northern cyprus property sales |
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paphos rent |
apartments in cyprusWhatever form of Cyprus property investment you are looking from, from villas and apartments to fly-to-let, you'll find it here.
Many heavy-hitting overseas investment portfolio managers are pushing hard for their investors to buy property and land investment deals in Cyprus, before 2008 to realise increased profit over the medium and long term period. Bogaz was once a sleepy fishing village on the east coast of North Cyprus, enjoying a sheltered position just below the panhandle of the Karpaz Peninsula. Now it is one of the busiest development areas in the whole of Northern Cyprus. The Caesar Resort aims to be one of the area's best one-stop holiday resorts. The list of onsite facilities should keep any holiday family occupied for hours; swimming pools, tennis courts, outdoor Jacuzzi, children's playground, fully equipped gym, spa and beauty salon, amusement arcade, open air film theatre - the list goes on. Bogaz's proximity to the ancient ruins at Salamis and the historic walled city of Famagusta ensures that non-sun worshippers will enjoy staying in the area, especially with easy access to the rugged terrain of the Karpaz Peninsula as well. New properties for sale in Bogaz, also have tremendous potential for year-round rental thanks to the Eastern Mediterranean University just a few minutes drive down the road, with 15,000 students and 400 lecturers all looking for somewhere to live. For those looking to invest in a new-build villa in the Bogaz area of North Cyprus, Monarga Resorts offer spacious villas with terraces and luxury features such as Jacuzzis. Not every one can be a winner however and there are indeed many losers who are unable to get on this Cyprus property development merry go round. Anyone visiting Cyprus recently can not of missed the sudden increase in the price of some foods and other basic essentials such as milk for example. To the visiting tourist eating out or dining in the hotel these increases may not be immediately obvious, but when their wages are still amongst some of the lowest in Europe the Cypriots will be feeling the difference every day. Moreover whilst many comparatively wealthy foreigners can still afford to cash in on the Cyprus property development boom most Cypriots are fast losing hope of ever being able to have enough money to buy a house in their own country. Property prices have always increased overall and holiday home hotspots like Cyprus have seen some dramatic growth in the past few years. No one will ever tell you that property is not a great investment (if they do test their sanity) and although there are often dips the overall picture has always been one of steady growth. The third major area of property developments in Northern Cyprus centres on the town of Bafra, north of Bogaz. Positioned just as the start of the Karpaz Peninsula, development here has been spearheaded by the Kaya Artemis Resort Hotel. This giant reproduction of the Temple of Artemis at Ephesus is a landmark five-star resort and casino, offering a massive 2,400 bed capacity for international conferences and holidaymakers. The first step in buying a Cyprus property is to find what is available. As you probably know, real estate in this country is becoming more and more popular as the days go by. The reason for this is quite simple. Not only is this a beautiful part of the world to live in, but the same holds true for tourists as well. For this reason, there are a lot of people looking into Cyprus property as a second home. This will give them a great place to visit each and every time that they want to get away. If you are depending on the rental income, then you need to make a comprehensive and effective plan yourself to make sure you receive the highest possible number of rentals. A well known maxim is 'talk is cheap' and if any property management company start making promises to you of occupancy rates, you should immediately be suspicious. Unless they offer to pay you the whole rental season up front. Generally, it would be unwise to sign up for an exclusive deal with anyone. You could end up with no rentals, and still have to pay the company commission, whether or not they let it. There are a number of taxes that are associated with the purchase of property in Cyprus. Real Estate Transfer Tax. This is necessary to transfer the freehold into the name of the buyer and is levied on a progressive scale starting at 5% up to CYP10,000 increasing in five steps up to a maximum of 8% above CYP75,000. For residents there is an Immovable Property Tax based on the value of the property at a rate of 0.2% between CYP100,000 and CYP250,000; 0.3% up to CYP500,000; and 0.35% over CYP500,000. The first CYP100,000 is exempt. The buyer is also liable for stamp duty. This is charged at a rate of 0.15% on the first CYP100,000, and 0.2% above this threshold. Depending on the size of the property, local authority taxes range from 0.1% to 0.5% per annum to cover refuse collection, sewerage, street lighting etc. Transfer of ownership from vendor to purchaser is undertaken by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party (i.e. a Licensed Estate Agent ) with a Power of Attorney.
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