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Foreigners who are not citizens of Spain are required to pay income tax in Spain. Married couples who are not citizens of this country can fill out their income tax…

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Czech real estate market
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Ayia Napa: The Golden Mean of Cyprus Real Estate

Demand for housing in Cyprus in recent years has been consistently high among foreigners – this large southern island leaves few indifferent, and buying a property in Ayia Napa is becoming a good choice for lovers of new buildings and affordable prices.
Ayia Napa is known as one of the most sought-after resorts in Cyprus, located in its eastern part. The city got its name back in the days of the Venetian Republic, from the time of which many ancient historical monuments have been preserved here. Today Ayia Napa has become an ideal place for a comfortable family stay, as the number of its permanent residents does not exceed 3,000 people, while it has restaurants, shops and all the facilities for a relaxing beach holiday or active – water skiing, windsurfing, diving and etc.

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Ayia Napa Features
Ayia Napa resort is the only city on the territory of Cyprus where there are beaches with clean sand, all of them are awarded with the blue flag for the level of cleanliness, and infrastructure that meets the standards of the European Union. In favor of Ayia Napa and neighboring Protaras, those buyers who want to buy a villa on the first line can also make a choice – now it is not so easy to do this in other parts of Cyprus. These two cities are just the very rare case where this desire can be quite easily realized.

True, it makes sense for families with children to pay attention more to Protaras than to Ayia Napa, because at night in the high season young people are quite active here – not everyone will like the noise of motorbikes and parties until the morning. In addition, these two cities are located very close (within 12 km), so fans of measured relaxation, wishing to periodically immerse themselves in active life, will not be difficult to realize this. Protaras, besides being a quiet town, is also somewhat similar to the Spanish resorts, therefore, fans of such an atmosphere often acquire housing here. At the same time, both resorts are very clean and atmospheric, even if it is a crowded center in high season.

Experts agree that life in Ayia Napa slows down in winter, but in most cases, home buyers see the city as a seasonal resort, so the problem of a decrease in winter life is not an acute problem for buyers. At the same time, the construction of a new marina is currently underway in Ayia Napa, thanks to which an increase in prices for local real estate is expected in the future due to an increase in the investment attractiveness of the place.

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Real Estate Market Trends
Unlike other popular locations in the country, the number of developers in Ayia Napa has significantly increased over several years, due to which competition has increased and, as a result, the quality of housing has increased. High-class real estate properties have especially changed for the better, causing great demand among foreign investors purchasing housing in order to obtain Cyprus citizenship. Against this background, the demand for secondary real estate decreased, the range of which is currently very scarce.

Coastal areas are most in demand: the closer to the sea, the more expensive a square meter and, accordingly, housing. High demand is also observed for facilities near the new marina, which should be completed in 2021. Today Ayia Napa, Paralimni and Protaras are very promising destinations in Cyprus, since the best beaches in the south are located here and cities are actively developing, as a result of which soon these typical summer areas can become year-round.

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Prices
Apartments or small villas related to the affordable luxury segment, which in Larnaca cost 4,000-6,000 euros per sq.m, in Ayia Napa and Protaras will cost from 2,000 to 3,000 euro per sq.m. In general, the cost of housing in Ayia Napa starts on secondary real estate from 130,000 euros and higher, and prices for new buildings start from 400,000 euros. There is not much to buy in Protaras for 300,000 euros, but in Ayia Napa it is already quite possible to pick up apartments on the secondary market. Prices in the city are significantly lower compared to Limassol, while Ayia Napa also always has a great demand for rental housing.

Ayia Napa’s disadvantages
Of the minuses of Ayia Napa, Protaras and neighboring resorts, the dead season can be noted, which lasts from December to March: at this time there are no tourists in the cities, and all hotels and restaurants are closed for repairs or are idle. And although the government is trying to come up with something to ensure a year-round flow of people – golf clubs, casinos, some other projects – so far this is not very successful.

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Customer portrait
Most often in Ayia Napa they purchase housing for themselves. Of course, many are impressed by the potential growth of investments in this part of Cyprus, however, there is no mass purchase of real estate specifically for the purpose of investing funds for potential earnings.

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