Real estate in Protaras: comfy apartments by the Mediterranean Sea
The popularity of Protaras located in the south-east of Cyprus is growing every year. Not only locals but also citizens from other countries strive for buying cozy houses and villas here. Investors from the CIS countries are particularly interested in real estate in Protaras. They use acquired square meters as a seasonal housing or renting them out to tourists. The net profit from one-bedroom apartment rental during the tourist season comes to 3,000-4,000 euros.
What type of property can you buy in Protaras?
The picturesque Cyprus city offers foreign investors a wide variety of apartments:
- Exotics-seekers will love luxury villas and cottages near the Mediterranean Sea.
- Two-bedroom and three-bedroom apartments in central areas will be an excellent option for large families with kids.
- Individual entrepreneurs will be interested in luxury hotels and restaurants in the most walkable locations.
Benefits for investors
Real estate in Protaras is considered to be one of the most affordable in Cyprus. People with mean income may well afford buying property here. Current price for a one-bedroom flat in Protaras does not exceed 40,000-50,000 euros. It will get even cheaper if you buy apartments without repair. Though, housing prices in Protaras may be high for the properties located at the seaside.
On the other hand, even solid investments made in square meters will be quickly paid off due to low taxes and the constant rise in real estate value. And the fact that foreigners when buying residential and commercial properties obtain a residence permit with the further opportunity of permanent residency in Cyprus, may be also referred to their benefits.