The Cyprus Real Estate market has changed drastically over the past two years. We are living through an era where passive income is the key to a financially independent lifestyle.
The home has been playing a leading role during the past few years. The demand for a home is still increasing rapidly, investing in a residential property looks like a good first step if you are a first-time investor.
The big question now is…what kind of residential property should you invest in?
Owning properties in Cyprus whether they are residential or commercial seems to be the key that unlocks multiple opportunities. But what suits you best? A house or an apartment? The options are many, and the opportunities limitless, especially when embarking on this journey alongside CENTURY 21 Cyprus!
Benefits of investing in a house:
- Capital Growth
Sometimes referred to as capital appreciation or return on investment, capital growth is an important factor when it comes to purchasing property or reviewing your investment options.
Capital growth, simply refers to the increase in the value of your rental property over time. Investing in houses in Limassol offers exactly that. This is usually due to the fact that houses tend to have associated land and as it is widely known, land has the potential to rise in value over the years.
- Renovating Becomes Easier
Houses, especially in the Cyprus Real Estate market give property owners total control over renovations and general modifications. Houses provide for the possibility of subdividing or building an expansion.
Since you own the property, you are free to make any strategic improvements to increase the value of your investment as you see fit. These updates will prove particularly handy if and when you decide to sell. Renovations can increase the value of a house dramatically, thus making you a profit even greater than your initial investment.
- Stable ROI
Properties in Cyprus, and more particularly, houses, have a more reliable return of investment. Houses in Limassol, attract renters who are more dependable and likely to stay for an extended period of time.
As houses are more likely to have an outdoor space and overall larger living areas, the chances of attracting a young family or renters with pets to this type of investment are higher. But, why does this matter?
People who opt to rent a house instead of an apartment are more likely to sign a long-term contract, assuring you a stable rental income for an extended period. Landlords who are open to allowing pets in their rental properties have far more interested tenants and they even are able to command higher rents as a result.
Benefits Of Investing In An Apartment:
1. Affordable Alternative
The apartments in Cyprus Real Estate market are often a more inexpensive alternative for individuals trying to get their feet on the investment property ladder. Investing in apartments allows you to enter more desirable regions that would not be as viable if they were seeking to buy any other type of property.
While purchasing houses in Limassol needs a significant deposit and a possibly large loan, purchasing an apartment can be half the price of purchasing a house, making it much easier to enter the property market.
- Shared Costs
Maintenance, insurance, and upkeep fees in apartments are shared among all the apartment owners of a building. The Administrative Committee of each residential building manages and maintains common areas, as well as collecting the common expenses fee.
Apart from that, as an apartment owner you still need to handle the cost of council rates, repairs and upkeep for your investment property. However, all these can be covered by the income of your rental.
- Easier to Manage
Depending on the property size you go for, apartments in Limassol and Cyprus in general are typically easier to clean. Organizing becomes significantly less time consuming and the overall maintenance is being kept on a moderate level.
The management company of the building often takes care of some of the responsibility of things such as arranging maintenance and repairs of the common areas. In most cases, they would take care of the formation of the building as well.
So, Apartment or House?
In the Real Estate Industry there is no right or wrong property. There are profitable and non-profitable investments. Making a decision needs hard work, doing your homework, and creating opportunities for yourself.
With the Cyprus Real Estate market heading to a new direction, the demand for housing keeps increasing significantly, the time to invest is NOW!
Buying a home can offer capital growth, flexibility to renovate as well as reliable return of investment. On the other hand, investing in an apartment gives you the opportunity to invest in a more budget friendly manner, share costs with other owners, and easier property management.
With our Property Consultants being the top industry professionals you can invest in Cyprus the C21 way. All you need to do is contact us or visit our offices. We will take care of the rest!
So, contact us today, and let’s talk all about Real Estate!