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.
Countries such as Cyprus have seen some major benefits from this glut of disposable income that buyers are raising by remortgaging their prime residences at home. Many foreign buyers are even taking advantage of the Cyprus banks willingness to loan against Cyprus property purchases by none residents wishing to buy holiday homes on the Island.
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.
According to this country's regulations a value added tax (VAT) on property related transactions is to become enforceable in 2008 which will unavoidably increase real estate market across the island.
Make sure yourself that the property sale is registered at the Land Registry within sixty days of signing the contract, or you may find that you encounter problems.
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.
Many empty Cyprus apartment complexes are being refurbished into luxury units and sold on to eager holiday home purchasers. These "like new" apartments offer buyers the best of everything including a central reception area, pool complexes and resort locations to name just a few. They are a real win win situation for everyone involved including the former owners and those looking to buy on a limited budget. They are also perfect for holiday lets because everything a couple or family needs for a great Cyprus holiday is all there in one place. If you are thinking about purchasing a holiday home in the sun for yourself or as an investment these refurbished luxury apartments could be the perfect Cyprus property.
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.
Raising capital against existing property has always been the norm especially for investors and property speculators so why shouldn't the avaerage buyer take advantage of the same methods. Banks and other financial institutions are usually happy to loan against the security of property because they are not really taking much of a risk. If they are only putting up 75% of the total value they can't go wrong and that's without even considering any increase in value the property will make before it's even finished.
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.
So, if the time is right for you to invest in foreign property, the time is right to invest in Northern Cyprus property developments, before prices rise to south Cyprus levels.
Property writer Kevin Moore told Ready2Invest this week that Cyprus properties in small villages on the coast can be bought for 50 per cent less than in the traditional tourist honeypots.He said: "We aren't talking about tens of miles here, because there are still lots of unspoilt villages dotted along the coast within a short car journey of the larger towns."
Many observers who have visited Cyprus over the last few years can't possibly have escaped noticing how much quieter it seems even in the high season. Quite a few bars and restaurants outside of the main resorts lie empty giving the impression that tourist numbers are dropping.
The disparity between the average wage in Cyprus and the cost of property is astounding to say the least, even greater that that in the U.K. where first time buyers are now completely priced out of the market. There are other "knock on" effects too that are only just becoming visible, but things may have already reached the point of no return. It is hard to believe that such a huge upheaval in the countries infrastructure and economy won't reshape Cyprus in some way or another especially when the country relies so much on tourism.
The other event scheduled to be implemented in the early part of January 2008 is that 15% Value Added Tax (VAT) will be levied on all land deals in Cyprus. Therefore those smart investors who take advantage of buying property in Cyprus before this event will effectively save 15% on the deal, from the start.
With so many new Cyprus luxury apartments springing up all over the Island you won't have any problems finding one that's perfect for you. Whether you want to enjoy the bustling resort life or experience the more laid back living style of a traditional Cypriot village community a luxury Cyprus apartment is a great way to do either. You can even rent a luxury Cyprus apartment long term at prices well below those in the U.K. which makes Cyprus a great winter destination too.
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