Lucrative Investment Properties In Cyprus

The property market in Cyprus has shown resilience in this challenging time of global economic slowdown. Cyprus has its own glamour and is home to people within a diverse range of communities. This traditionally rich country is the third largest island in the Mediterranean and has some of the world's cleanest beaches, and the pine forested mountains and citrus and olive groves giving it a unique character. Nicosia, in the central, is the capital of the country. Limassol in the south coast, Lanarca in the southeast and Paphos in south western Cyprus are hot and popular destinations. This sunny island has a short rainy winter and long dry summer making it highly attractive to foreign tourists.

The island has limited land resources, most of which are developed. This has attracted a sizeable foreign investment that expects a boom in property prices, given a shortage of land for development. The deposit level for buying a property in Cyprus has traditionally been in the 20% to 30% figure and restrictions on foreign ownership has been lifted. International Monetary Fund has projected a growth rate of 3.4% and as a result, in addition to the British investors, Russians and East Europeans are making a beeline for real estates in Cyprus. In order to support and attract foreign investment in property, Ministry of Commerce Industry and Tourism has set up Investor Service Center that is designed to meet the needs of investors.

Located on the crossroad of three continents Cyprus offers the lowest corporate tax rates of the European Union. Cyprus transitioned to Euro from 1st January 2008. As such, the Cypriot economy is poised to benefit from rate cuts by the European Central Bank. With a fall in interest rates, overseas and local homebuyers are keen to purchase new property at the lower rate of interest. Moreover, property market has been boosted by growth in tourist and business. After joining EU in 2004, property market of Cyprus has witnessed a capital growth in excess of 20% per year.

Property in Cyprus presents a lucrative investment option for individuals as well as large corporations. In addition to the appreciation of value in long term, these properties offer excellent buy-to-let opportunities. Recently, the government has approved 13 new golf courses that will be developed along a resort style theme for the benefit of tourism and those wanting to live in such a wonderful environment. Larnaca, Polis, Paphos, and Limassol are the target destinations for these up market golf courses resorts style projects. This presents a good opportunity for long-term investors in Cyprus real estate.

Paphos in particular is a popular tourist destination, with great beaches and mild weather all round the year. It has provision for small as well as corporate real estate investors, offering all round excellent investment opportunities. Properties in these areas are a charming combination of traditional aesthetics and modern design. There is a vast range of properties, from fully furnished studio apartments with covered parking and common swimming pools, to large luxury villas with modern amenities near to the beaches or International championship golf courses. Cyprus property offers investors an excellent opportunity to own a piece of their own Mediterranean land in the sun.

Derek Watkins has expert knowledge on Cyprus property market. If you are looking to buy Paphos property, contact him at 0845 070 4327 for an expert consultation.