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English translation German translation - Deutsche Übersetzung French translation - Traduction française Italian translation - Traduzione italiana Spanish translation - Traducción española Portuguese translation - Tradução portuguese Chinese translation - 中国翻译 Japanese translation - 日本翻訳 Korean translation - 한국 번역 Arabic translation - الترجمه العربيه

overseas property cyprus

Welcome to overseas property cyprus information and resources

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.


Do you dream of owning a Cyprus apartment or luxury villa of your own? How many times have you sat in front of the TV watching those reality programs about lucky people buying holiday homes in the sun and wished it was you? You may even have made some inquiries into the why's and wherefore's of buying a Cyprus apartment only to dismiss the whole idea as too expensive for someone like you. The truth is that you may be surprised to learn that the majority of folks who own Cyprus property are in fact just ordinary John's and Jane's just like the rest of us. The only difference is that their desire to live the dream of owning a home in Cyprus was far greater than any arguments against the idea. So they looked deeper into it.

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.

Of course property is not cheap in the Paphos area but there are still plenty of bargains to be had if you do your homework. Resales are making good sense right now and many Paphos villa developments will have unsold houses on them. These properties will probably have been originally purchased off plan by investors looking to sell them on once the development was finished. Sometimes for whatever reason these villas and apartments "stick" and the speculators need to move them quickly at bargain prices. They are often fitted out with all the extras too like air conditioning and fully fitted kitchens with all the white goods.

Paphos in Cyprus is one of the most popular resorts on the West coast of the Island and there is good reason why it is the number one choice with visitors. Whether you are looking for night life or culture Paphos has more than enough of both in plentyful amounts. Even the most ardent culture vultures will find something of interest there. Ancient ruins, old churches and even tombs (empty ones of course) can be found a short walk from the resort centre. It's hardly surprising that the Island is so full of all these places of interest when you consider the number of different cultures that have made Cyprus theirs at one time or another.

A notable British presence remains to this day and Cyprus has become home to a large expat community (estimated at around 50,000), while British tourist trade accounts for the overwhelming majority of the country's tourism income. A look at the Cypriot climate and its easy to see the attraction: average temperatures only dip below 70F (21C) between November and Apriland the country can boast on average 300 days of sunshine per year. So how much property do you get for your money? About 130,000 Cyprus Pounds (EUR224,000, GBP154,000) will buy you a detached three bedroom dwelling, although expect to pay more to get near the beach. In the north, the equivalent property can be picked up for around CYP90,000, and prices here are rising fast, albeit from a low base. However, there are significant risks attached to buying in the North. Compared to many other countries purchasing property in Cyprus by foreigners is relatively simple. Non Cypriots are permitted to purchase (for their personal use) either: an apartment, a house or a villa on a site, a piece of land. The maximum allowed area is 4,013 square meters (an equivalent of 43,195 square feet) Permission to transfer the property bought to the non-Cypriot's name must be sought from the Cyprus Council of Ministers. However this is granted more or less as a matter of course to all bona fide purchasers. In the meantime, purchasers may take possession of the property without restriction.

Whilst average wages in Cyprus remain considerably lower than those in places like the U.K. and Germany property prices continue to rise unabated. It really doesn't take rocket science to work out who the losers in this building bonanza are going to be. The gap between the wealthy and the not so wealthy in Cyprus has suddenly expanded to previously unimagined dimensions. The next generation of Cypriots will soon be lucky if they are able to afford a house or an apartment in their own country. Whilst this situation is of little or no interest to the now wealthy developers and former land owners it is pertinent to many young Cypriots looking for their first home. Getting onto the property ladder in Cyprus was never easy for them but soon it could be almost impossible.

These include the Cyprus Property Action Group, which is an organisation set up with the aims of not just advising on the property market and providing news about it, but also suggesting ways to enhance it further, using a regular column in the Cypriot Financial Mirror to provide this service, it announced through the paper today. With such action taking place on the ground, the possibility exists that those looking around for the next bargain will have a steady stream of information available to help in the hunt.

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.

While the traditional appeal of the country focuses on the azure Mediterranean waters, beaches and sunshine, the country has been busy trying to sell its other attractions to visitors, with tourism chiefs arranging a series of events to showcase the history, culture, food and drink, hospitality and other aspects of the island that have been neglected.

There are a couple of important issues you should be aware of however before you dive in and part with your life savings. Firstly, all the properties within a development must remain unaltered until the land office has issued the separate title deeds. In other words any extensions or immovable structures that were not on the original plans before the Cyprus developer started construction of the property could jeopardize the title deeds for every property on the development. This could even include such things as barbecue areas and pergolas with solid cover such as planking or tiles so it's worth keeping an eye on what your neighbours are up to.



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