The island of Cyprus has been a popular holiday destination for British people for many years. After all, it has a lot going for it; sunshine all year round, beautiful beaches, stunning landscapes and countryside, history and culture, traditional cuisine, locally produced wine, family attractions, and top golf resorts. Plus, there is the added benefit that Cyprus used to be part of the British Empire. This means that in Cyprus they drive on the same side of the road as in Britain and that English is widely spoken throughout the island. Why buy a house in Cyprus though?
There are many reasons why Cyprus makes the ideal country to own a second home, be it because you are looking for a holiday house, (somewhere where you can spend a few weeks every year) or perhaps you are looking to relocate and live abroad. However a popular reason for purchasing property in Cyprus is for investment purposes.
The global recession has affected the Cypriot property market and as a result property prices on the island have dramatically dropped. Although this has had a negative affect on the property industry in Cyprus, actually now could be the perfect time for investors to take advantage of the slow market.
As property hasn’t been selling, Cyprus property values, have been seriously reduced. In fact it is now possible for people to make an investment in property at rock bottom prices. There are some real bargains to be had. For example, we currently have a number of two bedroom apartments for sale in the Larnaca region for under €100,000. As a result of these low prices there is a lot of potential for creating equity if you are looking to buy in Cyprus for a medium to long-term investment.
So whilst it is very unlikely that there will be a sudden property boom in Cyprus in the near future, if you’re not thinking of ‘flipping’ or reselling your property in the short term, it is still worth considering, homes for sale in Cyprus, as an investment. Cyprus is unique to many other countries. It is a relatively small island with a limit to what can be developed. It’s a member of the EU and is part of the Eurozone. Although plans for development have slowed down on the island they haven’t stopped completely.
The new Nick Faldo Elea golf resort has recently opened, plus the Limassol marina development is well on its way. Cyprus will continue to attract tourists all year round, which helps if you are looking to rent your property to holidaymakers. Currently a number of airlines fly from the UK to Cyprus including Easyjet, British Airways, Cyprus Airways, Monarch, Thomas Cook and Thomson.
Tip: When looking to purchase an investment property in Cyprus it is important to do your research. Is it in a good location, what facilities are nearby, how close is it to the airport, what are other properties in the area selling for?
Note: Whenever purchasing property always make sure that you use an independent solicitor who specialises in property sales in the country of purchase. Currently Cyprus is changing the way their title deeds are issued and it is always important to seek independent legal advice.