Property In Cyprus

 

Cyprus

 

 

Property In Cyprus

Recent years have seen considerable interest in the market for property in Cyprus, as increases in tourism coupled with the positive impact of Cyprus joining the European Union have resulted in a sustained increase in demand. With property increases averaging around 10-12% for the past year, it is understandable that Cyprus is perceived as a more stable investment which has traditionally proven attractive to mid to long term investors.

 

There are a number of reasons why Cyprus has proven so successful at attracting property investors from overseas, including the superb Mediterranean climate which offers over 300 days sunshine per year and the low tax rates which include taxes of only 5% on pensions. These favourable rates of taxation, coupled with the high standard of living and relatively safe environment has meant that Cyprus is a popular choice of retirement destination for many.

 

As well as this, Cyprus’ integration into the European Union has produced a thriving economy which also has benefited from an increasing amount of tourism to the island. It is estimated that tourism in Cyprus will increase at between 4-5% over the next ten years, making it increasingly attractive to investors looking to capitalise on the short term rental and holiday accommodation market.

 

At present, the market for property in Cyprus has focused on the areas to the south of the island, where a considerable amount of development has been undertaken in the last few years. The increasing supply of property in Cyprus has therefore made it essential that the appropriate research is carried out to ensure long term return on investment.

 

Recent times have seen an increasing amount dialogue between the Greek and Turkish authorities regarding closer integration of the North and South parts of Cyprus. Understandably, this potential reunification has sparked a considerable interest from overseas investors who see the north of Cyprus as offering huge potential. Today, the prices of property in northern Cyprus are considerably below those in the north, and the region is tipped to make a large impact in the coming years.

 

Without doubt, there are issues which are facing investors looking to purchase property in Cyprus, and many of these including water supply issues in certain areas, and potential oversupply in tourist destinations have been well documented. The signs are however that the Cypriot authorities are aware of these issues, and are working hard to alleviate them.

Pissouri Vines 1

Pissouri Vines 1 - 2 bedroom apartments in Paphos, Cyprus.€146,100

This development comprises of 3 blocks of 2 storey buildings with 50 luxurious 2 and 3 bedroom apartments with gardens, close to open forests and beautiful nature walks.