About MYSPACE: Your Trusted Partner in Cyprus Real Estate

In the dynamic world of Cypriot real estate, My Space stands out by offering tailored solutions for comfortable living and profitable investments. We recently spoke with the company’s founder, Victoria Yatsuta, to discuss how the agency helps clients realize their dreams of owning property on this beautiful island.

Victoria, what are the main advantages of purchasing property in Cyprus compared to other countries in 2024–2025?

Cyprus offers unique benefits for property buyers in 2024–2025, including a favorable tax environment with a 17-year non-domicile status, the lowest corporate tax in Europe at 12.5%, and no property or inheritance taxes. The stable real estate market, high quality of life, and access to residency programs make Cyprus an ideal choice for those seeking lucrative investments and a European lifestyle.

Are there popular types of properties among foreign buyers in Cyprus, and have trends and purchasing priorities changed?

As in any dynamic market, buyer preferences and trends in Cyprus’s real estate sector are constantly evolving. In recent years, mixed-use residential complexes have become more popular, offering a combination of living and leisure in one place. These complexes often feature gyms, cafes, retail outlets, and co-working spaces, appealing to buyers who value convenience and community. Additionally, smart home technology is gaining traction, with buyers increasingly interested in properties equipped with energy-efficient lighting, automated climate control, and security systems that can be managed remotely.

Sustainable property features are also becoming essential, including:

• Solar panels and renewable energy sources
• Green roofs and rainwater harvesting systems
• Natural ventilation and high-quality insulation

How does your agency view current trends in the Cypriot real estate market?

As a leading real estate agency, My Space closely monitors emerging trends to understand what drives market demand and provide valuable insights to our clients. Currently, buyer trends and priorities include:

1. Growth in sustainable and eco-friendly properties
2. Increased demand for homes suitable for remote work
3. Interest in mixed-use developments and community living
4. Popularity of coastal and luxury villas
5. Demand for investment properties with high rental potential
6. Growing interest in purchasing land for custom development

The Cypriot real estate market is evolving, with trends shifting towards sustainability, remote work, community living, and custom development. At My Space, we stay attuned to these market trends to ensure that the properties we offer meet current buyer demands and investment opportunities.

Can you discuss the legal aspects and procedures for foreigners purchasing property in Cyprus, particularly overcoming KYC challenges in 2024?

For foreign buyers, purchasing property in Cyprus involves various legal procedures, from title deed verification to complying with stringent Know Your Customer (KYC) requirements. While these steps are necessary to protect your investment and ensure transparency, they can be complex without proper support. With thorough preparation, reliable legal counsel, and a deep understanding of KYC protocols, foreign buyers can successfully navigate the process and acquire their ideal property in Cyprus.

Additionally, buyers from non-EU countries must obtain approval from the Council of Ministers to purchase property in Cyprus. This process is generally straightforward and has remained unchanged in recent years.

Banks now require more detailed documentation to comply with KYC procedures, which can extend the timeline slightly if additional documents are requested.

Why is it advantageous for investors to work with professionals like My Space for property management services?

Investing in property is a significant commitment, and effective management is crucial to maximizing returns and maintaining property value. Partnering with professionals like My Space offers several advantages:

• Expertise: Our team has extensive knowledge of the local market, legal requirements, and best practices in property management.
• Time-Saving: We handle all aspects of property management, from tenant screening to maintenance, allowing investors to focus on other priorities.
• Maximized Returns: Through strategic marketing and efficient management, we help investors achieve optimal rental yields and property appreciation.
• Legal Compliance: We ensure that all property management activities comply with local laws and regulations, reducing the risk of legal issues.

By entrusting your property to My Space, you benefit from professional management that enhances your investment’s profitability and longevity.

How does My Space support clients after the transaction is completed?

At My Space, our commitment to clients extends beyond the transaction. We offer ongoing support to ensure a seamless property ownership experience:

• Property Management: Comprehensive services including tenant management, maintenance, and financial reporting.
• Legal Assistance: Guidance on legal matters, tax obligations, and compliance with local regulations.
• Market Updates: Regular insights into market trends, investment opportunities, and property performance.
• Personalized Support: A dedicated client manager to address any concerns and provide tailored assistance.

Our goal is to build lasting relationships with our clients, providing continuous support to help them achieve their property ownership and investment objectives in Cyprus.