Buying Property in Cyprus
Cyprus is the most eastern of the Mediterranean islands and is characterised by beautiful fragrant mountains, open plains, vineyards dotted with olive trees, ancient ruins and some of the cleanest beaches and clear blue waters to be found in Europe. The country is a carefree and idyllic island with a warm natured and friendly population.
Cyprus is considered to be a home-from-home for many British people and as Cyprus gains full EU membership it looks set to attract more UK buyers.
Cyprus is a Mediterranean destination that provides a good quality of living, it has little crime and almost no pollution and there is an excellent road network, superb healthcare and great shops. English is spoken widely across the island and there is a wide variety of sophisticated bars and restaurants as well as traditional eateries and tavernas.
Many British are attracted by the 300 or so days of sunshine and low tax rates (just 5% for non Cypriot residents). The low cost of living has encouraged up to 60,000 Britons to buy property, many on new developments.
This has seen the property market strengthen further in Cyprus with increases of up to 20% a year - some people have seen their property double in the last few years. Recently, Channel 4's "A Place in the Sun" mentioned Cyprus as one of the best investment opportunities in Europe.
One of the most popular areas is Paphos which is located on the west coat of Cyprus. Here an average 2 bedroom apartment costs around CY£67,000, a 2 bedroom villa will cost around CY£130,000 and a 3 Bedroom house approximately CY£185,000.
The outlook for Cyprus is very good and prices look set to rise fuelled by investment opportunities that EU membership will bring opening up the buy-to-let market. Mortgage products that offer low deposits and interest only payments with increased terms are now helping more people realise their dream, go to our 'Deal of the Day' page for our current recommended Cyprus mortgage.