cyprus investment information
Why Invest in Cyprus?
Many people are choosing to buy a Cyprus property, either to live in, as a holiday home or as a property investment. Cyprus is a beautiful Island with enviable year round climate.
Cyprus already boasts an established growing tourism trade, and new multi-million pound marinas are set to emerge in both Paphos and Limassol, and more exclusive golf clubs are planned throughout Cyprus. Investment in motorway links means easy access right across the island - from Famagusta through to Paphos, which will help boost demand for holiday rentals
Property prices have shown a steady increase over the past 10 years, averaging about 8% p.a. The property market is considered established, predictable and much less volatile than other, newer, property markets. The arrival of the Euro in January 2008, replacing the Cyprus pound, is set to add further stability and confidence.
Property prices on the island are still competitive compared to other popular destinations. Cyprus offers a great choice of low-rise property for sale throughout the island, from apartments through to beachfront villas and golf properties. For those looking to buy property its strict planning and building regulations offers peace of mind.
The banking systems are similar to those in the UK and mortgages are available up to 80% loan to value.
There are also significant tax advantages for residents with no inheritance, gift or wealth tax and personal taxation is low, starting from just 5%.
Add to that a low cost, but high standard of living and Cyprus begins to look very attractive. The Cypriot medical care is also of a very high standard and many companies provide private health care. Educational facilities in Cyprus are also excellent and Paphos hosts the International School of Cyprus.
Market prices are driven by high foreign, as well as domestic demand. As this is a small country, restrictions on housing supply will always keep demand relatively high.
There has never been a better time to buy - so why not book an inspection visit to Cyprus now. We look forward to helping you find the Cyprus property of your dreams!
Buying Property in Cyprus
Buying a property in Cyprus is a relatively uncomplicated process. Much of the paperwork involved in purchasing a property was simplified in the run up to EU membership and an English based financial and a legal system means that the buying process is familiar to most British investors.
Taxes for property depend on its price. As a guideline the combined state and local taxes will usually be around 3.5% of the purchase price.
Solicitors fees vary but are generally around £2000.
Stamp duty is £1.80 per thousand up to £120,000 and then £2.40 per thousand over and above £120,000.
Location
Cyprus is situated in the north-east Mediterranean at the crossroads of three continents – Europe, Asia and Africa. Cyprus, the third largest island in the Mediterranean, differs from most developed countries by its minimal crime rate, high living standards and relatively low property prices.
Languages spoken in Cyprus
Mainly Greek and Turkish but English is also widely spoken.
Religions of Cyprus
Christianity and Islam
Cyprus Climate
Cyprus enjoys a typical Eastern Mediterranean climate with approximately 340 days of sunshine a year with long, hot, dry summers and short mild winters. Its wonderful warm climate seems to divide the year into nine months of summer and three months of spring; winter and autumn have just disappeared!
Getting to Cyprus
The island has two International airports at Larnaca and Paphos. There are daily flights from the UK, including budget airlines. These flights and the development of new passenger terminals and runway extensions at both airports, along with a flight time of just over 4 hours from the UK, make Cyprus more accessible than ever!
Cypriot Currency
Cyprus pound converting to the Euro on 1st January 2008
