Property for sale in Cyprus for less than £ 80,000
The Cyprus property boom has continued its upward rise since the turn of the millennium, but although property investors during this period have been rewarded by high sale values, there remains a surprisingly wide range of properties for sale in Cyprus to those on a budget.
Studio apartments are naturally the most prolific bank of properties available in the £ 80k or less price range, with most of them on the resale market; The East Coast, in particular, offers lower prices than its West Coast counterparts. Across from Sold on Cyprus, a studio apartment in the heart of the famous party town Agia Napa features a terrace, air conditioning, and community pool; built in 1998 but still offering a distinctly modern style, the resale price of £ 48,849 makes this a wonderful holiday home deal. In comparison, a newly completed studio with parking and community pool that is only five minutes from the beach, a 15-minute drive from the center of Larnaca, a surprising distance from the amenities of Kiti village, and three kilometers from a golf course. Proposed golf provides maximum vacation rental appeal, with a 57.516 pound resale tag, again through Sold on Cyprus.
Inland, the capital, Nicosia, naturally offers higher property values, although choosing to buy in the suburbs is still possible to make a bargain. For example, a modern development 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 only five minutes away. ten minutes. Built to the highest European standards, the Latsia development includes an elevator, disabled access and assigned parking. With 15 studios, one-, two- and three-bedroom apartments on three levels, studios cost just £ 54,799 through Alexanders.
Back to the coast and to the west, Paphos is one of the most prosperous environments for British buyers, making the number of properties for sale at £ 80k or less a very welcome find, especially on the market for new constructions. Scheduled for completion in April 2009, Orange Tree’s new Pafos Riviera project is conveniently located in Universal’s premier investment zone, in the heart of the tourist district. The complex included eight blocks of studios, one and two bedroom apartments surrounded by an established green park. The studio apartments are priced at £ 80k, with attractive rental potential created by luxurious community facilities including three kidney-shaped pools with a lazy, winding river located in the heart of the project, along with an indoor Jacuzzi and a sauna, changing rooms and a fully equipped gym. room, playground, bowling and clubhouse. Once again drawing the Christmas crowd, Irene Heights in Paphos is in close proximity to shops, bars and restaurants, and is well served by public transportation. 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 variety of economic studies, even though the suburbs have gained tremendous popularity in recent years. The staggeringly low purchase price of £ 48,732 will put you in line for a studio flat in the hillside town 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 being accessed by elevators, sharing a community pool and parking area. As one of the few remaining places within walking distance of the town center, the development is perfect for permanent living, while the unobstructed views of the popular tourist hotspot, Coral Bay, which is only a five-minute drive away, beckon. excellent vacation rentals. Built in two stages, phase A will include five two- and three-bedroom villas, while phase B will consist of 18 studios, 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 looking for a rural getaway and British shoppers wanting to get a taste of old Cyprus. Situated in a prime location on the southern tip of Polis, Evagoras Gardens is an aesthetically pleasing and thoughtfully designed development comprising seven apartment blocks with a communal 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 shoppers on a budget, and the traditional village of Prodromi is a prime example. The village contains its own collection of shops and restaurants, while Polis and the Latchi Marina are just a five-minute drive away, as are the Blue Flag beaches in this pretty area. Through Parker Barnes, £ 79,716 are currently purchasing a one-bedroom townhouse for resale within an established complex with mature gardens and community pool, or £ 80k will provide you with a more modern one-bedroom resale apartment with community pool.
The sheer number of bargains across the island is testament to the fact that Cyprus remains a formidable hotspot for cheap property purchases, with special incentives for UK investors. Martin Pearce, UK Sales Director for Aristo Developers, says: “With Cyprus joining the euro area in January 2008, local interest rates have fallen from the slightly higher rates previously applied. to loans in Cypriot pounds, and interest rates in euros are lower than sterling. Coupled with the relaxation of the Central Bank’s credit restrictions, this makes Cyprus a cheaper and easier place to borrow than the last year “. Aristo Chairman Theodoros Aristodemou says there are new loan restrictions for buyers, which means that in order to obtain a loan in Cyprus, buyers must make a minimum contribution of 20 percent for the first purchase of a property (which will be used as 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 limited to studios and one-bedroom properties; the idyllic prospect of owning a piece of the island’s history is also affordable. Proving that character-filled properties need not involve a considerable 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 town of Peristerona just ten minutes from Polis, the tardis-style property included a bedroom, living room, kitchen and bathroom, and comes fully furnished for immediate occupancy. Alternatively, for those who are willing to undertake a tough renovation, it is possible to take possession 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 £ 80k limit, the purchase of this property will generate significant savings in the future, as the listed building is under a conservation order to be restored, and the government offers a grant of £ 54,414 to pay for 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 become a living space, with existing furniture, including many original pieces, included in the price.
Equally spacious properties, both newly built and fully renovated, are much harder to come by on an £ 80k budget. In fact, there are many who believe that for optimal investment rewards, buyers must consider a wider range of things than the initial purchase price. Andreas Ioannou, Managing Director of Alpha Panareti Public Ltd, says: “Our experience shows that cheap properties are available now and will be available in the future. But that property is not always the best solution. Buying a property abroad is a problem. Serious financial decision The decision and buyers should take into account certain key criteria when choosing the most suitable property. I believe that in Cyprus budget properties will be less in demand as buyers realize the future investment potential of their purchase. customers are now realizing that the Cypriot market offers much higher future rewards than in the UK and therefore they look not only at the purchase price but also at the prime location, quality of construction, architectural excellence , mortgage schemes, resale potential and much more to capitalize in the most productive way. “