Everyone knows: it pays to invest in real estate. Due to the rising value of residential property, Cyprus is an interesting investment. You can earn a pretty penny by renting the house, and also because the value is still rising; the chances are that you can sell the property later at a profit. Property buying can be a great investment if you should consider a few things.
Surrounding area – The value of the property will depend for the most of the vicinity in which it is located. The real estate increases in value as the nearby area is in full expansion and is upgraded by new residents of the municipality. It is interesting to invest in real estate in such a neighborhood. Keep certain trends in the eye. For example, more and more people choose to live in a city, close to public transport and work, it is best to invest in an apartment in the city.
Quality of properties – The quality of the real estate is, of course, also important. Check that the property is in good condition or a lot of renovation work needed? Is the amount you have to repay each month exceeds the potential amount you can earn it regarding rental income?
Target audience – Do not invest in an expensive apartment or villa. You will find yourself in the luxury segment and this is a difficult target. The ideal target group are young people who first went to live alone; singles restart their life or 55 somethings who exchange their large home to a smaller house or apartment.
When to invest in the real estate market?
There is never a right or wrong time to invest in real estate. There are always opportunities in the real estate market where you can take advantage of. Once you have found a potential property, it is time to invest there. Buy the property as quickly as possible, rent it and sell it through a hefty capital gain if possible.