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Cyprus

In January 2008, Cyprus' pound was replaced by the Euro which is believed to add further stability and confidence. Property prices have shown a steady increase over the past 10 years, averaging about 8% p.a. The property market is considered established, predictable and much less volatile than other, newer, property markets.

Market prices are driven by high foreign as well as domestic demand. As this is a small country, restrictions on housing supply will always keep demand relatively high.

Tourist visits are expected to double in the next two years and surveys have shown that the demand for foreign property follows holiday patterns.

Buying Property in Cyprus

Buying a property in Cyprus is a relatively uncomplicated process. Much of the paperwork involved in purchasing a property was simplified in the run up to EU membership and an English based financial and a legal system means that the buying process is familiar to most British investors.
Taxes for property depend on its price. As a guideline the combined state and local taxes will usually be around 3.5% of the purchase price.

Solicitors fees vary but are generally around £2000.

Stamp duty is £1.80 per thousand up to £120,000 and then £2.40 per thousand over and above £120,000.

Location

Cyprus is situated in the north-east Mediterranean at the crossroads of three continents - Europe, Asia and Africa. Cyprus, the third largest island in the Mediterranean, differs from most developed countries by its minimal crime rate, high living standards and relatively low property prices.

Cyprus enjoys a typical Eastern Mediterranean climate with approximately 340 days of sunshine a year with long, hot, dry summers and short mild winters. Its wonderful warm climate seems to divide the year into nine months of summer and three months of spring; winter and autumn have just disappeared!

Languages spoken in Cyprus

Mainly Greek and Turkish but English is also widely spoken.

Call Land & Brand New Homes on 0870 7778 726 for further details.

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