Although geographically in Asia, and surrounded by many Middle Eastern countries, Cyprus is politically a European country and a member of the European Union.

Acquiring property in Cyprus, either as an investment or as a second home, has always been a popular choice among foreign investors.

Cyprus Investment Incentives

To lift Cyprus from the economic decline it experienced prior to 2015, Cyprus’s government had to revitalise the nation’s general investment appeal. These investment schemes worked, and have made Cyprus one of the best places to invest in property in Europe.

Just a few of the government incentives to invest in property in Cyprus include:

• One of the lowest corporate taxes in the EU at just 12.5%
• Reduced residential and commercial property tax rates (VAT)
• Residential property only attracts a 5% VAT tax on the first 200 square meters of the primary permanent residence property.
• No inheritance or succession taxes
• Very attractive personal tax regime for international professionals and individuals not resident in Cyprus.
• Tax deductions to encourage investment into Cypriot startups.

These tax incentives, and far more besides, have contributed to establish Cyprus as a cosmopolitan business centre with many investment opportunities across a wide variety of sectors.

Where To Buy Property In Cyprus

Limassol and Paphos are two of the most popular places to invest in property in Cyprus.

Many Brits who emigrate to Cyprus choose the active and cosmopolitan city of Limassol, and it’s easy to see why.  The selection of international schools, along with many companies basing their offices there makes it a popular choice.

If you’re thinking of buying a property in Cyprus to rent out to tenants, Limassol is a great location, as rental properties are high in demand and short in supply.

Nearby Paphos has the second largest airport in Cyprus, and it’s generally considered to be cheaper to live there than in Limassol.  However, many people work in Limassol, and therefore often choose to commute from Paphos.

Properties In Limassol And Paphos

If you’re after a more laid back environment, or a private house, then Paphos is likely to be more to your taste.  If you’d rather invest in flats in a bustling city, you’ll find what you’re looking for in Limassol.

Take a look at some of our other properties in Cyprus here.  To talk to us about any of our properties, give us a call on 03333 034 767 or send us a message.

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However, knowing where to start in property investment can seem quite daunting when you’re a complete beginner.

We’ve published this easy to follow guide, which will explain everything you need to know when buying your first buy-to-let property.

Property Investment For Beginners: Where To Start

Property is generally considered to be one of the safest investment options you can make.  It’s a great way to build a new or additional income and to ‘put something away’ for future generations.

Having said that, it’s important to note that no investment comes without a degree of risk.  Here are some things to take into account, to ensure that you start off on the right foot with property investment.

How You’ll Finance Your Property Investment

Obviously, the first thing to consider is how you’re going to finance your purchase.

For a buy-to-let mortgage, you’re going to need a good deposit.  The majority of buy-to-let mortgages require that you put down at least 25 percent as a deposit.  So if you want to buy a £100,000 property, you’d need a deposit of £25,000.

On top of the purchase price, here are the things you’ll need to factor into your budget:

• Solicitor’s fees
• Survey costs
• Insurance costs
• Stamp duty – note that you will pay an additional 2% surcharge on top of regular stamp duty rates for a buy-to-let property

In April 2021, the pre-COVID stamp duty rates will come back into effect.  This will mean that you’ll pay stamp duty on anything over £125,000.  Obviously, that means that the ideal time to buy is right now, if you can.

Which Property Should I Buy?

There are several things to consider when deciding which property you should invest in.  One of the most important decisions you will make is the location.

You’ll need to think about:

• Property prices in the area
• Average rents in the vicinity
• Any investment or regeneration that is planned locally
• Employment and transport links
• Who are your target tenants?

Where Can I Invest In Property In 2021?

We have many investment opportunities available across the UK.  In particular, with a population of over 550,000 we recommend Manchester.  Manchester homes currently have an average price of £152,000.  This makes it much cheaper to buy a property here than in London.

Property Investment In Manchester

Investing in a buy-to-let property in Manchester is a great plan, as there is a increasing demand for quality rental properties to house the city’s many workers, students and graduates.

With several train and tram stations, along with the M62, M61, M56 and M60 motorways, not to mention a major airport, it’s seriously well connected.

Thriving business, a buzzing social scene and world-class leisure facilities provide a fantastic lifestyle for young professionals and young families.

For any further advice on investing in property, or to talk to us about any of our properties, give us a call on 03333 034 767 or send us a message today.

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