Do you dream of owning an apartment in Cyprus or a luxury villa of your own? How many times have you sat in front of the TV watching those reality shows about lucky people buying vacation homes in the sun and wished it was you? You may have even asked a few questions about why and what for buying an apartment in Cyprus only to dismiss the idea as too expensive for someone like you. The truth is, you will be surprised to learn that most of the people who own property in Cyprus are, in fact, ordinary John and Jane, just like the rest of us. The only difference is that his desire to live the dream of owning a home in Cyprus far outweighed any argument against the idea. So they investigated it further.
Few people will argue against property being a great investment and an apartment in Cyprus, whether used as a holiday home or as a long-term project, is no exception. Traditionally, property always seems to be a little more expensive than you think you can afford in terms of loan or mortgage repayment and this is usually enough to put off most would-be apartment owners in Cyprus before they even get started. However, there are ways to overcome such barriers, even for the average Mr. and Mrs. buyer, if he does some homework beforehand. As the old saying goes “there is more than one way to skin a cat” and the same goes for buying an apartment in Cyprus.
Most people will have some equity in their primary residence against which they could raise at least enough for a 20-30% deposit against an apartment in Cyprus without costing them the earth in additional mortgage payments. It is argued that the cheapest way to borrow long-term is through this way of raising equity against your existing property. While obtaining additional loans against the family home should always be approached with caution and foresight. But at least they would be investing the money in an apartment in Cyprus, which in turn should build capital on that investment instead of buying disposable items like cars or vacations that won’t generate any return.
Also keep in mind that if you buy an apartment in Cyprus “off plan” there is a good chance that it will increase in value before it is finished or you have paid the full amount of the purchase price. In fact, many savvy Cyprus property investors have gotten rich buying off plan and selling before all development is complete. Cyprus banks are willing to provide Cyprus apartment loans to any resident, so increasing the cost balance should not present a problem either. So the only setback facing the novice property buyer at this stage is how the heck do they cover loan repayments?
As the face of tourism in Cyprus changes from large hotels and holiday apartment complexes to private apartments or villas, apartment buyers in Cyprus are taking advantage of a huge rental market to cover their loan repayments. This is a win-win situation for both those who own apartments in Cyprus and those looking for private holiday accommodation. Apartment owners can rent out their property in Cyprus while they are not using it and at the same time earn a good income on their investment. All this while sitting in the sun watching their Cyprus apartments increase in value year after year.
So if you’ve almost convinced yourself (as many do) that buying dream holiday apartments in Cyprus is only for those with a lot of money under their beds, think again. You could be living your dreams years from now and congratulating yourself on the great move you made. Then again, you could scrap the whole idea and end up sitting in the cold of your house thinking about how you almost made the break up, but you never actually bought one of those beautiful apartments in Cyprus.