Most people, at one time or another, have a dream of owning a place in the sun. Television shows us all those lucky ones selling and moving to a sunnier climate or even buying a second home abroad. Cyprus is often one of the places on this wish list and Cyprus properties such as luxury villas or apartments are on display. When you see all that beautiful Cyprus property on TV bathed in glorious Mediterranean sunshine, you may think “yeah right”. I bet reality is nothing like that, wrong! It really is so and ordinary people like you are living the Cyprus dream of owning a beautiful property in Cyprus. How can I be so sure? I am one of them! The dream of Cyprus is a reality and it could be for you too if you really want it.
Cyprus property is arguably among some of the most beautiful in the Mediterranean area and is still cheaper than a comparable UK home. That is, if there are so many luxury villas with pools in the UK, apart from the odd manor house or country stack. . I guess the weather helps and there is plenty of weather in Cyprus including over 320 days of brilliant sunshine each year. There is even a kind of winter in Cyprus from mid-December to early February, when it rains and the reservoirs fill up for the long, warm summer. Most of life is done “outside”, including lots of outdoor cooking and dining (also known as barbecues). When you plan a barbecue in Cyprus, the weather is not going to turn up that day and it will not spoil it for you either. Long summer nights on the terrace or balcony sipping even longer cold drinks are the norm when owning property in Cyprus.
The problem with dreams is that for most people that is what they are doomed to remain, just dreams. It’s a real shame because when it comes to owning property in Cyprus, the reality might be closer than you think. Property in Cyprus could be within the reach of the average home owner if they only knew. Most UK homeowners have some equity in their homes following the recent rise in property values, particularly in the last 10 years. Many of these couples have decided to free up that capital to finance a property in Cyprus and start living their dreams of a home in the sun. Even those who cannot raise the full cost of a property in Cyprus in this way are using whatever funds they can raise as at least a deposit.
Cyprus banks are happy to lend funds to any resident looking to buy property in Cyprus, so finding the balance to finance your dream shouldn’t be a big problem. Although the Cyprus government has restricted the amount that the countries banks can lend to 60%, property developers in Cyprus have already surpassed this. Many developers are now offering deals on property in Cyprus with only a 20% down payment! This is great news for prospective buyers who are raising this 20% home and then financing the balance with Cyprus property developers. These mortgages are likely to be financed in Switzerland or some other “foreign” source, which means the interest rates could be really low.
As property values in Cyprus continue to rise, these offers make perfect sense for anyone looking to purchase the holiday villa or luxury apartment of their dreams. OK, so it costs money to borrow all those thousands of pounds and you’ll be wondering how you’ll ever be able to repay the loan. Many people have bought the dream of Cyprus now to make the investment for the future, such as early retirement or longer vacations when they finish working for a living. Meanwhile, they are taking advantage of the lucrative holiday rental market in Cyprus, which pays for their villa or apartment when they are not using it themselves. So you really could have your cake and eat it too when you live the dream of owning your own beautiful property in Cyprus.