Cyprus Properties
Cyprus is a Eurasian island country that is situated south of Turkey and southeast of Greece. It is the 3rd largest island in the Mediterranean Sea covering over 9,200 square kilometres with a growing population of approximately 700,000. While being situated in the crossroads of 3 continents – Europe, Asia and Africa, it holds one of the oldest histories of the world.
As a former British colony, Cyprus became independent in 1960 following years of resistance to British rule. Violence broke out in the capital of Nicosia in December 1963 between the Greek Cypriots and the Turkish Cypriots. With attempts by the UN peacekeepers, sporadic incidents continued on forcing the most of Turkish inhabitants into enclaves throughout the island. Continuous talks between the Greek and Turkish Cypriots in order to unite the island once again ended in on May 1, 2004 when Cyprus entered the EU and the government today is a an active republic.
With cultural influences that came from all directions to contribute to the development of a rich and diverse heritage, it has become one of the most popular tourist destinations that attract over 2.4 million tourists per year.
The geography of Cyprus is diverse with both mountain ranges and exquisite beaches. The central plain, the Mesaoria, is housed by the Pentadactylos Mountains on the north coast and the Troodos mountain range lining the south and west sides. Cyprus is famous for the historical Mount Olympus that stands in the heart of the Troodos range at an elevated measure of 6,404 feet. The Kyrenia Range is magnificent with jagged limestone peaks and reaches 3,357 feet at the highest point. The climate of Cyprus is temperate with dry summers and rainy winters. Dust storms are quite regular throughout the year no matter what season. Snow rarely occurs at the lowlands of Cyprus but since it is significantly colder in the mountain ranges, there is sufficient snow for seasonal skiing facilities.
Cyprus is a divided country between the Greek and Turkish Cypriots with a United Nations buffer zone between the two sections. The United Kingdom also houses separate Sovereign Base areas on the south and east sections of Cyprus. This unique geography may be the deciding factor when looking at property in Cyprus for an investor. With the division of land also comes the division of languages and religion between the two sections of Cyprus. Greek inhabitants belong to the majority of the Autocephalous Orthodox Church of Cyprus and are understandably Greek speaking while the Turkish inhabitants are the primarily Muslim population and converse in Turkish as well. English is a widely used language throughout the island and is an excellent buffer language for inhabitants of both sides that converse with each other, especially the younger generation. English documents from other countries do not need to be translated for recognition as official records.
When examining Cyprus properties, one may be swayed by the availability of transportation. There are both paved and unpaved roads on both the north and south sections of Cyprus, and the only other means of travel are by sea and air. There are 2 main international airports in Larnaca and Paphos as well as 6 heliports occupying Cyprus. Dual carriageways run between most towns, are quite safe and you can also drive. There are no trains in Cyprus, but there is either taxi or bus service to travel from town to town. You may also use some of Cyprus Car Hire Services. If international travelling or tourists is a deterrent for your overseas property in Cyprus, then you will want to examine the regions inhabited by air vehicles. If at first you are unsure about where you would like to start looking for property to purchase, temporarily renting is an ideal solution to get a feel for the community around you and what amenities you may need or want for your permanent home.
Cyprus holds many locations available for purchasing whether you are looking for a vacation or retirement property or even as an investment purchase. Purchasing properly in Cyprus is popular since the prices are significantly lower than that of mainland Europe. Real estate offices are conveniently located throughout the island to offer a variety of services to those who are buying or selling property. Villas, houses, bungalows, townhouses, maisonettes, apartments, flats, village stone houses, beach front property, investment, or even resale property are all governed by regulations that one needs to be aware of before completing their purchase. Once you decide what type of property you want to purchase, cost will be your next major concern when searching for your acquisition. What you are willing to spend will depict exactly how you will begin your search for a Cyprus property, whether it is through a real estate agent, a property-consulting firm or on your own personal determination.
One favourable choice for many in more recent days has been the purchase of property in villages away from the main holiday resorts of Cyprus. There has been such a growth of the tourist destinations that buyers are starting to look further from the major centres in order to find cheaper prices and a more laid-back lifestyle without the hustle and bustle of the regular tourism. With cheaper properties comes a greater chance for capital appreciation and therefore tantalizing for many. These smaller centres although further from the major attractions are none to far away and can be reached easily by car if the need arises for those who still want to be in touch, but not too secluded.
The lifestyle and mix of attractions in Cyprus make it the perfect place to purchase property for someone of any age. Complete with all its historical charm and yet the active nightlife, there are many centres that attract young entrepreneurs and even the pensioners looking for a permanent seaside residence. Rental properties is a growing revenue in places such as Cyprus since many more people are turning to places in the Mediterranean for their holiday homes and vacations. Luxurious hotels can be costly and somewhat unnecessary when spending a great deal of time in the same place, therefore making rental property a highly effective alternative to those who wish to reside in Cyprus on a sporadic basis.
Property markets in Cyprus have benefited highly due to the growth of cheaper air travel over recent years. With lower-cost flights readily available, places such as Cyprus have opened up so much more to the tourism industry and for those who wish to purchase overseas property. With easy access to a property, there is a financial gain for owners in regards to capital gain. A lower cost of living is an attractive reason to why many choose Cyprus as their final purchasing destination. With a lower cost of living comes a substantially improved quality of life therefore enticing many to the Cyprus properties.
There are many guidelines that should be followed when searching for property in Cyprus but there is one main concern that should be followed no matter how you arrange to obtain your property. Buying property in the northern section of Cyprus is illegal. Under international law, the European Court of Human Rights has ruled that any transactions undertaken in the north is essentially illegal. With 92% of the legitimate title-deed holders of the north being Greek Cypricot refugees that were forcibly removed in 1974, any property on the north can and will be retained by the legitimate Greek Cypricot refugees which is confirmed by the United Nations and these land purchases will be nullified. If you are certain that you still wish to purchase land in northern Cyprus, you will need to be sure that the person you are buying from is the legal owner of that property with a pre-1974 provenance in order to alleviate any future misconceptions of the property in question.
Solid property ownership is an attractive part of purchasing in Cyprus. Based on a solid property law, freehold properties are unattached from expiry dates; land rates, and passed on to your descendents that is essentially kept in the family forever. From the moment you sign the contract, you can sell or do whatever you wish with your new property.
Investment opportunity is viable in Cyprus since property prices are essentially on average a 4th of the value in Western Europe. With these costs, it is possible to own a second home, or even a revenue property. With a steady, growing economy, property prices are on the rise and your investment will continue to reap those benefits.
Utility companies are an important aspect of purchasing property. Be sure to acquaint yourself with the services provided by Cyprus Electricity and the Water Board. Gas is not centrally supplied in Cyprus, which may be a deciding factor for many purchasers.
Many are swayed into purchasing Cyprus property by the fact that the crime rate is extremely low and theft is rare in Cyprus. With this relaxed atmosphere of life, one can enjoy more without the anxiety of a busy, hectic lifestyle that comes with a large metropolitan centre.