Investment Property

Cyprus property is a hot item on the real estate market and analysts predict that this trend will continue for some time to come.  Even with the growing number of houses under construction, it does not appear that supply will outstrip demand anytime soon.  If you’ve been thinking of purchasing Cyprus property, now is a great time to do it – before prices become too prohibitive.  Don’t get left behind like many investors did when Spanish real estate prices skyrocketed.  A lot of real estate investors hesitated about getting in on the ground floor of the real estate boom in Spain and have regretted it ever since.

Fortunately, for interested Cyprus property investors, there are a large number of houses and villas all over the island from which to choose.  Both apartments and luxury residences are plentiful and easy to find.  In fact, the choice can sometimes be overwhelming, and, since there are literally hundreds of real estate agents as well as developers in Cyprus, it’s important that you get a handle on the real estate situation there before you begin your search.  Furthermore, as is true with everything else in life, there are good and bad real estate agents to be found so shop around until you find someone you feel you can trust.  As a rule, however, Cyprus property companies have a solid reputation when it comes to dealing with non-Cypriots.

Another fortunate aspect of buying Cyprus properties is that many Cypriots speak English as a second language.  Moreover, since all of the solicitors and property agencies have English-speaking staff, there’s very little likelihood that you’ll experience any communication problems during business transactions.  Yet another favorable aspect is that, as a result of Britain’s occupation of Cyprus up until the 1960s, Cyprus’ legal system closely resembles the UK’s legal system.  There are, however, two differences that you should know about: 1) As a non-resident of Cyprus you are limited to owning only one piece of property on the island, although this restriction may quite possibly be lifted in the future, and 2) in the event that you do purchase a brand new Cyprus property, you will most likely not receive your title deeds for up to five years after the project has been completed. There are a couple of reasons for this delay and they are detailed below.

Typically, when a Cyprus property developer purchases land for development, only one title deed is issued for the entire plot.  Only after the plot has been divided and the construction project completed, is the developer issued title deeds for individual pieces of property.  Of course, this won’t happen until all the houses have been built and all the roads have been completed.  At this point, the developer will apply to the land office for the deeds and a full survey will be conducted of the whole development to ensure that all of the work carried out complies with the original planning application.  For this reason, owners of these new properties are advised not to make any structural changes to the property before the deeds have been completed.  If someone does make structural changes before the deeds have been issued, it may jeopardize the chances of getting the deeds for all the properties that are part of the development.

The long wait until you get your property deed for a brand new Cyprus property makes it vitally important that a contract be drawn up between the developer and yourself.  The contract guarantees your entitlement to the house even though initially the developer is the only one holding a deed.  This procedure may also apply to the purchase of a Cyprus property that is five years old or under for which title deeds have not yet been transferred.  In fact, many sellers have been shocked to find out that developers require a fee of approximately three thousand Cypriot pounds so that a replacement contract for a new buyer can be drawn up.  The purchaser of such resale properties, however, is not required to contribute towards the cost of the replacement contract.

Hopefully you will find the information that has been provided on the Cyprus property market useful.  There are additional factors to take into consideration when purchasing property in Cyprus as well, such as the availability of finance in Cyprus and the costs associated with property ownership etc.  Banks in Cyprus are eager, perhaps more than ever, before to make loans for property purchases to non-residents.  Plus, the cost of living is significantly less in Cyprus than it is in the UK or other parts of Europe.  With this in mind, we wish you good luck in your house hunting endeavor and enjoyable times in Cyprus.

If you are looking for a good investment, then Cyprus Property for golf is, without a doubt, one of the very best investments you could make.  Already booming, the Cyprus property market is just getting stronger and purchasing golfing property on the sunny, beautiful island of Cyprus is a surefire way to take advantage of that market.   Whether you’re interested in a purchase for your own personal use or one that could take advantage of the rental market on this holiday island paradise, a Cyprus property investment will work in your favor every time.  Even if the purchase is for personal use, you can always subsidize it by renting it out to tourists when you’re not using it.

The center of Cyprus golfing is in the Paphos area, which boasts several excellent golf courses. Because Paphos has international standing as a year-round resort and an excellent reputation for superb golf courses, Cyprus properties in Paphos are amongst the highest in all of Cyprus, which makes Cyprus Properties there a hot real estate value. Comparable resorts and locations in Spain and Portugal are still much higher, however, which means that Paphos is still an excellent investment choice.   Moreover, it is estimated that prices will continue to rise for some time so it’s not too late to get in on this opportunity.

With the airport only minutes away and great highway access, golf property in Cyprus is every golfer’s dream-come-true.  Fortunately for interested investors, there are plenty of properties still available and new developments are sprouting up everywhere.  If you are attracted to both golfing and a holiday atmosphere, you might want to consider Coral Bay, which is just on the outskirts of Paphos.  Coral Bay has bars, restaurants, and endless sandy beaches and is a popular destination for all tourists in Cyprus.  Owning property in Coral Bay means that you have easy access to the golf courses as well as rental property located in an area that is attractive to tourists.

Paphos may not be the only golfing resort town in Cyprus worth investing in, however, as rumor has it that there is a proposal on the table for a huge golfing and leisure development in Larnaca, Cyprus.  Golfers looking for a great Cyprus property investment might just want to check this out since a golfing resort in Larnaca might surpass anything a golfing fan could imagine, and it represents an awesome investment opportunity.  Larnaca is not only a fabulous resort town and tourist attraction, but it is also a major town in its own right.  There is a vibrant business community, a busy marina, a commercial port, and plenty of shops and restaurants for tourists to enjoy.  The main airport is located nearby and you can use the conveniently located coastal highway to visit just about any place you might want.

This is truly a golfer’s paradise. It has all the sun, sea, golf, and relaxation you could want and, compared to other areas in Cyprus, the property prices are still quite reasonable since development of the golf complex is not yet underway.  Undoubtedly, though, property prices will skyrocket once plans are cleared and development begins.  In sum, if you’re a golf lover that’s also looking for a good investment, this could be the opportunity of a lifetime — if you get in on it now.

Don’t miss the opportunity to purchase and enjoy a new Cyprus Property!