It’s the million-dollar question: Is it better to buy or to rent a home? The fact is, from country to country, generation to generation, year to year, and from person to person, the answer varies, depending on market conditions and personal circumstances.
By contrast, Cypriots are finding it difficult to get their hands on the necessary capital to buy a home, given the local lenders’ new and more stringent collateral requirements. For the time being, rentals are often their only option, especially in the case of young adults who decide to leave their parental home. In such cases, two-bedroom apartments are the preferred rental property type, often seen as the first step towards independence, in the hope that they will one day be able to buy a bigger, more permanent home.
Foreign buyers, on the other hand, have viewed Cyprus as a destination to purchase property for some time. Cyprus attracts buyers from many countries even nearby countries such as Lebanon, Egypt, and Lybia, but, the majority of buyers originate from EU countries such as the UK, Greece, Ireland, Germany, Sweden and others. With individuals looking to relocate permanently, invest in a holiday home or retire in the sun. The value of such properties is usually less than half a million.