Buying property in Cyprus has become very popular amongst British investors. The island offers almost year-round sunshine, good quality of life and some very cheap property deals. But before you rush out and take advantage of this sunshine island, there are a few things to consider before making a property investment.
Before you even open negotiations with an estate agent in Cyprus, you must check to ensure that they are fully licensed and insured. All estate agents are required by law to be licensed and the certificate must be displayed in the office. Legal estate agents are members of the Cyprus Real Estate Agents Association (CREAA).
Once you have found your property you will need to decide how you want to pay for it. You can either go for the straightforward option and buy with cash, you can re-mortgage your home if the property is a second home (but do remember that your home may be at risk if you do not keep up with payments) or you can finance your property with a mortgage from a Cypriot bank. A financial advisor experienced in buying property in Cyprus will be able to give you the best advice as to which option to choose.
Regardless of the cost of the property itself and how you finance it, there are additional costs that you will have to fund yourself. The reservation fee is paid to the estate agent or developer once you have agreed on the price and payment terms. Legal fees will also be a major expense (as with buying any property) and you will need to be prepared to pay around 0.75% of the purchase price to cover legal costs. There will also be stamp duty to pay on the contract price. Agency fees are paid by the vendor and you should not be asked to pay any additional fees to cover agency costs.
If you decide to buy a property in Cyprus through a mortgage, there are certain restrictions as to how much you can borrow. Cyprus residents can arrange up to 90% mortgages, although EU residents are required to provide a minimum deposit of 20% of the purchase price. All Cypriot banks charge arrangement fees of between 0.75-1% of the amount of the mortgage and most mortgages are based on a 10 year repayment term.
Once you have paid your reservation fee on a property it will immediately be withdrawn from sale. You now have up to 28 days to do all your searches and surveys and appoint a lawyer to carry out the legal checks and agree a contract. Your lawyer will normally prepare a contract of sale in English, but before signing do check that all the details are absolutely correct. Once the contract of sale has been signed it becomes a legally binding document and you have a further 28 days to complete the purchase.
Buying property in Cyprus is very similar to the system used in the UK, but it is essential that you appoint a lawyer familiar with Cypriot law and procedure. As long as you ensure that the process is followed to the letter and every detail is correct before making a final commitment, buying property in Cyprus is a worthwhile investment and there are still plenty of bargains to be had on this beautiful island.
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Limassol or as it is known locally - Lemesos is the second largest city in Cyprus. It is a lively and energetic centre, blessed with fine weather, sunny coasts and stunning scenic beauty and it is thought of as one of the most enchanting destinations in the Mediterranean region. Once known as Neapolis (new town), Limassol was built between two ancient cities of Amathus and Kourion. It still has the atmosphere of its golden past and this proud metropolis is cosmopolitan and welcoming, so a stay in a Cyprus villa in Limassol is a wonderful experience, where you can see the rich, diverse history and traditional culture first hand.
To really get to know this area of Cyprus, in a villa in Limassol then visiting the local museums is highly recommended. The Folk Art Museum, Medieval Museum, Archaeological Museum are some of the most popular. The surrounding areas also have wonderful attractions that are definitely worth seeing, like the Medieval Castle, Kourion Theatre, Fasouri Watermania, Grand Mosque, Sculpture Park, Kourion, St. Nicholas of the Cats, Municipal Art Gallery, and the Medieval Museum.
Holidays in hotels in the Troodos Mountains in Cyprus, in the heart of the island are becoming more popular, the majestic range of mountains stretches across the centre of the island, reaching up to 1952 metres at the Chionistra, the highest point of the Mount Olympus. Vineyards and olive groves cover some of the lower slopes and high up there are forests of natural woodland. Some visitors to hotels in the Troodos Mountains in Cyprus love it so much they decide to look for their own piece of Cyprus property for sale to take advantage of the stunning panoramic vistas.
What better Cyprus property for sale is there than a Cyprus villa in Limassol? Nothing could be more dramatically different from the bog-standard Mediterranean beach locations - just like the hotels in the Troodos Mountains in Cyprus you can breath in the cool, pine-scented air which makes a heady change from the coasts and plains, which are still only a relatively short drive away. It is wonderful to see the local industries; the chair-maker, who uses traditional Cyprus chairs made from wood and straw; the potteries which produce earthen-ware products; lace making taking place in the villages and finding relaxing places to unwind in the restaurants and cafes.
Aphrodite Hills has established itself as an international standard resort by winning Mercedes Benz International Property Awards in 2001 and 2002 and 3 Homes Overseas Awards in 2004. The Spa has won the ‘The Best Spa in Europe’ award at the 2008 Professional Beauty Awards. The Retreat offers a wide range of massages, skincare treatments, and a fitness centre with trained instructors. The heated infinity pool offers dazzling views of the Mediterranean. The Tennis centre has a stadium court for competitions and 11 tennis courts. The wonderfully planned Village Square is the focal point of daily life in Aphrodite Hills. Set on the hilltop, overlooking the Mediterranean Sea it has a calm ambience of the traditional Cypriot village offering the feeling of community and is a wonderful place for dinner at the variety of restaurants and watch the sun set over the sea.
There is a wide range of attractive mortgage packages available to purchase a property at Aphrodite Hills with an initial deposit as low as 20%. There is a variety of villa designs, mostly located on the eastern plateau approximately 5-10 mins from the village square. Built on large plots, facing the fairways or the dazzling Mediterranean Sea, the 2,3,4,5 bedroom villas are hailed as one of the most prized properties of Europe. All villas enjoy comfortable privacy from the adjacent plot and the density of construction is the lowest in Europe. The detached villas have a private swimming pool. The designs reflect the typical Cypriot use of stonework on the external surface and exotic timberwork to top them.
Land for developing residential properties is scarce in these areas, with the growing demand, the price of land is set to boom. The property development has gained pace with the growth of both Cyprus’ International airports and low cost airlines visiting the island. The properties near golf courses have witnessed average price increase of 40% in Cyprus and this is even more in areas around Aphrodite Hills. A comparatively low Capital Gain Tax of 20%, low corporate tax of 10%, low cost of living and low crime rate makes investment in property a money spinning proposition in Aphrodite Hills, Cyprus.
Known among many as the “Island of Love”, Cyprus is one of the most famous tourist destinations and the 3rd largest Mediterranean island attracting thousands of tourists every year. There are many reasons why so many people opt to buy a property in Cyprus. As well as the warm climate which prevails throughout the year; Cyprus is home to many breathtaking beaches, world class cuisine and conditions suitable to peaceful living.
People say Cyprus is the place to go when one is retiring. It allows a simple and a leisurely life where people devote a greater part of their time to meeting friends and relatives, organising social gatherings and other pleasures in life. Cypriots are a friendly people who welcome visitors warmly. It is an ideal country for those who want a slow paced peaceful life.
Cyprus is an unpolluted country and buying a property in Cyprus can be a great investment since the property value is considerably higher than other European countries. Buying a property can be intimidating and a time-consuming task which can deter a lot of people. However, people can seek the assistance of property sellers and resellers based in Cyprus who are experts when it comes to buying a property there. The most practical and advisable procedure is to check out the options with them.
Whether it’s a beach-front property, a convenient town house within easy access of all the local amenities or a peaceful country house in the suburbs, property sellers can easily find the best location for you.
Owing to the improvements in international trade, tourism, public services, education and medical facilities, a recent survey has shown how the economy of the country has improved dramatically. In addition, there is a highly developed transport infrastructure so one doesn’t have to worry about getting around.
One reason why most people opt to buy a property in Cyprus is the low cost of living and with the entry of Cyprus in to the European Union more benefits have been added in relation to human rights.
Cyprus is a haven for those who love fun and entertainment. Night life is active in major towns and restaurants and cafeteria are in abundance. Cyprus is home to a large number of sites listed in UNESCO. Tourists fall in love with the wonderful beaches, mountains and scenic locations. It is also a great location for outdoor activities such as hiking, cycling, skiing, bird watching and walking. Among the most famous sites are Akamas national Park, the Troodo Mountain range with Mount Olympus, the Church of Ayios Lazaros, Stavrovouni Monastery, the Byzantine Museum, Tamassos - ancient city kingdom and many Tombs of the Kings.
Considering the above attractions and advantages, it is no wonder why so many people vie to have their own property in Cyprus.
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At the Cyprus coast in the southwestern region lies a beautiful chunk of land that is known as Paphos. According to history, Paphos was the commercial and information center of Cyprus. The local people believe that the town was built at the birthplace of the Greek legend goddess of love, Aphrodite. The old Paphos has not been entirely mixed up and disappeared with the new civilization and the city still has numerous landmarks and relics that show its ancient civilization and connections to the first beginnings of Christianity. However, 21st century civilization is also evident in the town in infrastructure like airports, roads and dams. This has been enabled by the government in conjunction with the local authority as a way to boot tourism in Paphos. There has been development of beautiful seaside villas, hotels and resorts in the town.
A majority of the residents of Paphos stay in Ktima where there are many apartments and shopping places. Most visitors and tourists stay in Kato where the hotels and resorts are many. Kato is built next to the old port and contains many entertainment spots and tourist activities like skiing.
For visitors and tourists, Paphos offers many exciting attraction sites to see. One of the major attractions is the Acropolis, an ancient landmark that is found near the town’s lighthouse. There are also the catacombs which date back centuries ago that tourists and visitors alike find attractive. At the entrance of the underground catacombs of Agia Solomon, a large pistachio tree welcomes visitors into the ancient history of Paphos. The Paphos Castle, Odeon Theater, Byzantine Museum and the District Archeological Museum are other landmarks that contribute to the exciting history of the town.
More tourist attractions include the Ayiois Neophytos monastery, church of Emba, Great Wall of Lemba, and the M/V Demetrois II wreckage.
Investors who are contemplating buying property in Paphos have good gaining opportunities because the choice to purchase property in Cyprus offers high returns in investment. The town is a big tourist attraction site and is among the world’s cultural heritage sites that were designated by the United Nations Educational, Scientific and Cultural Organization (UNESCO). As the government steps up efforts to lure more visitors to Paphos, property value is expected to significantly rise as the demand for land to build hotels and other accommodation for tourists increases. At the moment, investors have a chance to grab this opportunity before property becomes too expensive or out of reach.
Paphos in Cyprus still remains the number one resort on the Islands West coast and this of course has done wonders for property values in the area. There is however still lots of room for even more growth in this lucrative Cyprus property market. Bargain Cyprus properties can still be located all over the Paphos area by those astute investors or holiday home buyers who know where to find them. The prospect of finding good deals on Paphos property substantially increases when prospective buyers open up their options to include resale properties too. The development of property in the Paphos area has been expanding for several years now and many of the older builds are now finding their way onto the Cyprus resale property market.
It’s not just older properties either that are sold under the banner of “resales” because there are large numbers of virtually new built Paphos villas and apartments being sold as resales too. These will usually be in the form of property that was originally purchased “off plan” by speculators with the intention of selling at a profit on completion of the development. Whilst the owners are awaiting a sale they may have been rented either to the lucrative Cyprus holiday rental market or to short term tenants. Many such lets would be to people wishing to live in the Paphos area whilst they await completion of their own new build Paphos properties.
There is even a good chance that your resale Paphos property may never have been lived in at all. Speculators and investors will be advertising these villas or apartments for sale as soon as they are nearing completion and they need to sell to reinvest the capital in the next development. Often as not these properties will have one or two “sweeteners” included in the deal such as fully equipped kitchens complete with all the white goods or maybe even air conditioning thrown in too. Don’t get the wrong idea though these hard nosed Paphos property investors are in it for the money so they may be hard to crack. The bottom line is however that they make money from money so in many ways they could be seen as motivated sellers.
As the old saying goes “money talks” and buyers that have their finances lined up ready are always going to be in a good position to drive a bargain. Property in Cyprus is not immune to this golden rule and particularly in a thriving area such as Paphos so like the boy scouts it pays to be prepared. Unless you have been marooned on some desert Island for the last 50 years you will know that there is big money in property so these sellers do have room to manoeuvre. If you can’t get the deal you want (within reason) move on to another property. Don’t allow yourself to be blackmailed with the usual lines like “this is the last one” the price is going up next week” or any of the other hard sell patter that will most likely be headed your way.
There is always another Paphos property to buy, in fact new villas and apartments are coming onto the Cyprus property market on an almost daily basis. The very fact that all this development continues at such a pace almost guarantees buyers a good deal because the Paphos property developers and speculators have got to sell somewhere. There is little doubt that prices in Paphos and the surrounding area will continue to rise steadily for some time to come so buyers wishing to cash in should move soon. Paphos villas and apartments are ideal for the small investor or private buyer due to their ease of rental especially to the booming holiday market. If you are considering purchasing property in Cyprus Paphos may be a great place to look
Cyprus holiday homes are still selling like hot cakes and Paphos property is one of the top choices for many investors. The attraction with Paphos is that its the only all year resort on the West coast of Cyprus and many of the businesses remain open throughout the winter months. This is great news for those astute enough to invest in Paphos property because they are able to take full advantage of the Islands holiday rental market. Holiday rentals in and around the Paphos area are in fact making some of the best returns on investment ever. Thanks to this lucrative letting market many buyers are even finding themselves able to fully fund their investment just by renting. Even long term rentals are commanding higher returns than elswhere in Cyprus also due to the resorts all year status.
As with other parts of Cyprus Paphos is in the midst of a property boom with new developments springing up all over the area. All types of property are available from one bedroom apartments to luxury sea front villas with private pools.The fastest moving market are the two bedroom apartments built in complexes with a communal pool area. Prices for this type of Paphos property vary greatly depending on the location of the development. The rule of thumb being that the nearer the sea the more you should expect to pay for any kind of property. A sea view will of course cost you a premium and there are no guarantees that you will get to keep it either. Unlike the U.K. the planning restrictions in Cyprus are a little more lax but the property investors mantra of “location, location, location” still applies.
The higher up your apartment the more you should expect to pay especially for the so called “penthouse” apartments. Having said that, in a three floor block some middle properties are likely to be the least expensive. This is due to some ground floor units having the added benefit of private terraces. If you are considering purchasing a Paphos property with the sole intention of renting it to Cyprus holiday makers there are a few things worth bearing in mind. People are lazy especially when on their holidays so they won’t be coming back next year if the resort is miles away from your house or apartment. Furthermore they aren’t going to bother recommending it to any of their friends either so once again location is a prime factor. People see their holidays as a time to chill out and relax preferably on the beach or by a pool hopefully having the choice of either. Its therefore almost a prerequisite that your Paphos property should have at least a shared pool and sun terrace if you are catering for the Cyprus holiday rental market.
Like anything else in life you only get what you pay for and Paphos property is unlikely to be an exception to the rule. If a deal sounds just too good to be true the chances are it most probably is. Its advisable to do as much research as possible before committing yourself to any binding contract. Whilst most Cyprus property developers and real estate agents operate in a highly professional manner the business has its fair share of shady characters. With such big profits being made by developers and agents there will always be someone looking to make a quick buck without offering a credible service so be on your guard. Again, a little research will take you a long way and could save you a lot of potential hassle further down the road. Once you have found a developer that suits your needs check out some of his recent projects. Not just the price and build quality but knock a few doors as well. Ask owners those awkward questions about after sales service, customer care and snagging. If they are happy the chances are you will have found your perfect Paphos property.
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This islands nation has been the toast of the British investor for decades. Cyprus is, indeed, an attractive country as well as a popular real estate investment destination. With all year round sunshine, Cyprus rocks to the tunes of visitors from all over the world flocking in to this tiny Mediterranean island.
Moreover, there’s no such time as ‘lean period’ as regards to the influx of tourists in the country is concerned. Miles and miles of pristine beaches in the country ensure there is no shortage of activities to be indulged in by the visitors at any time of the year. Overall, Cyprus is like a pocket-sized dynamo for the real estate investors all across Europe.
Property Investment Opportunities in Cyprus
Since the country joined the European Union (EU) in 2004, the fortunes of Cyprus real estate are on an upswing. Not only with holiday-seekers, but second home buyers now are also flocking to the country mainly due to the excellent climate and large English-speaking population. Although Cypriot Greek is the preferred language here, the majority of people understand and speak English with considerable ease and as a bonus they also drive on the same side of the road as the UK.
Cyprus has no shortage of property investment opportunities all across the country. However, the hottest regions from the property investment point of view include property and areas like:
Apartments in Paphos,
Larnaca property
Limassol apartments
North Cyprus Property
and many more regions including Protaras, Kyrenia, and Famagusta. These places have witnessed maximum activity in terms of real estate transactions over the past few years. Investors have shown tremendous faith in these areas due to their potential to offer high returns. Moreover, these are either tourist spots or in proximity to the hotspots of the country. Therefore, you can easily expect a consistent rental income from vacation properties in these towns.
The prices of real estate in Cyprus are on a lower pedestal compared to the UK real estate prices. Apartments in Larnaca are available from £100K, and a separate dwelling (residential home) can be yours for £250K. The Paphos region is comparatively cheaper than Larnaca and Northern Cyprus has properties well below £50K.
The range of properties available for investment purposes in Cyprus include villas, mansions, residential homes, and holiday property. All of these properties are in great demand from the domestic as well as international investors. However, the membership of the EU brings in a large number of European investors into the countries real estate portfolio. Therefore, there’s an added incentive for British investors, having an opportunity to share the neighbourhood with fellow countrymen and other Europeans!
The rollicking property scenario in Cyprus is as much attributable to the long coastline as it is to the vine-blessed mountainous region, which is famous for its Cypriot wine. The country has a certain degree of historical significance also and you can visit the remnants of Roman and Greek civilization spread all across the country. The capital city of Nicosia is particularly popular among the real estate investors in Cyprus due to its ultra modern lifestyle and easy accessibility to the leading business and commercial centres in the country.
Cyprus is also a strategic base for several nations. This is the reason that Turkey is a part of the North Coast of the country. Though the area is disputed and awaiting settlement, it doesn’t flare up into any kind of violent turmoil. Peace despite serious situation here is also a contributing factor for the investors interest in the area.
Administrative Convenience in investing in Cyprus
The government of Cyprus is in an overdrive in order to promote property investment climate in the country. The laws, bylaws, rules and regulations concerning real estate in the country are already on an easing road. While investing in Cyprus, make sure you are always on the lookout for VAT-exempt properties and strike really outrageous bargains on some of the prime properties in the country. Banks and financial institutions are also trying their best to make loans more lucrative and accessible for small investors.
Cyprus follows common rules and principles for real estate investment that are adding to the English legal system. The understanding of the UK property laws come in handy if you are planning to invest in Cyprus.
Cyprus is in a developmental mode, and this gives rise to certain economic disparities in the country. Additionally, Cyprus has one of the lowest average salaries in Europe, which acts as a double-edged sword. On the one-hand, it brings lots of employment opportunities in the country, also, there is an ever-growing gulf between the rich and poor. Though poverty is not a very big issue at present, the government hopes to address it before it escalates out of hand.
Cyprus is considered to be one of the easiest countries to invest with not many hurdles for foreign investors. However, it will still be advisable if you hire a local attorney to handle all the legal and administrative paperwork in order to peacefully own and enjoy a Cypriot property.
One of the things that makes Larnaca so unique is that it is in some ways all things to all men. The airport is only a few kilometers outside the town center making it a perfect holiday destination without the hassle of long airport transfers. The town also boasts an award winning sandy beach, marina and the Islands main port. The promenade in runs between the beautiful beach on one side and a host of sea front restaurants on the other. The pretty marina sits at one end and an ancient medieval fort is situated at the other. The whole of the Larnaca sea front area is immaculately maintained and there is plenty of seating where you can just chill out with an ice cream whilst taking in the sea view.
All these pluses go towards making Larnaca a great place to buy Cyprus property either for that dream holiday home or as an investment property. There is plenty of development going on in the area too so prospective investors in property should have no problems finding an ideal plot or two. The coastal vilages like Oroklini are still up and coming and they are just outside the bustling town whilst being close to the Islands main coastal motor way. These developments would be ideal for property investors interested in benefiting from the booming Cyprus holiday rental market.
There are plenty of other great reasons why Larnaca could be the perfect place to own a Cyprus property. Not least the fact that it is a major town and municipal district in it’s own right. If you want everything at your fingertips then this is the place to be. There are more shops than you could shake a stick at including many of the larger chain stores such as Debehams and Marks & Spencers. The town has a thriving commercial sector and beyond the town are several industrial estates. In fact the area really is thriving both in terms of commerce and tourism too. It’s little wonder therefore that property prices are rising steadily all over the area especially close to the coastal resort itself.
With so much going for Larnaca both as a town and a holiday resort deciding to buy property in the area should be a no brainer. The out of town developments should show the most growth in value if only due to theire exclusivity appeal. In recent years prices of similar developments have been boosted by the influx of locals seeking a suburban life style away from the main Cyprus town centers and the area looks set to do likewise. Larnaca has seen some major investment over recent years both in infrastructure and ongoing development. In fact as I write this article the airport is being totally rebuilt which is a sure sign of ongoing confidence in the area.
If that’s not enough to attract cyprus property investment in Larnaca there may be even better to come. GOLF! The magic word that any property speculator loves to hear. Golf, sea sun and beautiful Cyprus property just have to be the perfect mix for a boom economy. There has been much talk recently of a proposed golf and leisure development in the area which would include luxury properties of all sizes. Villas apartments and luxury bungalows are all in the mix of this much talked about development that would put Larnaca right into the premier league of Cyprus golf resorts.
With so much going on there already the area looks set to be a property investors dream come true. Golf, shopping sea and a great helping of Cyprus sun make Larnaca property the perfect Choice for holiday lets or residential homes alike. There is even talk about extending the marina to accommodate all those luxury power boats that the speculators will be able to afford with their property profits. So if you are looking to Cyprus as an investment opportunity perhaps you should seriously consider Larnaca property.
The Cyprus property boom has continued its upward surge since the turn of the millennium, but while property investors during this period have been rewarded by soaring sale values, there remains a surprisingly wide range of property for sale in Cyprus for those on a budget.
Studio apartments naturally make up the most prolific bank of properties available in the 80k Pounds or less price bracket, with the majority of these being featured in the resale market; the east coast in particular offers lower prices than its western coastal counterparts. Through Sold on Cyprus, a studio apartment in the heart of the famed party town Agia Napa boasts a veranda, air conditioning and communal pool; constructed in 1998, but still offering a distinctly modern style, the resale price of 48,849 Pounds makes for a wonderful holiday-home deal. By comparison, a newly finished studio with parking and communal pool that is only five minutes from the beach, a 15-minute drive from the centre of Larnaca, in striking distance of the village amenities of Kiti and three kilometres from a proposed golf course, provides the ultimate appeal for holiday rental, with a resale tag of 57,516 Pounds, again through Sold on Cyprus.
Heading inland, the capital Nicosia naturally delivers higher property values, though by choosing to buy in the suburbs it’s still possible to snap up a bargain. For instance, a modern development completed in May 2006 in Latsia on the capital’s outskirts is ideal for permanent living, since shops, banks, schools and the new hospital are all within a five-minute drive, the motorway is nearby and the university only a ten-minute. Built to the highest European standards, the Latsia development includes a lift, disabled access and allocated parking. Consisting of 15 studios, one-, two-, and three-bedroom apartments on three levels, studios cost a mere 54,799 Pounds through Alexanders.
Back to the coast and heading west, Paphos is one of the most prosperous settings for British buyers, making the number of properties for sale at 80k Pounds or less a very pleasant find, especially in the new-build market. Due for completion in April 2009, Orange Tree’s new project Pafos Riviera is conveniently situated in the prime investment area of Universal, at the heart of the tourist district. The complex comprises eight blocks of studios, one- and two-bedroom apartments surrounded by an established green park. Studio apartments are priced at 80k pounds, with attractive rental potential created by luxurious communal facilities including three kidney-shaped swimming pools with a winding lazy river nestled in the heart of the project, alongside an indoor Jacuzzi and sauna, changing facilities and fully equipped fitness room, a children’s playground, bowling green and club house. Again, drawing in the holiday crowd, Irene Heights in Paphos is in close proximity to shops, bars and restaurants, and is well served by public transport. This development of modern apartments offers the ideal bargain for a pied-à-terre in the sun, with a one-bedroom apartment through Parador Properties setting you back just £72,080, including private parking.
The outskirts of Paphos also offer a range of inexpensive studios, despite the suburbs having gained tremendous popularity in recent years. The staggeringly low purchase price of 48,732 pounds will put you in the line for a studio pad in the hillside village of Peyia, a 15-minute drive from Paphos. Available through BuySell Real Estate the property boasts double glazing and provisions for air-conditioning, with all apartments accessed by elevators, sharing a communal pool and car port. As one of the few remaining spots within walking distance from the village centre, the development is perfect for permanent living, while unobstructed views of the popular tourist hotspot, Coral Bay - which is just a five-minute drive away - attract excellent holiday rental. Built in two stages, phase A will comprise five two- and three-bedroom villas, with phase B consisting of 18 studios, one-, two- and three-bedroom apartments.
If a scenic location ranks high on your agenda, look no further than the north-west tip of the island. This region has long been a favoured holiday haunt, both for Nicosians seeking a country escape and British buyers desiring a taste of old Cyprus. Situated in a prime location on the south edge of Polis, Evagoras Gardens is a carefully designed, aesthetically pleasing development comprising seven apartment blocks with communal pool and private landscaped gardens. One-, two- and three-bedroom apartments are available through Parador Properties, with prices for a one-bedroom apartment starting at 80,000 pounds.
The sleepy outskirts of Polis are equally appealing for buyers on a budget, with the traditional village of Prodromi being a prime example. The village contains its own collection of shops and restaurants, while Polis and Latchi marina are just a five-minute drive, as are this pretty area’s blue flag beaches. Through Parker Barnes, 79,716 pounds currently buys a one-bedroom townhouse for resale within an established complex with mature landscaped gardens and communal swimming pool, or £80k will get you a more modern, one-bedroom resale apartment with communal pool.
The wealth of island-wide bargains is testament to the fact that Cyprus remains a formidable purchasing hotspot for budget property, with particular incentives for UK investors. Martin Pearce, the UK sales director for Aristo Developers states: “With Cyprus joining the euro currency zone in January 2008, local interest rates have been reduced from the slightly higher rates previously charged on borrowings in Cyprus pounds, and euro interest rates are lower than sterling. Coupled with the loosening of Central Bank lending restrictions, this makes Cyprus a cheaper and easier place to borrow than it was last year.” Chairman of Aristo, Theodoros Aristodemou, says that there are new lending restrictions for buyers, meaning that in order to obtain a loan in Cyprus buyers must make a minimum contribution of 20 per cent for a first property purchase (to be used as main residence), and a 30 per cent contribution for all other cases (for non-residents and for investment purposes).
The good news for bargain-hunters doesn’t stop at just studios and one-bedroom properties; the idyllic prospect of owning a slice of island history is also an affordable prospect. Proving that character-filled properties needn’t entail a hefty renovation project, a fully converted traditional stone-built chapel can be snapped up for £80,000 through Parker Barnes. Occupying a lofty position in the hillside village of Peristerona just ten minutes from Polis, the tardis-like property comprises one bedroom, a lounge, kitchen and bathroom, and comes fully furnished for immediate occupancy. Alternatively, for those willing to put in some hard renovation graft, it’s possible to take possession of a much larger property; for instance, BuySell is currently offering a three-bedroom, two-bathroom property built in 1850, located in the village of Lofou, 15 minutes from the island’s second largest city, Limassol. Though the asking price of 95,251 pounds is slightly above the £80k limit, purchasing this property will reap significant saving funds further down the line, since the listed building is under a preservation order to be restored, with the government offering a 54,414 pounds grant to pay for the work needed. Even more appealing for the future renovation, the property contains a basement with its own access from the road and has the necessary permission to be converted into a habitable space, with existing furniture, including many original pieces, included in the price.
Similarly spacious properties, both new-build and fully renovated, are far more difficult to source with an £80k budget. Indeed there are many who believe that for optimum investment rewards, buyers should look at a wider range of aspects than the initial purchasing price. Andreas Ioannou, managing director of Alpha Panareti Public Ltd, states: “Our experience shows that cheap properties are available now, and will be available in the future. But such property is not always the best solution. Buying a property abroad is a serious financial decision and buyers should bear in mind certain key criteria in choosing the most suitable property. I believe that in Cyprus the inexpensive properties will become in lesser demand as buyers realise the future investment potential of their purchase. Clients are now realising that the Cypriot market offers far greater future rewards than the UK, and are therefore not only looking at the purchase price, but prime location, quality of construction, architectural excellence, mortgage schemes, resale potential and much more in order to capitalise in the most productive way.”