres; but even in the cities, break-ins are relatively rare.
Buying property in Cyprus
As mentioned, buying property in Cyprusis a popular option, both for foreign investors, and for expats (such as retirees, or those on long-term employment contracts) looking to settle on the island. Expats report that – in the long run – it works out far cheaper to buy property in Cyprus than to rent, and that housing costs (although on the rise) are still cheaper than in most western and northern European states.
For EU-nationals, buying property in Cyprus is a relatively straightforward process. Expats should, however, bear in mind that with the massive increase in development on the island and the concomitant explosion of the property market, there comes a risk of scams and property fraud. Expats should make certain that they have the title deeds to the property that they are interested in prior to purchase.
In order to borrow money to buy a residence, expats can contact any commercial bank to discuss loan terms. Further information in this regard can be obtained from the website of the Central Bank of Cyprus. The usual loan period for a residence is 20 to 25 years, and the loan may be for 70 percent or more of the real estate value.
