The CEO of Home Abroad, on why buying property in this country is the best decision you will make in 2023
Real estate in Cyprus is one of the best investments in 2023, but only with an experienced and trusted partner by your side. You will find such a partner in Home Abroad, a company offering a comprehensive service in the acquisition and management of properties. Its founder and CEO, Georgi Tashev, has over 20 years of experience in construction, development and real estate. He also has successfully developed and sold multiple projects to international companies such as the largest Polish corporation in fitness industry MultiSport/Benefit Systems.
What inspired you to found Home Аbroad?
Buying a second home as investment became a stable trend in Bulgaria, but such purchases have their risks and specificities. Inexperienced investors often struggle with finishing and furnishing the property. Combined with the lack of adequate laws, these can result in unplanned loss of money and time, plus a lot of stress. And then, finding tenants can become a serious challenge.
This was why we decided to offer an alternative market outside of Bulgaria where these problems are solved and regulated as early as the property's purchase. We analysed a number of destinations, for example Spain, Greece, Dubai and Cyprus, and were really impressed by the potential of the latter. The rest is history.
Who are the clients of your services?
We have all types of clients, but with time a couple of groups emerged. They buy a property to let, use or combine the two. They are usually young and successful people who value their time and seek an easy deal and automated management process, good profitability and stability of the investment.
Recently we also got investors who seek more large-scale deals: buying of separate entities, whole buildings or partnerships in new projects. Such entrepreneurs are shifting their attention to Cyprus because of the changes on the Bulgarian market. In Cyprus, the profits are very attractive, the flat profit tax is 12.5% and the local laws cater to foreign property investors. Cyprus also has access to almost the entire EU property market, unlike Bulgaria where the clients are mostly locals.
Why real estate in Cyprus is a top investment in 2023?
Cyprus is an EU country that uses the euro. It is strategically located between 3 continents, has an average of more than 300 sunny days per year and the tourist season is almost 9 months. You can fly to Cyprus in 2 hours year round from Sofia and Varna, and seasonally from Plovdiv and Burgas. The huge international investments, the natural gas deposits, the unique nature and beaches make Cyprus a popular place to live and do business. It is also one of the five safest countries in the world. 2023 will be a record year for local tourism, with more than 5 million tourists expected. All of these affect the real estate market directly. In 2022, PWC reported record-breaking growth in the sector, the trend is set to continue for at least 4-5 years. This is the moment to invest in this unique country!
Which are the top investment locations in Cyprus?
Traditionally strong places for real estate investment are Limassol, Nikosia, Larnaca and the “Famagusta Area” (with the famed resorts Ayia Napa and Protaras). According to our analysis, the “Famagusta Area” is the best of those. It is just 45 km from Larnaka's airport and is the most beautiful spot in Cyprus with hundreds of beaches, 27 of which have an international Blue Flag certificate. The new marinas at Protaras and Ayia Napa will serve the world's elite tourists and the number of infrastructure projects underway include a large scale golf course. Over 58% of tourists visiting Cyprus stay in “Famagusta Area”. Here you will find a variety of properties – from apartments in gated communities to houses with their own pool, to beachfront mansions.
How much does property cost nowadays?
Almost the same as in Bulgaria. For example, a 2-bedroom apartment in a gated community with sea view is about 200,000 euros. The quality of construction and the functionality are outstanding.
How to find the best investment property in Cyprus?
You first have to know what you want from this property: to let it and/or use it or to resell it quickly for fast profit. Then you have to define your budget, deadlines and expected profitability. In rentals, you can expect 6% annual profitability, compared to 3.5% in Bulgaria. In resale, in a year you can profit even up to 15% or more.
How will you help us with the practical side of the purchase?
The process has to be divided in two stages. First you have to know the local laws and tax regulations and to have an idea of the market's future based on economic and investment indicators, and current trends. We, at Home Abroad, will prepare for you an in-depth analysis about Cyprus in general and your preferred region in particular. We will offer you different projects that fit your requirements and budget: off plan, under construction, or completed. The next stage is travelling to Cyprus. Home Abroad will organise the entire trip: date planning, stay, inspection trips, up to closing the deal. We know that buying properties abroad is hardly a routine for you and have crafted a work model that satisfies even the most demanding clients. The best part is that we do not charge the buyer with a comission.
What about the property maintenance?
The construction and investment companies that we represent in Bulgaria are among the most respected ones in Cyprus, with thousands of successful finished units and more than 30 years of history. All of them offer the whole service – from construction to furnishing and maintenance to letting. You do not need to bother with any of these.
How does Home Аbroad stand out on the market?
Our competition offers properties both abroad and in Bulgaria. We focus solely on Cyprus. This has allowed us to develop an expertise and service without an alternative in Bulgaria.
How do you train your team?
For us, it is crucial that each member of Home Abroad's team is dedicated to their job. I am a stickler that they have an in-depth knowledge of each aspect of our product. We realise our great responsibility towards our clients who need correct and well researched information in a number of fields, and have to trust our recommendations, expertise and service. Our employees are carefully selected and each of them is sent to Cyprus for additional training before they start their actual work.
Angelico Lifestyle apartments
This is one of the most beautiful areas in Cyprus, poised in its contrasts. Protaras means “to first see” and the reason is because in Protaras you can see the very first sunrise in the whole of Europe. It’s located in the southeast of Cyprus and is part of the administrative boundaries of the city of Paralimni. A modern city with extensive history and culture, with many public amenities, hospitals, shops, activities, cultural events and entertainment options, that also provides a great quality of life to its citizens.
The tourist resort of Protaras stretches along the eastern coast of Paralimni and is one of the most popular destinations in Europe. Unsurprisingly so, as it is an area that combines development and expansion with the beautiful natural environment and the one of a kind beaches with crystal clear waters.
In Protaras one can find exactly what they need and that’s what makes it so unique. It combines tranquility and tradition, with the flair of a contemporary tourist resort, and it constitutes an ideal destination every season of the year. An area that makes you fall in love at first sight and once you visit it, you will realize why. Especially if you see the magical setting of the sunrise or sunset on one of its beaches.
Prices: from 147,000 euros, fully furnished, without VAT
Sofia, Business Park Sofia, Building No. 4
+359 888 003 344