Buying Property in Cyprus
By legend the birthplace of the ancient Greek goddess of love Aphrodite, CYPRUS offers tremendous real estate opportunities for both investment property and holiday homes, being located in the Eastern Mediterranean and close to Greece and Turkey, Cyprus has a rich and varied history. The largest island in the Mediterranean, Cyprus’ fabulous beaches and glorious climate make it a number one holiday destination.
Two mountain ranges stretch from east to west; the highest mountain being the famed Mt. Olympus at 1,953 metres, in the southwest. Between the ranges lies a wide plain, the chief agricultural region. Over three quarters of the population is Greek who mainly live in the southern sector of the country. Less than 20% of the people are Turkish Muslims, mainly living in the northern region. In addition to Greek and Turkish, English is also widely spoken.
In 2004 CYPRUS joined the EU which was its final step on the path to economic stability and opened the way to substantial growth, most notably in the real estate market which is always the most accessible economic sector. This was quickly understood by the CYPRIOTS who ensured that a complete real estate market was available providing the full range of property for sale, off-plan property, investment property, holiday homes and property for rent. Indeed, the government has gone to great lengths to provide a friendly environment for foreign investors and it has paid handsome dividends further enhancing the healthy real estate market.
The Cypriots are among the most prosperous people in the Mediterranean region. Internationally, Cyprus promotes its geographical location as a "bridge" between three continents, along with its educated English-speaking population, moderate local costs, good airline connections, and telecommunications. Cyprus has been a full member of the European Union since May 1, 2004 and has developed a liberal climate for investments. On October 1, 2004, the Republic of Cyprus lifted almost all investment restrictions on non-EU residents, completing reforms begun earlier. As a result of this action, the Republic of Cyprus has granted foreign investors the same rights and benefits as locals, much of it related to the thriving real estate market in investment property, holiday homes and off-plan property.
Cyprus has an open, free-market, services-based economy with some light manufacturing. Becoming a full member of the European Union in 2004 has been an important milestone in its recent economic development. The Greek Cypriots, and to a lesser extent their Turkish neighbours in the North, are among the most prosperous people in the Mediterranean. Cyprus promotes its geographical location as a "bridge" between three continents, along with its educated English-speaking population and inexpensivelocal costs. Cyprus is well serviced by international airlines and has an excellent communications infrastructure.
Given that the island covers an area of just over three and a half thousand square miles and has a population of less than a million, there is plenty of room for expansion in the property market. Taking into account its popularity as a holiday destination, the potential for real estate investors is edxtremely attractive.
Cyprus has a typical Mediterranean climate but its proximity to the land-mass of southwest Asia makes it one of the hottest parts of the Mediterranean in midsummer. This applies particularly to the central plain and the coastal regions with temperatures reaching the mid forties in summer.
