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Buying in Cyprus

Key facts about Cyprus

Cyprus, mythical birthplace of Aphrodite and Adonis, is the third largest Mediterranean island. A popular tourist destination, it attracts over 2.4 million tourists a year. Formerly a British colony, it became a Commonwealth republic in 1961. It’s been a EU member since May 2004 and adopted the euro in January 2008.

The island’s been split in two since 1974 after years of community violence between ethnic Greeks and Turks. The southern part has been inhabited by Greek Cypriots and the northern part by Turkish Cypriots. The dividing line, known as the ‘green line’ is patrolled by UN troops. That said, the process of becoming an EU member has prompted actions to help reunify ethnic Greek and Turkish communities and address the isolation of the Turkish community. This September (2008) sees the two communities meet in an important series of UN sponsored peace talks — aimed at reunifying the two communities.

Apart from beautiful coastal attractions, Cyprus has lots to do including trips to the wonderful Troodos Mountains. This range is home to scenic villages, historical Byzantine monasteries and offers welcome relief on the hottest summer days.

Why buy Cyprus property?

Cyprus has so much to offer. Economically, capital growth has been strong since 2002. Geographically, the country has extensive coastline and boasts around 340 days of sunshine a year. The country enjoys an attractive year-round climate of summer from March to November. And has something for all ages with beaches, night life and plenty of heritage. So what else?

• it’s regarded as the only Eastern Mediterranean holiday and property centre that offers a standard of living on a par with what most Britons are used to

• it’s considered Britain’s fifth most popular foreign destination, opening up possibilities of high rental return

• English is spoken or understood by 90% of Greek-Cypriot residents

• a new international airport at Paphos will be opened this year, 2008, handling up to 2.7 million passengers a year and

• two new marinas will be developed plus several golf courses, marking a move to entice wealthier tourist visitors to the island.

A low flat tax rate for non-Cypriot residents of only 5% combined with a low cost of living adds further to the strong case for making Cyprus a second home buy destination. In fact, around 60,000 Britons are buying or own homes here.

The Cyprus property market

If you’re buying property in Cyprus, note that most property is fairly new with most stock less than 20 years old. Key buying centres are Larnaca, Limassol, Paphos, Famagusta and capital Nicosia. The latter is the largest centre with a population of approximately 309,500.

Taking Paphos as an example, on the west coast, you can expect to find the following average property starting prices:

• a 2 bedroom apartment from CY£65,000

• a 2 bedroom holiday villa from CY£130,000 and

• a 3 bedroom house from CY£180,000.

Larnaca, offers some very competive prices and is therefore attracting a lot of British property interest. 2 bedroom apartments start at CY£40,000 and 2 bedroom villas at CY£95,000. Larnaca’s the third biggest centre in the Cyprus with a population of around 75,000.

The old walled area in Nicosia, home to tradtitional stone houses, is attracting several property renovations.