Cyprus is the lead nation that joined the European Union in 2004 which is another factor affecting the growth and prices in the property for sale market of Cyprus. It is expected that in the run-up to becoming a member of "the club", prices of property for sale in Cyprus will continue to rise at an estimated growth rate of around 20% per annum.The climate of Cyprus makes the island one of the healthiest places in the world. With 340 days of bright sunshine annually.
If there is a building on the plot you are buying, ask for the building permit in order to make sure that the structure is not illegal, as well as to ascertain the terms and conditions of the building.Please note that most of the above problems do not exist in case you buy a building site (as opposed to a plot of land/field). Even if the title deed registers the property as a building site, however, it is recommended that you go through the motions of checking the various prerequisites for development.
As a general rule, electricity can be brought to any place in Cyprus provided one is prepared to pay for it. Be careful, however, with the general belief that if there is an electricity line close to the property the cost of providing electricity will not be much. This is not true at all and it is best to examine the approximate electricity provision cost with the EAC District Officer.Telephone lines are a problem for out of built-up areas. If one is needed at your "spot", examine this possibility with the CYTA District Officer.
As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t.Credit terms on villa/building site/land/cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1-2 years (at 9% interest on the reducing balance).
On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Any profit can be exported at the rate of CY 10,000 per calendar year, plus any interest.There is no Capital Gains Tax where the property was acquired by the importation of foreign currency. Otherwise CGT is levied at 20% on gains in excess of CY 5,000.
Property in Cyprus has seen price rises in Cyprus which have led to steady capital gains for Cyprus property owners. Recent announcement by low cost airlines that they have new routes to the island are set to make property in Cyprus even more disirable. One city that overseas investors love is Nicosia. The city has been a firm favourite for overseas property buyers and offers some attractions that you simply cannot ignore these include:
The sun shines for approximately 330 days of the year.
Crime rate is 1/6th of the EU Average.
The cost of living is much lower than in many parts of Europe.
Ninety percent of Cypriots speak English.
The legal and banking systems are based on the British.
The telecommunication systems are very advanced.
Advanced medical care.
Cyprus net rental returns vary between 4.5% to 11% and capital appreciation is still in double figures, expecting to show 10 to 17.5%. The average rental net return in Britain today is around the 3% to 4% mark, and capital appreciation generally matches this.
The Land Registry Department in Cyprus is one of the most advanced and reliable system in the world.
Steady Cyprus house price increases have been putting a smile on the faces of the islands home owners and with the recent announcement by low cost airlines the news cannot get better One city that overseas investors love is Nicosia.
About Nicosia
Nicosia is the capital and largest city in Cyprus. The city is located on the Pedieos River and the population of the city is 206,200. The city is modern with several shops, restaurants and entertainment. The main industries include textiles, leather, pottery, and plastics. There are also several copper mines near the city.
Nicosia is located in the center of the island and has a historic feel with a Royal Palace and several Byzantine churches. The streets and old houses are very ornate. The Cyprus Museum is home to a large collection of Cypriot treasures and antiques. The heart of Nicosia is Eleftheria Square, also known as Freedom Square. The city hall, post office and library is located here.
Northern Cyprus has a large property market of apartments and villas. The town of Karsiyaka is projected to be the next number one area for overseas property investment. The town is only half an hour from Nicosia is expected to become a luxury development area with hotels, vacation homes and luxury villas. The area is simple with coffee shops and markets, but the area is very beautiful and nestled into the mountainside. The majority of the property in this area has been allocated by the government for development for the tourism industry and several superior resorts are expected to begin construction. The area features stunning beaches that have been relatively untouched as well as numerous mountain trails. Shops, supermarkets and leisure facilities are also expected to begin growing in this region, making the area prime investment property.
The climate of Cyprus is very Mediterranean. The area is still very natural except for the major city districts. The outskirts have attracted numerous people because of their beautiful beaches and mountain scenery. Seaside homes are very popular with vacationers, tourists and retirees.
Both William Marind & Nicholas Marr are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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Nicholas Marr has sinced written about articles on various topics from Real Estate, Property Investment and Home. Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd a UK based property marketing company that is responsible for one of the worlds leading overseas property web sites at. Nicholas Marr's top article generates over 74000 views. to your Favourites.