Could You Afford to Retire in Paphos, Cyprus?

Could You Afford to Retire in Paphos, Cyprus?

Every year, thousands of homes in Cyprus are bought and sold. Of this amount, many are purchased by British expats just like you – particularly those looking to retire and enjoy the peaceful, tranquil way of life that the island has to offer. Outside of Brexit, one particular concern is on the minds of many English-speaking nationals, and that’s if they could actually afford to sell up their UK property and relocate to Cyprus ready for retirement.


In our experience, and if you already own a property in the UK, the answer is yes.


Why is this?


Generally speaking, you’ll typically get much more bang for your buck by selling your English home and buying a house in Cyprus. Paphos in particular offers some of the most affordable prices on the market – and when choosing DemPro to act as your estate agency, you can rest assured that you’ll be in the very best of hands.


Let’s imagine for a moment that you have a property in the UK with a value of £500,000. This property might have included a garden, 3 bedrooms and other features. If you were to spend half of that amount when converted into Euros, you could receive roughly the same as the above – albeit with your own pool and other appealing benefits that you simply wouldn’t find in the UK.


What we’re saying is that if you are keen to retire, there’s no reason why the excess amount that you save when buying a property in Paphos couldn’t keep you sustained well into the future. Combine those savings with the income from a pension and you’ll undoubtedly have access to a very appealing lifestyle that many envy around the world.


So, what might you want to do?


First things first; make sure that you set yourself a budget. As things currently stand, £400,000 amounts to roughly €475,000 – and as you’d be able to buy a comfortable property in the range of €200,000 to €250,000, you could find yourself with up to €275,000 in your bank for your enjoyment. It’s widely accepted that when compared to the United Kingdom, homes in Paphos offer a lot more for your money; and if you’re keen to take advantage of the potential to save or invest, why not get in touch with our expert estate agents today?

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