Property Sales - Why Buy Property In Cyprus?
Cyprus remains a popular tourist destination for millions of British holidaymakers every year, but the Levantine charms of this little corner of the eastern Mediterranean have also been exerting a pull on prospective property owners. Over 80,000 British citizens have bought property in the Greek-Cypriot South and a large number have upped sticks entirely and chosen to live on the island. It seems that the alluring combination of low property prices, warm weather and a friendly welcome has proved irresistible to many.
Buying property in southern Cyprus is a relatively straightforward process and there's the additional incentive of being allowed to live on the island for a large part of the year without being taxed, making Cyprus ideal for second homeowners. The popularity of the region means that despite the fact that new properties are constantly being built, prices continue to rise. While property could still be considered cheap by UK standards, it is no longer the bargain of yesteryear. In fact, property prices in the South are double that of the North.
However, the Turkish North presents a more daunting prospect for potential purchasers. Its status as a 'pariah state', and the fact that much of the available property was abandoned by Greek Cypriots (who still want it back and might be entitled to some degree of compensation in the event of a political settlement), has been off-putting. The property laws are also more complex and Byzantine bureaucracy can mean that it takes three years or longer to complete a deal. Despite these obstacles there is growing demand for property and in the last five years more than 2,000 foreigners have bought in the North.
Anyone looking for a property on the island needs to consider a number of factors. Firstly you'll have to think about exactly why you are buying. Are you buying somewhere as an investment or as a holiday home? Do you want to rent it out whilst you are in the UK? Location is a key factor as is access to the coast and possible future development in the area. Resale will also be an issue; your remote rustic idyll might prove tricky to shift if the only access is by a farm track. Similarly your bucolic coastal haven might end up overlooking a new marina or resort-complex five years down the line. However, if you take matters one step at a time and are happy to do some homework, you shouldn't have any problems finding the home of your dreams.