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.
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.
Cheap Cyprus property is a holiday home buyers dream come true but if you don't take care it could turn into a nightmare. In the search for cheap Cyprus property many prospective buyers are starting to look towards the North of the Island. This is due in part to the increasing prices of Cyprus real estate which continues to represent a great investment for personal buyers and investors alike. If you are tempted to consider looking for cheap Cyprus property in the North a little caution may be advisable before you make any important purchasing decisions.
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.
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.
Now that Cyprus is in the E.U. prices of these Paphos villa properties look set to increase still further and that's not withstanding the introduction of VAT on property in the near future. This could soon put these kind of properties beyond the reach of average holiday home buyer for good so now may be the best time to make a move. Whatever the future holds for property development in Cyprus the chances are that Paphos will remain a sound investment and there will always be a strong demand for a villa in Paphos.
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.
If you are prepared to barter with the Cyprus property developer they may even include such things as white goods in the kitchen and air conditioning units in some of the rooms too. Remember these guys are not "hard up" by any stretch of the imagination so there will always be some room to move in any negotiations. Don't be afraid to make an offer because they can only say no and there will always be another Cyprus property developer elsewhere ready to do a deal with you. If you don't find what you are looking for first off just follow the same routine with another property until you get a deal that suits your budget.
Just as the golf course has been integrated with the landscape, the best Esentepe real estate does the same. The Serenity apartments at Esentepe are set amongst a pine forest, but also enjoy good views to the Mediterranean coast just 500 metres away. Each apartment blocks is offset from each other up the hillside, so that each apartment has a clear view from its balcony.
Property has always been a sound investment and holiday property in particular continues to make fabulous returns on the money invested. Cyprus banks are willing to lend against luxury Cyprus apartments and villas purchased by none residents so raising the necessary capital as never been easier. At the time of writing this article most banks in Cyprus are willing to finance up to 80% of the funds required to purchase a Cyprus house or apartment. This has prompted many U.K. home owners to remortgage their first homes in order to raise the deposit and then rent their properties out to other holiday makers which in turn could service their Cyprus loan repayments.
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