Whatever form of Cyprus property investment you are looking from, from villas and apartments to fly-to-let, you'll find it here.
We have found everything you need to know about investing in Cyprus properties, whether it is in Paphos (or Pafos as the Cypriots call it), Limassol, Kyrenia, Nicosia, Ayia Napa, or even Northern Cyprus.
This in turn means that such properties will have similar access to important aspects of tourist infrastructure, such as airports.
Close to fifty thousand Brits consider Cyprus to be their 'home from home' or have relocated to Cyprus. The lifestyle is great for retirees as well as investors wishing to see a higher than average return on their hard earned cash. It is comforting to note that the efficient Cypriot Legal System is based on the English model. The almost complete lack of serious crimes, the superb weather and the great friendliness of the locals make it easy to see why so many British expats make Cyprus their home.
One thing that catches many foreign buyers out a few years down the road is the cost of obtaining their title deeds! Thats right, you will have to pay a property tax based on the original purchase price of your Cyprus property whilst it was under construction. This is based on a sliding scale related to value of the property and at the time of publishing this article was as follows 3% on the first CYP50,000, 5% on the next CYP50,000 followed by 8% on any further amount over CYP100,000. You would be wise to make provision for these "hidden costs" when budgeting for the purchase of any Cyprus property still under construction and even some resale properties too.
Cyprus, is the 3rd largest Mediterranean island - covering 9,251 square kilometres, 240 km from west to east and 96 km from north to south - with a population of approximately 700,000. Being at the cross-roads of three continents - Europe, Asia and Africa - it has one of the oldest histories of the world, dating back 9000 years. Its strategic position, its wealth in forests and mineral deposits, as well as its skilled craftsmen, made it the prized possession of the powers of the day. The island is served by approximately 30 major airlines, linking it to the four corners of the world through its international airports at Larnaca and Paphos. Driving is on the left in Cyprus and distances between towns are relatively short, covered by a good network of modern roads.
Should you be investing with a view to renting out your home when it is vacant, make sure you ask your agent and developer for what they consider to be the rental expectations. If you are in the position of depending upon rental income to cover the costs of financing and maintenance costs, then it would be wise to knock 15% off whatever they say, to be on the conservative side.
At the moment there are numerous options ranging from apartments to villas and luxury houses to choose from. Banks and Financial institutions have made available easy loans to finance property purchase in Cyprus to foreigners in both foreign currency and Cyprus pounds. Loans available cover up to 70% of the property value and can be negotiated to 80%-85%, if the construction is new.
Three key areas have emerged in the North Cyprus property scene, at Esentepe, Bogaz and Bafra. The Esentepe/Tatlisu area has always attracted visitors for its natural beauty, yet recently the area has exploded in popularity with the opening of the only 18-hole international standard golf course at the Korineum Golf and Country Club. This new golf course has been the catalyst for a whole variety of developments, all within easy reach of the manicured greens.
In 1974 the Turkish army invaded Northern Cyprus and claimed it as their own and declaring the Turkish Republic Of Northern Cyprus or T.R.N.C. as it is also known. They have been there ever since despite worldwide condemnation and trade embargoes by many of the U.N. countries. Whilst this article is written without any political bias there are certain problems that exist between the Greek Cypriots and their Turkish neighbors which you should bear in mind before buying a cheap Cyprus property in the North. The only government that recognizes the T.R.N.C. is in fact Turkey so there are certain issues regarding who would actually own your cheap Cyprus property at the outset.
A Cyprus house or apartment purchased "off plan" is possibly one of the best options for a first time holiday home buyer. They get to choose all the internal finishes like kitchens and tiles and if you are prepared to drive a bargain with the developer a lot more besides. It is not unusual to negotiate air conditioning and white goods into the deal before you sign the contract plus all kinds of other incentives. The bottom line is that developers need to sell properties and they want your money so you should push for whatever you can get. Buying property abroad can be complicated but Cyprus is the exception with a legal systemb based on that of the U.K. Yet another good reason you should consider buying a Cyprus house.
Cyprus is still a top holiday destination especially for the British and Germans who flock back there year on year. It is many of these former tourist that have purchased property in Cyprus and this trend looks set to continue for quite some time. It is an inescapable fact that the shape of the tourist industry in Cyprus has and continues to undergo a major shift in emphasis. There is a definite switch from hotel and apartment based holidays to private rentals of villas or luxury apartments which in turn is having other "knock on" effects.
The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable time after signing the contract of sale. Property Registration / Transfer Fees Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment.
The effects of these two events are inevitably going to influence property prices in Cyprus, no matter what. The Republic of Cyprus is a very exciting prospect for overseas property investors, particularly those who have already weighed up the pros and cons of owning in this idyllic and friendly location.
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.
Get up in the morning when you want, eat when you like and come in at whatever time suits you. No more set meal times or queuing up for dinner when someone else dictates. A luxury Cyprus apartment gives you the total freedom to come and go just as you like leaving you free to get on with your holiday. Many Cyprus apartments will also have their own exclusive pool area too so you can enjoy a dip whenever you like and you won't have to get up early to reserve a sun lounger either.
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