Investing in Property in Cyprus

By: Les Calvert

This islands nation has been the toast of the British investor for decades. Cyprus is, indeed, an attractive country as well as a popular real estate investment destination. With all year round sunshine, Cyprus rocks to the tunes of visitors from all over the world flocking in to this tiny Mediterranean island.

Moreover, there's no such time as 'lean period' as regards to the influx of tourists in the country is concerned. Miles and miles of pristine beaches in the country ensure there is no shortage of activities to be indulged in by the visitors at any time of the year. Overall, Cyprus is like a pocket-sized dynamo for the real estate investors all across Europe.

Property Investment Opportunities in Cyprus

Since the country joined the European Union (EU) in 2004, the fortunes of Cyprus real estate are on an upswing. Not only with holiday-seekers, but second home buyers now are also flocking to the country mainly due to the excellent climate and large English-speaking population. Although Cypriot Greek is the preferred language here, the majority of people understand and speak English with considerable ease and as a bonus they also drive on the same side of the road as the UK.

Cyprus has no shortage of property investment opportunities all across the country. However, the hottest regions from the property investment point of view include property and areas like:

Apartments in Paphos,

Larnaca property

Limassol apartments

North Cyprus Property

and many more regions including Protaras, Kyrenia, and Famagusta. These places have witnessed maximum activity in terms of real estate transactions over the past few years. Investors have shown tremendous faith in these areas due to their potential to offer high returns. Moreover, these are either tourist spots or in proximity to the hotspots of the country. Therefore, you can easily expect a consistent rental income from vacation properties in these towns.

The prices of real estate in Cyprus are on a lower pedestal compared to the UK real estate prices. Apartments in Larnaca are available from ?100K, and a separate dwelling (residential home) can be yours for ?250K. The Paphos region is comparatively cheaper than Larnaca and Northern Cyprus has properties well below ?50K.

The range of properties available for investment purposes in Cyprus include villas, mansions, residential homes, and holiday property. All of these properties are in great demand from the domestic as well as international investors. However, the membership of the EU brings in a large number of European investors into the countries real estate portfolio. Therefore, there's an added incentive for British investors, having an opportunity to share the neighbourhood with fellow countrymen and other Europeans!

The rollicking property scenario in Cyprus is as much attributable to the long coastline as it is to the vine-blessed mountainous region, which is famous for its Cypriot wine. The country has a certain degree of historical significance also and you can visit the remnants of Roman and Greek civilization spread all across the country. The capital city of Nicosia is particularly popular among the real estate investors in Cyprus due to its ultra modern lifestyle and easy accessibility to the leading business and commercial centres in the country.

Cyprus is also a strategic base for several nations. This is the reason that Turkey is a part of the North Coast of the country. Though the area is disputed and awaiting settlement, it doesn't flare up into any kind of violent turmoil. Peace despite serious situation here is also a contributing factor for the investors interest in the area.

Administrative Convenience in investing in Cyprus

The government of Cyprus is in an overdrive in order to promote property investment climate in the country. The laws, bylaws, rules and regulations concerning real estate in the country are already on an easing road. While investing in Cyprus, make sure you are always on the lookout for VAT-exempt properties and strike really outrageous bargains on some of the prime properties in the country. Banks and financial institutions are also trying their best to make loans more lucrative and accessible for small investors.

Cyprus follows common rules and principles for real estate investment that are adding to the English legal system. The understanding of the UK property laws come in handy if you are planning to invest in Cyprus.

Cyprus is in a developmental mode, and this gives rise to certain economic disparities in the country. Additionally, Cyprus has one of the lowest average salaries in Europe, which acts as a double-edged sword. On the one-hand, it brings lots of employment opportunities in the country, also, there is an ever-growing gulf between the rich and poor. Though poverty is not a very big issue at present, the government hopes to address it before it escalates out of hand.

Cyprus is considered to be one of the easiest countries to invest with not many hurdles for foreign investors. However, it will still be advisable if you hire a local attorney to handle all the legal and administrative paperwork in order to peacefully own and enjoy a Cypriot property.

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