Cyprus

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Seriously to think of investing in Real Estate in Cyprus a few years ago would have been dreaming. Yes granted that movie stars and famous musicans have been buying real estate in Cyprus in the form of Riads and Villas for many years. But until recently this was only offered to the the privileged few that could handle high risk and not to the mass market to purchase real estate in Cyprus with the security of being able to re sell and get your investment back with equity increase.
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Cyprus Property Market

Cyprus Property Market




The Cyprus property market has been on a tear for the last few years and with the country’s ascension to the European Union, their introduction of a 15% VAT on property purchases and their adoption of the Euro as their currency it is likely that the bull-run will continue.
The Cyprus property market has seen plenty of success because of the sheer glamour of the island. Cyprus is the third largest island in the Mediterranean. It was coveted by many powerful cultures through the centuries including the Phoenicians, the Greeks and the Romans. Although the current island is divided in the Greek-held south and the Turkish-held north, Cyprus has always been home to a diverse range of peoples hailing from all over the world.
The Cyprus property market really got going when it was discovered by European expatriates looking for a place to invest and buy second homes. Cyprus currently has a large community of expatriates – mainly British who have helped boost the island’s property market and who have helped to develop the main towns and cities into mini-versions of the places they left behind.
When looking to buy property in Cyprus it is important to fully vet everyone with whom you do business. Having a cracker-jack attorney as your representative is imperative in order to avoid the pitfalls of purchasing real estate in a foreign country. However, now that Cyprus is part of the European Union all restrictions that previously limited a foreigner’s property purchase in the country have all been lifted.
Cyprus is definitely high on foreign investor lists – and with good reason. The sunny isle has a property market that is appreciating annually, a solid economy and growing tourist and business sectors that make the island highly attractive – not only for investors but those looking for a beautiful place to live, work or retire.


Cyprus property outlook


Many global property markets have experienced some form of slow down in the last couple of years – not so with the Cyprus property market. The third largest island in the Mediterranean has been on a boom that does not seem ready to stop. With the island’s ascension to the European Union and the lifting of all restrictions for Europeans to live and work on the island, expat demand for property in Cyprus is expected to increase.
The Cyprus property market will also benefit from the recent introduction of a 15% VAT on all property purchases in accordance with the “acquis communautaire”; the VAT is expected to increase property prices by an immediate 5%.
On Jan. 01, 2008 Cyprus did another thing that is highly beneficial to the island’s property market – it transitioned to the Euro as their main currency. The change means that interest rates are likely to fall – an occurrence that will certainly boost demand for property as greater numbers of home buyers will want to take advantage of the lower rates.
Several analysts are so bullish that the Cyprus property market is about to see dramatic growth that they are predicting property prices will increase by as much as 50% over the next year. Given the fact that the island naturally has limited land resources their predictions are likely to play out as larger portions of the nation are developed and less space is left for further construction projects to take place.
Overall, investors who want a good country in which to place their money should certainly think twice about Cyprus.