Apartments in Cyprus and live the dream of Cyprus

Do you dream of having 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 to buy an apartment in Cyprus only to dismiss the idea as too expensive for someone like you. The truth is, you may 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 out the dream of owning a home in Cyprus far outweighed any arguments against the idea. So they investigated it further.

Few people will argue against property being a great investment and an apartment in Cyprus, whether as a holiday home or long-term project, is no exception. Traditionally, property always seems to be a bit more expensive than you think you can afford in terms of loan or mortgage repayments and this is often enough to put most would-be apartment owners in Cyprus off before they start. However, there are ways to overcome such barriers, even for the average Mr. and Mrs. shopper, 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 capital against your existing property. While taking out additional loans against the family home should always be approached with caution and forethought. But at least they would be investing the money in an apartment in Cyprus, which should in turn build capital on that investment instead of buying disposable items like cars or vacations that will not 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 real estate investors in Cyprus have made a fortune by buying off plan and selling before all development is complete. Cyprus banks are willing to provide loans for an apartment in Cyprus to any resident, so increasing the cost balance should not present a problem either. So the only setback facing the novice homebuyer at this stage is how on earth 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, both for those who own apartments in Cyprus and those who are looking for private accommodation for their holidays. Apartment owners can rent their property in Cyprus while they are not using it and at the same time get a good return on their investment. All this while sitting in the sun watching their apartments in Cyprus increase in value year after year.

So if you’ve almost convinced yourself (as many have) that buying dream holiday apartments in Cyprus is only for those with deep pockets under their beds, think again. You could be living your dreams a few years from now and congratulating yourself on the big move you made. On the other hand, you could dismiss the whole idea and end up sitting in the cold at home thinking about how you almost broke up, but you never actually bought one of those beautiful apartments in Cyprus.