Cyprus Property News

Why Buy Property in Cyprus?

Cyprus Highlights

Cyprus is an island that is safely tucked away on the top right hand side of the Mediterranean and is very close to Europe, Asia and Africa. It has often been described as being the stepping-stone to three continents. This island nation has been the envy of many civilizations, and its rich and dramatic history can be traced back over nine thousand years. It has been invaded and claimed by a number of fascinating civilizations that have left behind some of their rich culture, which has shaped the character of modern Cyprus.

Southern Cyprus is a much loved holiday destination for British citizens with many of them deciding to own holiday homes in the country and even retire to Cyprus. It is a popular golfing destination with a well-established tourism infrastructure. The turnover index for tourism in Cyprus in the year 2007 increased by 11.9% over the previous year.

The island is blessed with magnificent beaches and rugged coastlines, mountainous backdrops and forested hills, as well as an unmistakable legendary history, according to which the island was chosen by the Ancient Gods of Greece to indulge themselves in pleasure. Aphrodite, the Greek God of love and beauty is said to have emerged from the foams of Pafos and visitors would flock to the island to worship her.

One of the best-loved things about Cyprus is its village-like feel, the slow pace of life and the fact that it is really good value for money. Situated just forty miles from Turkey, the shores of Northern Cyprus is a visitors’ haven, with beautiful bays and ancient harbours, the intriguing antiquity of the area combines with a rich cultural history. The azure seas and year round warm climate create an ideal scenario for al fresco dining and some of the regions best diving sites. There are also several caves in Northern Cyprus that can be explored by intrepid adventurers.

Emerging Property Market in Cyprus

Cyprus enjoys a typically Mediterranean climate with warm weather and little rainfall, this is what makes it such a highly sought after destination, not only for holidaymakers but also for people wanting to live or retire in warmer climes. The demand for rental property in Cyprus is very high amongst tourists who are flocking in ever increasing numbers to the Island, particularly from the UK, and the owners of holiday properties in Cyprus are benefiting hugely from the growth in tourism. Because of the warm climate it is possible for owners to earn income from Cypriot properties all year round.

The Turkish Republic of Northern Cyprus is also fast becoming a popular tourist spot, however, property prices are still lagging behind the southern parts of the country at a staggering 50%. What this actually means to the potential investor in property in northern Cyprus is that if you get onto the emerging market bandwagon right away, you have the opportunity to make a fantastic investment that will give huge returns.

Northern Cyprus is also a tax haven that has yet remained unexplored with exemptions on import duties, income tax and very little or no council tax. Foreign investors are investing in properties and the Government is investing in tourism with government grants being available to people in the tourism industry.

Because of the significant increase in visitors to the northern part of the island, it is estimated that as many as 30,000 beds for visitors will be required in the next two years and 50,000 by the end of the decade, that is a lot of bums in beds – 500% more than are presently available in the Northern Cypriot marketplace, so any property investor who is willing to buy to let, will have no problem letting, as with 300 out of 365 sunshiny days in the year and the temperate Cyprus climate means that the tourists just keep coming throughout the year.

In addition to the traditional villas on the island, property developers have introduced a new concept to northern Cyprus - luxury apartments - which are self contained with a mini market, swimming pool, exercise room, restaurant, bar and maintained gardens, and one developer is actually building an entire village.

Fortunately though, because Cyprus is relatively undiscovered, architects and town planners have learnt from the mistakes they made in other Mediterranean coastal resorts as well as the south of Cyprus, and are expected not to make these earth shattering mistakes again in terms of planning and building in the less developed northern part. A blanket ban has been placed on any such monstrosities as low cost, high-rise buildings are being developed there, thereby, preserving the beauty and also adding more value to the property by building sympathetically. With more than 1.5 million visitors to the Island from the UK alone annually, and this figure is growing steadily, investing in property in Cyprus is sure to be an excellent investment choice with large capital gains and returns.

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