Things to consider while determining whether to rent or purchase property in Cyprus

 In the present financial scenario, many who don’t have their own home in Cyprus are questioning whether it is in their best interests to rent or purchase an apartment or house. Those few people who are familiar with the island and those that have no prior experience of properties in Cyprus are worried as they hear the large hikes in recent years in Cyprus property prices and whether or not it is a smart business decision to invest in the market that is going through a hard phase. 

Though one should consider many variables before answering this decision, presently it would initially seem that Seaside Properties Cyprus for Rent or for Sale will be a smart economic decision. 

Time is changing

Even a year ago, it was quite simple to get a low interest loan in from the local banks in Cyprus, which made the idea to buy house in Cyprus and also local property prices keeps on growing, which was also favourable for purchasers. 

The present situation?

• Local interest rates have enhanced, and now monthly housing loan instalments from the retail banks of Cyprus are much higher than they were a year ago and the cost of borrowing has also gone up. 

• Local banks no longer grant loan conveniently as they feel there is too much lending already in the property sector and they are not ready to continue hiving high rate loans.

Sales all over the island have gone down, so there is available Luxury House for Sale in Cyprus in all the major residential areas.

Buying a home is the decision of the heart and not only a financial one

This approach mentioned above is obviously the only way to look at it. Seaside Properties Cyprus for Rent or for Sale is not completely a financial decision but a of personal feelings and financial considerations.