Renovation Property in Cyprus, 48,000 Reasons to Invest

If you were looking for a new angle to enter the Cyprus property investment market from, how about taking on character properties and rural or village homes and renovating them for resale or even tourism or domestic rental returns?

Thanks to a new government initiative in the Republic of Cyprus there are now 48,000 reasons to invest in renovation property in Cyprus…

The dream of a property in Cyprus for many a retiree or second home hunter is a villa with a pool or a modern apartment on a complex with amenities and within easy reach of local facilities – but what all this has meant is that developers have been taking virgin land and developing it and overlooking and forsaking swathes of already established real estate and even forsaking traditional settlements and village communities - even coastal ones – for the construction of new towns and urban areas.

Finally, in direct reaction to this sightly destructive – or at least short sighted - approach to the development of Cyprus’ property market, the government is offering generous grants of up to CYP 48,000 to take on property in Cyprus in need of renovation to enable the purchaser to restore the real estate to its former glory or even upgrade it.

There’s a whole new investment approach available for patient property investors in Cyprus as a result because there is a wealth of stock going to rack and ruin across the entire island (and going cheaply too) – and with building costs far lower in Cyprus than in many other Mediterranean regions and the cost of locally sourced material affordable, the CYP 48,000 could go a long way - if not all the way - to transform a shell into a shining example of a Cypriot home. 

A sagacious investor who then popped in a pool and marketed the property as the ultimate rental for those looking to get away from it all into the stunning sun-drenched Cypriot interior could be in pocket far quicker.  The only real fly in the ointment is that you have to have your property listed as being applicable for a grant and this process can take up to eighteen months.  To find out more so that you can determine whether this investment approach can work for you, contact the Ministry of the Interior‘s department of town planning and development.

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